ENVS 105 Question Set Section #3 Fall 2014 Answer the following questions for your homework. Work on the questions after we have covered the topic in class. Bring any questions to class or office hours. These questions will help you on the exam. If you do not do them‚ the points will add up and hurt your grade. To get credit‚ you must: Answer all questions Answer all parts of each question Type your answers Do complete and conscientious work Write out‚ number‚ and letter all questions Use regular
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1. What do economists mean when they state that a good is scarce? a. There is a shortage or insufficient supply of the good at the existing price. b. It is impossible to expand the availability of the good beyond the current amount. c. People will want to buy more of the good regardless of the price of the good. d. The amount of the good that people would like exceeds the supply freely available from nature. 2. Which of the following is most clearly consistent with the basic guidepost
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6. To fully explain the multiplier effect‚ we need first to define the Injections and Withdrawals‚ preferably through the model of Circular flow of income: It is a simple economic model describing a circulation of income between producers (firms) and consumers (households.). It consists of direct inner flow between firms and households and outer flow. The outer flow is caused by the fact that households do not spend all of their income on consumption; part of their income is withdrawn as net
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1. The Bureau of Labor Statistics announced that in April 2010‚ of all adult Americans‚ 139‚455‚000 were employed‚ 15‚260‚000 were unemployed‚ and 82‚614‚000 were not in the labor force. Use this information to calculate: a. the adult population = employed+unemployed+not in the labor force=237329000 b. the labor force = employed+unemployed=154715000 c. the labor-force participation rate = (labor force/adult population) x 100= 65.2% d. the unemployment rate = (unemployed/labor force) x 100=
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Based on the information provided for the market for video games‚ answer the following questions. PRICE Q DEMANDED Q SUPPLIED $50 5 9 $45 7 7 $40 9 5 $35 11 3 $30 13 1 a.) Draw and properly label the demand and supply graphs (this means you must label the axes and any lines you include on the graph). b.) What is the equilibrium price and quantity? a.) b.) PRICE: $45 QUANTITY: 7 Now‚ assume that a new government report claims that video game
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Name __________________________ _________ last 4 PSU ID _______ Section 001 11:15 SPARKS MWF Spring 2011 Chuderewicz YOU MUST USE THIS AS A TEMPLATE – NOTEBOOK PAPER IS NO LONGER ACCEPTED - MAKE SPACE FOR YOUR ANSWERS BY HITTING ENTER (you certainly don’t need to type this assignment)– LEAVE THE QUESTIONS AS THEY ARE – AND PLEASE STAPLE! ALSO‚ PLEASE PUT THE FIRST TWO LETTERS OF YOUR LAST NAME IN THE TOP RIGHT HAND CORNER OF THIS PAGE SO THAT WE CAN ALPHABETIZE THESE EASILY. THANKS IN
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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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TEAM WEEKLY MODULE PROBLEM SET 2 Ryan Anderson‚ Erik Bare‚ Steven Kitchen‚ Daniel Stewart and Tamara Wogen Washington State University BA 503 Foundations In Business Law Kalvin N. Joshi‚ Esq.‚ J.D. NEGLIGENCE AND STRICT LIABILITY 1. What defense will Ragged Mountain probably assert? As the plaintiff voluntarily entered into a hazardous situation‚ aware of the inherent risk and danger involved‚ Ragged Mountain can assert the affirmative defense of
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firm behavior. The section on macroeconomics covers growth‚ business cycles and open economies. Real life examples are used to critique the theories and concepts. While the course prepares the Econ-major students to enroll in higher level Economics subjects in the School‚ it also equips the non-Econ major
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Econ 110 (L3) Midterm Exam Spring‚ 2007 Part I: Multiple Choice Questions – 50% Part II: Essay Questions – 50% Question 1 (15%) a) A professor would prefer to have all students attending lectures and have all question answered in class‚ than to give extra office hours to answer those questions raised by individual students. Explain his rationale based on economic theory you have learned. MC of lecturing an extra student is almost 0 during usual lecture hours but would be much higher
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