Econ 100A–Midterm 2 solutions. Thursday‚ March 22‚ 2012. True/False (2 questions‚ 10 points total) Answer true or false and explain your answer. Your answer must fit in the space provided. T/F 1. (5 points) Suppose the government wants to place a tax on one of two goods‚ and suppose that supply is perfectly elastic for both goods. If the government wants to minimize the deadweight loss from a tax of a given size‚ it should put the tax on whichever good has worse substitutes. False: If
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ECON 201 –001‚ Assignment #1 Principles of Economics Due Date: September 11‚ 2013 @ 11.30 a.m. Question 1: Principles of economics (5 point each for a total of 45 points) In each of the following situations identify and briefly explain which of the nine principles is at work: 1. You choose to shop at the local discount store rather than pay a higher price for the same merchandize at the local department store. 2. On your vacation trip your budget is limited to $35 per day. 3. The student
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Econ-Class Notes 9/6 Economics: the study of choice under conditions of scarcity * Scarcity-Choices‚ resources * Resources: * Land‚ * Labor‚ * Capital: physical Plant equipment * Entrepreneurial ability Microeconomics vs. Macroeconomics Micro: Behavior of individual actors on the economic scene * Households * Businesses * Government Macro: total output‚ total employment‚ interest rates‚ economic growth‚ the aggregate economy‚ inflation‚
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macroeconomics? What are business fluctuations? The phases of a business cycle‚ and the characteristics of each phase. Business fluctuations in the growth rate of real GDP around its trend growth rate. Employment and Labor force concepts including computations of these (e.g. unemployment rates‚ labor force participation rates‚ U-rates of labor underutilization etc.) Categories of unemployment Frictional- short term‚ Stuctural- long term‚ Cyclical- correlated with business cycle The Natural rate
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effects are referred to as externalities and therefore‚ will examine the cost and benefits of each action. Externalities In the business world‚ things will come up that will either benefit both sides or vice versa. Because these type of things come up‚ your company has to be ready for these things. Usually externalities are set about as a benefit for business deal to go through. Externalities are generated when individuals impose costs on or provide benefits for others. They usually do not have
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ECON 1150: Principles of Macroeconomics Exam 4 Study Guide Exam 4 will be given on Tuesday‚ November 26‚ 2013. You should bring a dark pencil to the exam. The purpose of this study guide is to list all the major topics and concepts that will be tested on Exam 4. It is intended to help you to focus your study on the important points. You will need to understand these points in depth in order to do well on the exam. The exam covers parts of chapters 9‚ 10‚ 11‚ 12 and 13 in the textbook. Chapter 9:
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Econ 122A Problem Set 6 Name(Print)______________________ Due in class on March 14 UCI ID_____________________________ 1. In class‚ we have talked about the following simple wage equation wage = α + β female + u ‚ where female is a dummy that is equal to 1 if female‚ and 0 otherwise. ˆ ˆ Given the OLS estimates α and β for the above model‚ what are the OLS estimates ˆ ˆ for a model with a male dummy instead of a female dummy
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Chapter 3: Business Organizations This chapter deals with the economic organizations that are found in our economy. Most businesses operate in search of profits. Others are organized and operate like a business‚ although profits are not their primary concern. Section 1 deals with the three main forms of business organization. The first is the sole proprietorship‚ which is a business owned and operated by one person. The second is the partnership‚ which is a business jointly owned by two or
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2003 I had work experience for a Korean design firm called ’O Shin’. For the first time I could experience the real atmosphere of the firm. I was impressed by the amount of work they were dealing with and its importance and this made me respect a business career greatly. I am passionate about sports and have played for teams representing various different schools. Rugby became one of my favorite sports since I had first met this in King’s Ely. I was in the King’s school’s first rugby team
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Ten principles of economics HOW PEOPLE MAKE DECISIONS #1: People Face Tradeoffs There is no such thing as free lunch. To get one thing that we like‚ we usually have to give up another thing that we like. Making decisions requires trading off one goal against another. #2: The Cost of Something Is What You Give Up to Get It The opportunity cost of an item is what you give up to get that item. When making any decision‚ such as whether to attend college‚ decisionmakers should be aware of the opportunity
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