Macroeconomics Exam 1 Instructor: Prof. Phelps Name: Results: Class: Period: Date: Read each question carefully then circle the correct answer. When you are finished transfer the answers to the Scantron sheet. Make sure that you enter your name on both the exam and the scantron sheet. You have 1 hour to complete the exam. 1. For economists‚ the word "utility" means: a) versatility and flexibility. b) rationality. c) pleasure or satisfaction.** d) purposefulness
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1) Which of the following transactions would be included in GDP? a) The purchase of a Monet painting b) The purchase of paper clips c) The purchase of Telstra shares d) The purchase of a used car 2) Economics is the study of a) the choices everybody makes to attain their goals‚ given their scarce resources. b) supply and demand. c) how to make money in a market economy. d) how to make money in the stock market. 3) The economy is considered to be at full employment when
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income of Mr. Garcia‚ etc. Micro means small‚ thus microeconomics deals with the study of the small units of the economy. Macroeconomics is that branch of economics that deals with the economic behavior of the whole economy such as government‚ business and household. Examples of macroeconomic studies are national income‚ employment and inflation. Microeconomics and macroeconomics are closely related‚ for example‚ compared with the human body‚ the microeconomic units are the heart‚ kidney‚
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• Question 1 1 out of 1 points Use the following demand and supply functions to answer the following question: Demand: Qd = 50 - 4P Supply Qs = 20 + 2P Equilibrium price and quantity are Answer Selected Answer: d. None of the above. Correct Answer: d. None of the above. • Question 2 0 out of 1 points Suppose a frost destroys much of the Florida orange corp. At the same time‚ suppose consumer tastes shift toward orange juice. What would we expect to happen
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NU 545 Unit 2 Study Guide ! 1. Review the anatomy of the brain. Which portion is responsible for keeping you awake‚ controlling thought‚ speech‚ emotions and behavior‚ maintaining balance and posture? - Ch. 15 p. 454 Box 15-3 - Brainstem- midbrain‚ medulla oblongata‚ and pons Reticular Formation-Collection of nuclei within brainstem that maintains wakefulness and works in conjunction with the cerebral cortex and together they are known as the reticular activating system. P. 454 -
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Student: ___________________________________________________________________________ 1. Which of the following is a distinguishing feature of a command system? A. private ownership of all capital. B. central planning. C. heavy reliance on markets. D. wide-spread dispersion of economic power. 2. Which of the following is a distinguishing feature of a market system? A. public ownership of all capital. B. central planning. C. wide-spread private ownership of capital. D. a circular flow of
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beverage products. Starbucks is a multinational‚ billion Dollar Corporation and is considered to be a multinational coffee house chain. With the help of economic concepts‚ theories and current statistics‚ this recent study provides the current business operations of Starbuck Corporation in a detailed and in depth manner. Starbucks Corporations: Company profile Starbucks Corporation is the leading roaster‚ retailer and marketer of high quality coffee in North America. In 1971 it was founded
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com/singapore/unemployment-rate ECONOMY‚ H. &. E.‚ 2014. Rapid aging in Singapore could halt economic growth by 2030: Moody’s. [Online] Available at: http://sbr.com.sg/economy/news/rapid-aging-in-singapore-could-halt-economic-growth-2030-moody%E2%80%99s Eugene‚ 2014. Business confidence eases slightly in Q3 2014 amid lukewarm economic growth- Singapore Commercial Credit Bureau. Marcom & Product Development‚ Issue 7‚ p. 1. Manjul‚ M.‚ 2011. Editorial‚ India: Blogspot. Manpower‚ M. o.‚ 2014. Singapore Unemployment Rate
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This assignment has a maximum total of 100 marks and is worth 10% of your total grade for this course. You should complete it after completing your course work for Units 6 through 10. Answer each question clearly and concisely. 1. Suppose that a firm has fixed costs of $25 per day for renting one machine and its variable costs are as shown in the table below. Labour Output VC TC AFC AVC ATC MC 0 0 $ 0 25 ---- ---- ---- ---- 1 4 25 50 6.25 6.25 12.50 25 2 10 50 75 2.50 5.00 7.50 25 3 13 75 100
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Jonathan Wiggins Business Economics GM545 July 2013 jwiggin3@gru.edu Exercise 1: Everyone’s gasoline problem Gas prices fluctuate due to oil prices and the anticipated supply and demand worldwide. Whenever there is political unrest in a major oil producing country you will see an increase in gas prices due to the demand of oil potentially produced decreasing. Very rarely do gas prices follow the general supply and demand because if they did gas prices would be lower currently. In my hometown
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