INCORRECT | | Over the past several years‚ the volume of world trade has: | | | A) | decreased because of increased government regulation of trade through tariffs and quotas | | | B) | decreased because of the decline in incomes brought on by global recession | | | C) | increased because of increased government regulation of trade through tariffs and quotas | | | D) | increased because of improvements in communications and transportation | | | | | | Feedback: Trade has
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Chapter 4: Consumer surplus: the difference between market price and what consumers (as individuals or the market) would be willing to pay. It is equal to the area above market price and below the demand curve · the difference between the maximum amount the buyer was willing to pay and the actual price paid Producer surplus: the difference between market price and the price at which firms are willing to supply the product. It is equal to the area below market price and above the supply curve
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Name: ________________________ Class: ___________________ Date: __________ ID: A quiz 7 Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. The first picture below depicts the cost curves for a representative firm in this perfectly competitive industry. Initially‚ there are 100 firms. The second picture depicts market demand. Marginal Cost 10 ATC 8 AVC 6 4 2 200 400 600 800 1000 1200
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CLICK TO DOWNLOAD ECON 312 Week 1 Quiz 1. (TCO 1) The general concern of economics is with the study of the 2. (TCO 1) The term scarcity in economics refers to the fact that 3. (TCO 1) Are the goods that businesses offer for "free" to consumers also free to society? 4. (TCO 1) Which is considered to be an economic resource by economists? 5. (TCO 1) If an economy is producing at a point inside a production possibilities curve‚ then 6. (TCO 1) Which would not be characteristic of a capitalist economy
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BUS 102 Part One Quiz 1. More efficient distribution systems around the world have led to: A. increased world trade. B. decreased world trade. C. decreased international competition. D. reduced standards of living around the world. 2. Your local newspaper has a story in its business section that reports that government spending will again exceed tax revenues. This means that the: A. national debt will increase. B. balance of payments will experience yet another deficit. C. rate of
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Exercise 1 Question 1- Everyone’s Gasoline Problem. We are all familiar with fluctuating prices of gasoline at the pump. Why does this happen? Let’s take a closer look at what it takes to get a gallon of gas into your car. All gas companies follow the same basic formula. Crude Oil + Refining Process + Retail Sales/Distribution + Taxes = Gas Price The problem with this formula is not all of these components contribute equally. So let’s take a look at each of these components and what economic
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Megan Stansmore and Ivan Rodriguez Required Assignment #2 Economics 102 Professor Makpayo 4/24/12 1a. The maximum amount of money that the initial deposit can be expanded to is $50‚000. With the use of the money multiplier‚ we were able to use the formula by taking the reciprocal of the reserved ratio and multiplying it by the initial deposit. MM = MM = = 10 5000 10 = $50‚000 2a. When the Federal Reserve decides to double the required reserve rate; the maximum amount
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Economics (Week 1) Opportunity Cost My significant other and I recently made a decision for me to quit my job and go back to school. Our decision was based on my unhappiness at work; however‚ we also started looking at the long-term financial security aspect of it. The alternatives considered were to pursue a health related job where I would be happier or‚ go back to school to acquire a nursing degree. We came to our final decision based on my dream of wanting to be a nurse. The future long-term
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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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Week 1 Quiz (Chapters 1 & 2) Return to Assessment List Part 1 of 1 - 100.0 Points Question 1 of 10 10.0 Points The branch of economics that examines the impact of choices on aggregates in the economy is: A.positive economics. B.normative economics. Correct C.macroeconomics. D.microeconomics. Answer Key: C Question 2 of 10 10.0 Points When we are forced to make choices we are facing the concept of: A.ceteris paribus. B.free goods. Correct C.scarcity. D.the margin
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