This pack of ECO 212 Final Exam consists of: ECO 212 ECO212 Final Exam A 1)Economics does not study correct or incorrect behaviors‚ but rather it assumes that economic agents make the best decisions given their knowledge of the costs and benefits. What term best describes this behavior? 2) By definition‚ what is economics the study of? 3) What is the term in economics by which a group of buyers and sellers of a product come together to trade? 4) Which of the following statements
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CLICK TO DOWNLOAD ECO 550 FINAL EXAM 1. The Prisoner’s Dilemma involves two spies who are held in separate soundproof rooms. But even if the two spies could communicate‚ what makes it difficult for them to achieve the cooperative solution (both not confessing)? 2. A key to analyzing subgame perfect equilibrium strategy in sequential games is 3. In making promises that are not guaranteed by third parties and in imposing penalties that are not enforced by third parties‚ all of the following
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CLCIK HERE TO DOWNLOAD ECO 550 FINAL EXAM 1. Which of the following could be a linear programming objective function? 2. Which of the following could not be a linear programming problem constraint? 3. Types of integer programming models are _____________. 4. The production manager for Beer etc. produces 2 kinds of beer: light (L) and dark (D). Two resources used to produce beer are malt and wheat. He can obtain at most 4800 oz of malt per week and at most 3200 oz of wheat per week respectively
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CLICK TO DOWNLOAD ECO 550 Final Exam 1. The degree of operating leverage is equal to the ____ change in ____ divided by the ____ change in ____. 2. In the linear breakeven model‚ the difference between selling price per unit and variable cost per unit is referred to as: 3). Break-even analysis usually assumes all of the following except: 4).The short-run cost function is: 5). In the short-run for a purely competitive market‚ a manufacturer will stop production when: 6). In the long-run‚ firms
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International Trade and Finance Speech Nicholas Imbimbo ECO/372 5/6/2013 Carol Szerszen International Trade and Finance Speech International trade is experienced between countries in which they share in trading goods and services. By trading amongst countries‚ we all can experience goods and services that are not native to one another countries. In addition‚ trading is done to generate revenue for ones country. Trading also contributes to ones economy by increasing employment. If a
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Final Exam PMBA 8030 TRACI’S SALON 1) Retail Hairstyling Industry Number of firms – many Entry conditions – easy Product type – few to many Conduct of firms – less aggressive Retail hairstyling industry is considered to be a monopolistic competition where there are many firms selling similar but not identical goods and services. In monopolistic markets‚ there are a large number of sellers and they can easily enter or leave the market. This is most common market in the U.S. economy‚ especially
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COURSE : ECONOMICS EXAMINATION : APRIL 2011 QUESTION 1 A) What is market equilibrium? With the aid of a diagram‚ explain how it is determined? (4marks) Answer: Market equilibrium is a situation in which the supply curve of an item is exactly equal to its demand curve. Since there is neither surplus nor shortage in the market‚ price tends to remain stable in this situation. Price D S E P S D 0 Q
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ECO 212 Final Exam 1) According to economics‚ what causes us to have to make choices? A. unlimited resources. B. scarcity. C. unemployment. D. greed. 2) Why do consumers have to make tradeoffs in deciding what to consume? A. there are not enough of all goods produced. B. the prices of goods vary. C. not all goods give them the same amount of satisfaction. D. they are limited by a budget constraint. 3) What is the term in economics
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ECO/561 1) If a firm in a purely competitive industry is confronted with an equilibrium price of $5‚ its marginal revenue: A. will be greater than $5 B. will also be $5 C. will be less than $5 D. may be either greater or less than $5 2) A firm that is motivated by self interest should: A. always use large amounts of cheap inputs and small amounts of expensive inputs in producing its output B. hire each input so the productivity of each is equal at the margin C. always
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