Questions MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Economics is the study of the ________ people make to attain their goals‚ given their ________ resources. A) decisions; household B) purchases; unlimited C) income; available D) choices; scarce 2) Which of the following is what economically rational people do? A) Respond to economic incentives. B) Weigh the benefits and costs of all possible alternative actions. C) Use all available information
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ROLE OF SMALL BUSINESS IN ECONOMIC GROWTH AND POVERTY ALLEVIATION IN WEST VIRGINIA: AN EMPIRICAL ANALYSIS By Gebremeskel H. Gebremariam1 Tesfa G. Gebremedhin‚ and Randall W. Jackson RESEARCH PAPER 2004-10 ABSTRACT: The main objective of the study is to empirically evaluate the critical roles of small businesses in economic growth and poverty alleviation in West Virginia. In OLS and 2SLS regression analysis a positive relationship exists between small business and economic growth. A strong
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LESSON – 1 STATISTICS FOR MANAGEMENT Session – 1 Duration: 1 hr Meaning of Statistics The term statistics mean that the numerical statement as well as statistical methodology. When it is used in the sense of statistical data it refers to quantitative aspects of things and is a numerical description. Example: Income of family‚ production of automobile industry‚ sales of cars etc. These quantities are numerical. But there are some quantities‚ which are not in themselves numerical
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satisfied with them. Some of the facts checked include the accuracy of increases owing to economic dynamics and the relevance of the suggested activities. Normally‚ the budgeting department is
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A business is an organisation that attempts to satisfy the needs and wants of a community by providing goods and services‚ however‚ a business does not exist only to serve the community‚ it also exists to maximise the financial investments of their owners. This is done through the social and economical role of a business. Economic roles are concerned with the financial impacts that the activities of a business have on various groups in the business environment. The economic roles are wealth creation
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percentage of requests for composers on a particular night are listed below: Composers Percentage of Requests Bach 5 Beethoven 26 Brahms 9 Dvorak 2 Mendelssohn 3 Mozart 21 Schubert 12 Schumann 7 Tchaikovsky 14 Wagner 1 a. Does the data listed above comprise a valid probability distribution? Explain. The individual probabilities are all between 0 & 1 and the sum = 100% b. What is the probability
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that can be discussed here by the theories of demand because its market behaviour. a) The determinants of demand for sporting events The first economic theory that is the most useful in
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to remember every method that is available yet‚ it is possible to know how to reference research. This should help with confidence building. References: Landrum‚ R. E. (2012). Applied project: Capstone in psychology. San Diego‚ CA: Bridgepoint Education‚
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QUESTION 3 (20 MARKS) a. A psychological test identifies people as being one of eight types. For instance‚ Type 1 is “Rationalist” and applies to 15% of men 8 % of women. Type 2 is “Teacher” and applies to 12% of men and 14% of women. Each person fits one and only one type. (i) Suppose college roommates have a particularly hard time getting along with each other if they are both ‘ Rationalist’. A college randomly assigns roommates of the same gender. Assuming that half of college roomate pairs
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A competitive market is a market in which there are many buyers and sellers of the same good or service‚ none of whom can influence the price at which the good or service is sold. More precisely‚ the key feature of a competitive market is that no individual’s actions have a noticeable effect on the price at which the good or service is sold. Important to understand however‚ that this is not an accurate description of every market. Supply and demand model is a model of how a competitive a market
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