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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todays society‚ many are not aware that they fall in a category of personality regarding the “self”. The more one tries to answer the questions about their “self‚” the more one beings looking further into their “self”. From Walker Percy’s essay‚ A Short Quiz‚ the following paragraphs will include explanations of three of Percy’s selves: the cosmological self‚ the role-taking self‚ and the scientific and artistic self. The cosmological self can be identified as one of the most common selves in todays
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PHI 210 (Critical Thinking) Week 9 Quiz 3 Question 1 If students play video games‚ their school work will suffer‚ and they will not have the ability to succeed in life‚ ending up in lower paying jobs and needing government programs‚ which will increase our taxes. So video games will increase our taxes. CORRECT ANSWER – Slippery Slope Question 2 Professor Andrews‚ surely I deserve a B in logic. I know that I have gotten F’s on all the tests‚ but if you give me an F for my final
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Hero of the Underground Section 1 quiz Kinder 1. Is the following statement true or false? As the book begins Jason believes that death would be a relief to the life he was living. a. True b. False 2. Which of the following drug withdrawals did Jason believe was the closest thing to hell that people would ever experience? a. Cocaine b. Crack c. Heroine 3. Diane met Jason when she worked as a ____________? a. Artist b. Dancer c. Drug dealer 4. In the first chapter‚ Jason is having an argument
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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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Quiz 2 Answers (10 POINTS) Question 1 (2 points) The Hansen Company has 3 product lines of tires - X‚ Y‚ and Z with contribution margins of $3‚ $5‚ and $7 respectively. Management expects a sales mix as follows: 90‚000 units of tire X‚ 60‚000 units of tire Y‚ and 50‚000 tires of Z in September 2009. Hansen’s fixed costs are expected to be $552‚000 for the same month. 1. Determine the breakeven point in units for X‚ Y‚ and Z respectively 2. Determine the operating income at a total sales level
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View Attempt 3 of 4 Title: Quiz 2 Started: April 19‚ 2009 10:20 PM Submitted: April 19‚ 2009 10:25 PM Time spent: 00:04:03 Total score: 30/30 = 100% Total score adjusted by 0.0 Maximum possible score: 30 1. What term describes a harmless noncancerous or precancerous tumor? Student Response Value A. malignant B. benign 100% C. metastatic D. lymphatic E. carcinogenic Score: 1/1 2. What is the name of the process by which cancer cells break off of tumors and spread to
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