ECONOMIC THEORY EET 200: MICROECONOMICS THEORY II Copyright © Kenyatta University‚ 2011 All Rights Reserved Published By: KENYATTA UNIVERSITY PRESS INTRODUCTION OBJECTIVES TABLE OF CONTENTS CONSUMER THEORY LECTURE ONE. LECTURE OBJECTIVES In your elementary microeconomics‚ the basic principles of consumer
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Place your answer on the answer sheet. There are 50 questions‚ each worth 2 points. 1) In 1985‚ Alice paid $20‚000 for an option to purchase ten acres of land. By paying the $20‚000‚ she bought the right to buy the land for $100‚000 in 1992. When she acquired the option in 1985‚ the land was worth $120‚000. In 1992‚ it is worth $110‚000. Should Alice exercise the option and pay $100‚000 for the land? A) Yes. B) No. C) It depends on what the rate of inflation was between 1985 and 1992
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Introduction Foundations Basics Language of economics Fundamental problem facing mankind “Our resources are limited (scarce)‚ but our wants (aspirations to good life ‚ ambitions ‚ needs‚ dreams) are unlimited.” SCARCITY = Budget Constraint Proof Resources Limited * Time: 24 hours day * Time is money * 20 hours in bed (leisure) * Safe drinkable water = Less than 1% of total water * $2000 apt/studio‚ cook own food * $2000000 a month * Mansion
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not appreciate theatre as an art form D) someone who observes theatre and then analyzes and comments on it Points Earned: 2.0/2.0 Correct Answer(s): D 2. Which of the following is NOT an appropriate space for an off-off Broadway production? A) church B) warehouse C) basement D) none of the above Points Earned: 2.0/2.0 Correct Answer(s): D 3. In the Stanislavski system‚ what is referred to as the way in which a performer can transform her thoughts and imagine herself in
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Name: Jennifer Diaz Date: September 4‚ 2013 Student # 75123 QUIZ #2 THE PUBLIC SECTOR 1.) Why might Fourth of July fireworks be considered a public good? Who should pay for them? Because a public good is a good or service in this case whose consumption by one person does not exclude consumption by others. This means that in this case the fourth of July fireworks are a public good because is not going to end because of how many people see them. In my own opinion I think that everybody
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rate ________. Answer Selected Answer: (9‚9) Correct Answer: (9‚9) • Question 2 1 out of 1 points Recent studies indicate that this measure of ability is the best predictor of who will be a leader in an organisation. Answer Selected Answer: Emotional intelligence. Correct Answer: Emotional intelligence. • Question 3 1 out of 1 points A team ’s ________ marks the border between tasks that are strictly the team ’s responsibility and
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nearly as important for noninstructional educators. Answer Selected Answer: False Correct Answer: False . Question 2 .2 out of 2 points Multiple intelligences can best be measured by the Stanford-Binet IQ test. Answer Selected Answer: False Correct Answer: False . Question 3 .0 out of 2 points Which would not be considered educational technology Answer Selected Answer: Photography. Correct Answer: Educational standards. . Question 4 .2 out
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Explain on PPC with a graph and relevant numerical example. Relate the microeconomics terms in your explanationQ2) Explain on the statement given. * Explain on Four disadvantages of * free market. * Your explanation need to elaborate with real life example for each. * Choose at least TWO countries that practicing free market. Others * Use appropriate economic terms‚ concepts‚ and theories. * Support their answer with integrated reference to a variety of relevant sources. | Questions
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Microeconomics There are examples of the use of economics everyday‚ in movies‚ and TV shows. In the movie "Tommy Boy" there are many examples of supply and demand and elasticity. In the movie "Tommy Boy" the main character Tommy has been sent out to sell brake pads to keep the factory running. Tommy and his partner Richard go all around the country to try to sell brake pads‚ but the encounter many problems along the way. After they think they have received enough buyers for their brake pads a persons
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Chapter 1 Answers to End of Chapter Questions 1. Agency Problems of MNCs. a. Explain the agency problem of MNCs. ANSWER: The agency problem reflects a conflict of interests between decision-making managers and the owners of the MNC. Agency costs occur in an effort to assure that managers act in the best interest of the owners. b. Why might agency costs be larger for an MNC than for a purely domestic firm? ANSWER: The agency costs are normally larger for MNCs than purely domestic firms for the following
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