As Economics 1. Economics:- 1. The branch of knowledge concerned with the production‚ consumption‚ and transfer of wealth. 2. The condition of a region or group as regards material prosperity. 3. Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses 2. Adam Smith Smith believed that competition (the belief that everyone should have a fair chance to compete to make‚ sell‚ and buy goods and services) was the key
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SOLUTION Explicit cost computation Items | GH¢ | Cost of products and services sold | 710‚000 | Selling expenses | 310‚000 | Administrative expenses | 90‚000 | Interest expense (bank loan) 90
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Business Economics 201 Chapter 23: Measuring a Nation’s Income Macroeconomics: a study of the nation’s economy as a whole with a goal of explaining the changes that affect many households‚ firms‚ and markets simultaneously GDP: measures the total income of everyone in the economy and the total expenditure on the economy’s output of goods and services income must equal expenditure every transaction has a buyer and seller Can be computed by adding up expenditure by households or total income
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Americans have always had a strong disapproval of taxes‚ especially when they are the ones getting taxed. This was precisely the case during the Whiskey Rebellion occurring from 1791-1794. Farmers outraged by a new excise tax on whiskey protested and refused to pay. However the goal of the taxes was to help pay off a $54‚000‚000 national debt acquired during the Revolutionary War (Historical Spotlight). “Whiskey was a popular drink at the time‚ so such a tax could raise a lot of revenue”(Paul Krugamn
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1. In an economy at full employment‚ Y=C+I+G+NX. List‚ define‚ and explain‚ the component parts of the formula? Would you consider our Economy at Full Employment now? Why or why not? a. List‚ define and explain: i. Y Output 1. Define Produce‚ deliver‚ or supply (data) using a computer or other device. 2. The output is outcome of add C‚ I‚ G‚ and NX. ii. C Consumption 1. Define using up of a resource. 2. Consumption is normally the largest GDP component. iii. I Investment 1. Define
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User Course Test Started Submitted Status Score Amy Mclaughlin Quantitative Methods Midterm Exam 11/6/11 5:27 PM 11/6/11 6:56 PM Completed 195 out of 200 points Time Elapsed 1 hour‚ 28 minutes out of 4 hours. Instructions false Question 1 5 out of 5 points Regret is the difference between the payoff from the best decision and all other decision payoffs. Answer Selected Answer: Correct Answer: Question 2 5 out of 5 points Variable costs are independent of volume and remain constant. True
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Chemistry 110 Midterm 1 October 11‚ 2005 1. What are the possible values for the orbital angular momentum quantum number l given the following values for the other three quantum numbers: n = 4‚ l = ?‚ ml = 0‚ ms = +1/2 A. B. C. D. E. 0 1‚ 2‚ 3‚ or 4 3 0‚ 1‚ 2‚ or 3 none of these answers 2. If the wavelength of an electron is equal to the radius of the n=2 orbit in He+‚ what must the velocity of the electron be? A. B. C. D. E. 6.88 x 106 m/s 1.38 x 107 m/s 3.44 x 106 m/s 5.47 x 105 m/s The velocity
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Chapter 1 ● Mesopotamia (TigrisEuphrates) ○ 80002000 BCE ■ Neolithic (New Stone Age) ■ Earliest Agriculture ○ City States (walled city and hinterland) sprung up around rivers ■ Citystates= characteristic of mesopotamia‚ Archaic and Classical Greece‚ Phoenicia‚ and early Italy ○ People living here= Sumerians ■ In Southern Mesopotamia by 5000 BCE ■ Responsible for making irrigation technology‚ cuneiform‚ religious concepts found in Mesopotamian culture ○ Lugal=Big Man (their leader‚
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Managerial Economics MIDTERM Exam What changes can you envision to the real economy‚ should Rifkin’s vision of a zero marginal cost society‚ become reality? For me‚ Jeremy Rifkin is a great social theorist. I’m mostly agreeing with him‚ with his conclusions and visions of the future economy. They looks like perfect and definitely it’s a “think big” way of delivering the information. His book “The Zero Marginal Cost Society” is must read‚ of course. Trigger is a zero marginal cost. I’m completely
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MBA515 Midterm Exam Grading Summary These are the automatically computed results of your exam. Grades for essay questions‚ and comments from your instructor‚ are in the "Details" section below. | Date Taken: | 11/26/2012 | Time Spent: | 1 h ‚ 53 min ‚ 23 secs | Points Received: | 187.50 / 270 (69.4%) | | Question Type: | # Of Questions: | # Correct: | Essay | 6 | N/A | | | Grade Details - All Questions | 1. | Question : | Schlag Inc. expects its sales in January to
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