Economics Exam #3 Review 1. Characteristics of competitive markets (3): There must be many buyers and sellers‚ none of whom can have a large market share‚ a few players cannot dominate the market. Firms must produce a standardized product‚ buyers must see all their products as equivalent. (Identical (Homogenous) Products). Firms and resources are typically fully mobile‚ allowing free exit and entry. These three conditions make all consumers and producers price-takers. Models: Section 12.2
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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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Chapter 2 Homework Set 1. Indicate what types of resources each of the following is: a. Capital b. Land c. Entrepreneur d. Labor 2. If money GDP increased by 4 percent and the price level increases by 1 percent‚ what is the approximate impact on per capita real GDP? e. 4 3. Which of the following products or services would be counted in US GDP when produced? f. No g. Yes h. Yes i. No 4. In 2003‚ Microsoft lowered the
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m. and ends at 6:00 p.m. 2. Check that your examination paper contains 14 pages. 3. Use a BLACK PENCIL to complete your Scantron Form. Print your NAME and complete your SIGNATURE. Enter your STUDENT NUMBER. Enter your SECTION NUMBER‚ which is either 002 or 004. 4. Please hand in Scantron Form only. 5. You may use a calculator but your cell phone may not be used as a calculator. 6. Your cell phone must be switched off and left in your bag at the front of the exam room. 7. You must remain
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Exam 2 PUBH 600 Guidelines: You may use all of the resources (e.g.‚ textbook‚ other books‚ websites) available to you‚ EXCEPT FOR OTHER PEOPLE. Your work must be done individually. Any exams that appear similar in format and/or answers will be considered to have been done in a group setting. All such exams will receive a score of 0. Late exams will not be accepted for any reason. Any late exams will receive a score of 0. These policies will be strictly enforced. Remember that your exam must
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Acct 328 ® Exam 2 Part 1 – 60% Name of Company – Each student can make up a company name Type of business – service company •sole proprietorship Chart of Accounts – see below. The numbers correspond to dates in the month of February (Use journal entries only) 1. Initial capital of $100‚000 2. Prepaid rent - $19‚200 for 2 years 3. Prepaid insurance - $24‚000 for 2 years 4. Purchased a desk on account for $500 5. Purchased office supplies for $950 6. Sold 20 bicycles
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Report on U.S. Strategy towards Somalia Exam Question #3: What are the ends and associated ways and means of the Report on U.S. Strategy towards Somalia? Ends: The International community such as the International Contact Group‚ the African Union and the United Nations to assist with U.S. foreign policies in achieving a peaceful‚ stable and comprehensive Somalia by eliminating terrorist threats‚ promote political stability and by supporting the organization of a central government and provide
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explain how countries develop comparative advantage in certain areas rather than others. The model works as follows: 1) Assume every country‚ for the most part‚ has access to the same technology. 2) Still‚ factors of production are difficult to move across national boundaries. 3) It follows from (2) that factors of production are relatively bound by geography and national borders‚ and that not every country can obtain the proportions need to maximize production. 4) Because the amount of productive
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Question 1 (2 points): Explain how each of the following events affects the equilibrium price and quantity in the associated market. Hint: in each case‚ either the supply or the demand curve shifts‚ but not both. Explain your answer in one sentence and draw a graph to accompany your answer‚ being sure to correctly label all parts of the graph. Event 1: A drought leads to a shortage of agricultural products such as apples‚ increasing the price of apples. Market: apple juice. Event 2: A rise in
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the same time there was a steady tendency for synthetic (manufactured) inputs to replace agricultural based raw materials and industrial inputs. Hence international trade conformed to patterns of overall change in world consumption and production. 2. In the past-half century‚ the developing countries have experienced major compositional shifts from exports of primary products (including agricultural and raw materials) to exports of manufactures. How might you explain this in terms of broad historical
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