ECON 5103 Sample Mid Session | 1. To say that a country possesses an absolute advantage means that: | A. | it is relatively more endowed with natural resources than another country. | B. | it is relatively more efficient at producing some but not all goods and services than another country. | C. | it is relatively more efficient at producing goods and services than another country. | D. | there are no gains to specialisation for this country. | | | | | |
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1 Final Exam (VERSION 1): Econ 101 • Please write your name at the top of every page of this mideterm • Please write your name‚ TA’s name‚ and the time of your discussion section here Your Name: TA’s Name: Discussion Time: • The exam has one parts: Written Questions. • There should be 16 total pages (front and back). Quickly read through the exam before beginning. • There are 100 total points available. Point values are listed next to each problem part. Please allocate your time accordingly
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ECON 206 Practice Quiz (chapter 17) ____ 1. In general‚ game theory is the study of a. how people behave in strategic situations. b. how people behave when the possible actions of other people are irrelevant. c. oligopolistic markets. d. all types of markets‚ including competitive markets‚ monopolistic markets‚ and oligopolistic markets. Table 17-2. The table shows the town of Pittsville’s demand schedule for gasoline. For simplicity‚ assume the town’s gasoline seller(s) incur the same
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[Hi Alamouta: I appreciate that you gave me a synopsis of your professor’s instructions along with your essay. It made reviewing your paper much easier for me. Because this paper is primarily for an ECON class‚ I only marked areas that I thought needed either some clarification or some minor grammatical corrections. You made no spelling errors – good for you! It made reading your assignment very enjoyable The only area we need to look at is misplaced modifiers. The rule in English is that a word
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Everyone’s Gasoline Problem The price of gasoline is definitely driven by the concept of supply and demand. When prices fall‚ quantity demand will rise‚ when price rises‚ quantity demanded will fall. This statement is true in most cases. But gasoline is a necessity to most Americans. The demand for fuel does not decrease when the price increase. Consumers often influence the price of gasoline. Gas prices in the late spring and summer months are the highest during the entire year. These are
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Homework #2 – Solutions 1. Union A wants to represent workers in a firm that would hire 20‚000 workers if the wage rate is $12 and would hire 10‚000 workers if the wage rate is $15. Union B wants to represent workers in a firm that would hire 30‚000 workers if the wage is $20 and would hire 33‚000 workers if the wage is $15. Which union is likely to organize? The union will be more likely to attract the workers’ support when the elasticity of labor demand (in absolute value) is small. The elasticity
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Review Exercise 1. Home has 1200 units of labor available. It can produce two goods‚ apples and bananas. The unit labor requirement in apple production is 3‚ while in banana production it is 2. A) Graph home’s production possibility frontier. B) What is the opportunity cost of apples in terms of bananas? C) In the absence of trade‚ what would be the price of apples in terms of bananas? Why? There is now another country‚ Foreign‚ with a labor force of 800. Foreign’s unit labor requirement in apple
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Chapter 7 Quiz: AP Economics 1. A nation’s gross domestic product (GDP): A. is the dollar value of all final output produced within the borders of the nation. B. is the dollar value of all final output produced by its citizens‚ regardless of where they are living. C. can be found by summing C + In + S + Xn. D. is always some amount less than its C + Ig+ G + Xn. 2. A nation’s gross domestic product (GDP): A. can be found by summing C + Ig + G + Xn. B. is the dollar value of the total output
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Principles of MacroEconomics: 101 Problem Set #3: Answer Key 1. Explain each of the following: (a) the wealth effect‚ (b) interest rate effect‚ and (c) international trade effect. The real balance effect states that the inverse relationship is established through changes in the value of monetary wealth. As the price level changes‚ the purchasing power of monetary wealth changes‚ causing the quantity demanded of Real GDP to change. The interest rate effect states
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Project Description You have been working as an economic consultant‚ and you have seen a significant number of firms needing outside help to assist in business policy and formulation. Because of your strong reputation‚ you have just been hired as a consultant for one of the following organizations: Apple Toyota McDonald’s Starbucks United Parcel Service (UPS) For this particular project‚ you will be reporting to the executive officers in the organization (CFO‚ CTO‚ CIO‚ and CEO). Your task will
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