ECON 2020 A Mid-Term Examination I - SOLUTIONS Instructor: Derek Olmstead Note: Non-programmable calculators permitted Summer 2012 Duration: 105 minutes Total marks: 20 points Part A: Short-answer questions [3 points each] Note: Use diagrams and/or equations to explain your answer. I. Explain the difference between diminishing total returns to labour and diminishing marginal returns to labour. Diminishing returns to labour means that an increase in the number of labour units
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The policy of appeasement had been a total failure.’ How far do you agree? Explain your answer. I agree that the policy of appeasement had been a failure but to a certain extent. This is because‚ appeasement had failed to curb Hitler’s appetite for power or land. In fact‚ what appeasement had done was it encouraged Hitler to demand for more and to go back on his words. Even though he had promised to stop‚ this was not to be. He took over Poland 6 months after he got the last territory that he had
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Ashanti there were taxes like “assaseto” it was to raise revenue through direct tax so during the assembly of chiefs summoned at Cape Coast in 19th April 1852‚ the Governor Major Hill passed a Poll Tax Ordinance. The poll tax ordinance imposed tax of one shilling per head on each man‚ woman and child in the colony. The poll tax was to be collected by officers appointed by the Governor with assistance of the chiefs. This tax was intended for the establishment of schools‚ markets etc. It is also for the
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Family and Household The word family comes from the Latin word familia which means household. This seems to be fitting since they both seem synonymous. In the dictionary the definition of family is a group of individuals living under one roof and usually under one head or a group of persons of common ancestry. The definition of household is those who dwell under the same roof and compose a family or a social unit comprised of those living together in the same dwelling. Even the definitions
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Fundamentals of Macroeconomics Paper Ken Thompson 08/05/2013 Blake Bennett Table of Contents I. Introduction II. Define and Explain the Following Terms A. Gross Domestic Product (GDP) B. Real GDP C. Nominal GDP D. Unemployment Rate E. Inflation Rate F. Interest Rate III. Explain How These Activities affect Government‚ Households‚ and Businesses A. Purchasing of Groceries B. Massive Layoffs of Employees C. Decrease in Taxes III. Conclusion
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MEASURING pH Date of Lab: 02/09/13 Date Report submitted: 02/26/13 Purpose of the experiment By doing this experiment‚ we were trying to learn how to measure a pH with a pH meter to determine whether a solution is weakly‚ moderately or strongly acidic or basic; but also to compare the different data founded to see how the addition of certain liquid to a solution may affect the pH of the initial solution. Materials We used: * Tap water‚ distilled water‚ Soda and milk as the main
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DISCUSS THE IMPACT OF TOTAL QUALITY MANAGEMENT FOR A MANUFACTURING INDUSTRY OUTLINING HOW TQMAFFECTS THE WORKING BEHAVIOUR OF ALL THE WORKERS IN THE IN AN ORGANISATION AND THE LONG TERM BENEFITS OF HAVING A RUNNING QUALITY MANAGEMENT SYSTEM IN PLACE. In such a competitive environment resulted from world globalization and liberalization‚ firms survive with much difficulty unless they create the competitive advantage over their competitors. With the increasing competitive‚ business survival pressure
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Microeconomics Vocabulary |Word |Definition | |Market |A market is any situation or place that enables the buying and selling of goods and| | |services | |Perfect Competition |Perfect competition is a market structure
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According to the principles of microeconomics market structures can be identified as perfect competition‚ oligopoly or monopoly. In our society today and the way business is conducted‚ market structures are not strictly defined by on of these particular types. They can be composed of a mix of them. A market structure that has a higher level of competition can be more efficient than those that have lower levels of competition. We know this since lower competition increases the producer’s surplus;
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TOPIC: ADMINISTERED PRICES AND OPEN MARKET PRICES: ANALYSE WITH THE HELP OF CONSUMER BEHAVIOUR. SUBMITTED TO: MR.MANDEEP SINGH SUBMITTED BY: SABA MASOD ROLL NO: B43 Sec :-sm1001 Index 1.Introduction 2. Review of literature 3. Administered price and consumer behaviour. 4. Open market price and consumer behaviour.
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