Chapter 1 Introduction Multiple-Choice Questions 1) The best definition of economics is A) how choices are made under conditions of scarcity. B) how money is used. C) how goods and services are produced. D) how businesses maximize profits. Answer: A Level of Difficulty: Easy 2) Managerial economics is best defined as the economic study of A) how businesses can make the most profits. B) how businesses can decide on the best use of scarce resources
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Q1. When the income distribution gets very skewed‚ with a small number of people getting a large portion of the income‚ the taxation system can be used to redistribute some of the income so that the poor aren’t as poor and the rich aren’t as rich. Taxes can be used to redistribute some income to the poor. The government can use a progressive income tax. The definition of progressive tax is the taxing mechanism in which the taxing authority charges more taxes as the income of the taxpayer increases
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Karynn Ortiz Week 2 HW Chapter 3. Problem 2 Consider an economy in which taxes‚ planned investment‚ government spending on goods and services‚ and net exports are autonomous‚ but consumption and planned investment change as the interest rate changes. You are given the following information concerning autonomous consumption‚ the magical propensity to consume‚ planned investment‚ government purchases and goods and services‚ and net exports. Ca =1500-10r c=0.6 T=1800 Ip=2400-50r G=2000
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Bill owns 3 acres of beautiful wooded land. When Bill decides to move to be closer to his grandchildren‚ he donates the land to the state with the understanding that the land will be used as a state park. This state park is large enough that it is not congested. It is an example of a good that is neither rival in consumption nor excludable. 9. You are the mayor of a small town with 2‚000 residents. The head of your economic development agency recently conducted a survey in which the 2‚000 residents
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ECON 1. (Demand Under Perfect Competition) what type of demand curve does a perfectly competitive firm face? Why? A horizontal or a perfectly elastic‚ demand curve. A perfectly competitive firm is called a price taker because that firm must “take‚” or accept‚ the market price- as in “take it or leave it.” 2. Explain the different options a firm has to minimize losses in the short run. A firm in perfect competition has no control over the market place. Sometimes that price may be so low
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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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University of Lethbridge Econ 3030Y – Managerial Economics PRACTICE MIDTERM EXAMINATION Fall 2012 Marks: 80 Time: 2 hours The examination is out of 80 marks. You have 2 hours to complete it – please note the value of each section and plan your work accordingly. This is your opportunity to demonstrate your knowledge and understanding of the material. A premium will be placed on the clarity of the exposition. Question 1 (10 marks) Copy the following table in your examination booklet‚ complete
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Hello MAS 160 folks‚ Here is a compilation of what you all have submitted as questions you think would be useful to familiarize yourselves with for the purposes of your midterm in this class. Please note that this is not a direct study guide in that it is not based on what the actual midterm looks like‚ as we as your TAs do not have access to the actual exam. Rather‚ this “skeleton” of questions (the hope is) could be of use to you in ordering your notes‚ remembering certain themes‚ concepts‚
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Theological Foundations midterm topics & questions Remember the BIG STORY: Patriarchs‚ EXODUS‚ Covenant‚ Torah‚ Land‚ Monarchy‚ Temple‚ Split Kingdoms‚ North Destroyed‚ South in EXILE‚ Return to Land‚ rebuild Temple Return from the Exile … Second Temple Judaism Remember the BIG NAMES: Abraham (creator of 3 major religions‚ father of Jewish nation)‚ Isaac (son of Abraham was going to be sacrificed)‚ Jacob/Israel (fight with God‚ named changed to Israel‚ father of 12 tribes)‚ Twelve
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Statistics – Lab #6 Statistical Concepts: * Data Simulation * Discrete Probability Distribution * Confidence Intervals Calculations for a set of variables Mean Median 3.2 3.5 4.5 5.0 3.7 4.0 3.7 3.0 3.1 3.5 3.6 3.5 3.1 3.0 3.6 3.0 3.8 4.0 2.6 2.0 4.3 4.0 3.5 3.5 3.3 3.5 4.1 4.5 4.2 5.0 2.9 2.5 3.5 4.0 3.7 3.5 3.5 3.0 3.3 4.0 Calculating Descriptive Statistics Descriptive Statistics: Mean‚ Median Variable N N* Mean SE Mean StDev Minimum
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