ECON 1023 Fall 2011 Instructor: Gibson Nene Chapter 1 Lecture Notes: Limits‚ Alternatives and Choices The economic perspective or economic way of thinking takes the following concepts into consideration: * Scarcity and Choice * Purposeful Behavior * Marginalism: Benefits and Costs Scarcity and Choice Economics is about wants and means: * Society has the resources to make goods and services that satisfy our many desires. * However‚ our economic wants far exceed the
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Which of the following will definitely occur when there is a decrease in demand for and an increase in supply of potato chips? Select one: a decrease in equilibrium quantity a decrease in equilibrium price an increase in equilibrium quantity an increase in equilibrium price When economists say the demand for a product has decreased‚ they mean Select one: the product price has increased‚ and as a consequence‚ consumers are buying less of the product. Top of Form Which of the following would lead
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Principles of Macroeconomics‚ 9e - TB1 (Case/Fair/Oster) Chapter 3 Demand‚ Supply‚ and Market Equilibrium 3.1 Firms and Households: The Basic Decision Making Units 1 Multiple Choice 1) Michael Dell was the first individual who sold computers by mail order. The company founded by Dell is now one of the largest and most successful computer companies in the United States. Michael Dell would be classified as a(n) A) entrepreneur. B) opportunist. C) monopolist
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M/J13 Paper 21 With the help of diagrams‚ analyze the factors that will lead to an increase in aggregate demand in an economy‚ and discuss whether this increase is more likely to have an impact on inflation or unemployment in that economy. [12] Aggregate demand is the total spending on an economy’s goods and services at different price levels in a given time period. It consists of 4 components which are consumption‚ investment‚ government spending and net exports. When curve for aggregate demand
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will allocate resources in the most efficient way possible. Demand Curves and Schedules 1. Demand curves isolate the relationship between quantity demanded and the price of the product‚ while holding all other influences constant (in latin: ceteris paribus) 2. Demand Schedule: A table
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QUIZ 2 Post Graduate Programme in Management (Section ‘E’) 2009-10 Time 1 hour Instructions Total Marks 40 1. Exam is closed book 2. All questions in Part A and in Part B
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A recent draft manuscript suggested that Facebook use might be related to lower academic achievement in college and graduate school (Karpinski‚ 2009). The report quickly became a media sensation and was picked up by hundreds of news outlets in a matter of days. However‚ the results were based on correlational data in a draft manuscript that had not been published‚ or even considered for publication. This paper attempts to replicate the results reported in the press release using three data sets:
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Externalities‚ by definition‚ are the benefits or costs that affects someone who is not directly involved in the production or consumption of a good or service (Hubbard et al.‚ 2012). These externalities cause differences between private and social costs and benefits and inadvertently undermine the efficiency of a market. In this particular case‚ the production costs of any good that emits carbon as a byproduct is not just borne by the producers themselves‚ but also society as a whole. This pollution
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1. Supply and Demand Economists Are a Joke? ________________________________________ A smarty-pants old story says that if you want a "learned economist‚" all you have to do is get a parrot and train the bird to squawk "supply and demand" in response to every question. Not fair‚ but ... It ’s true that the "theory of supply and demand" is a central part of economics. It is widely applicable‚ and also is a model of the way economists try to think most problems through‚ even when the theory of
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annually (0.0001648 daily); σ = 0.020506 (daily). No dividends will be paid before option expires. The value of the call option is _______. Answer $10.16 $5.16 $0.00 $2.16 None of these is correct 1 points Question 4 Ceteris paribus‚ the price and yield on a bond are Answer positively related. negatively related. sometimes positively and sometimes negatively related. not related. indefinitely related. 1 points Question 5 If a 6% coupon bond is trading
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