because of improvements in communications and transportation | | | | | | Feedback: Trade has increased for two important reasons— a worldwide reduction in tariffs and the advent of new technologies in communications and transportation. | | 2 CORRECT | | A tariff: | | | A) | raises the price of imported goods‚ increasing the demand for domestic substitutes | | | B) | lowers the cost of producing domestic goods | | | C) | offsets the effect of a quota | | | D) | raises the
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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= 9.9% 2. Go to the website of the Bureau of Labor Statistics (http://www.bls.gov). What is the national unemployment rate right now? Find the unemployment rate for the demographic group that best fits a description of you (for example‚ based on age‚ sex‚ and
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What is Elasticity? - Elasticity refers to the degree of responsiveness in supply or demand in relation to changes in price. If a curve is more elastic‚ then small changes in price will cause large changes in quantity consumed. If a curve is less elastic‚ then it will take large changes in price to effect a change in quantity consumed. Graphically‚ elasticity can be represented by the appearance of the supply or demand curve. A more elastic curve will be horizontal‚ and a less elastic curve will
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to B; B to C; and C to D. CHOICE OIL / barrels WHEAT / bushels A 5000 0 B 4500 10000 C 2500 20000 D 0 25000 a.) b.) A to B:500 Oil Barrels B to C: 2‚000 Oil Barrels C to D: 2‚500 Oil Barrels 2. In the space provided you are to do a number of things: a. Draw and properly label a demand and supply curve. b. Indicate where the equilibrium Price and Quantities are located. c. How do things change based on the following scenario? The market
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PROBLEMS 1. The following data represent 5 points on the supply curve for orange juice: PRICE ($ PER GALLON) QUANTITY (MILLIONS OF GALLONS) 1 100 2 300 3 500 4 700 5 900 and these data represent 5 points on the demand curve for orange juice: PRICE ($ PER GALLON) QUANTITY (MILLIONS OF GALLONS) 1 700 2 600 3 500 4 400 5 300 a. Graph the points of these supply and demand curves for orange juice. Be sure to put price on the vertical axis
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Budgets enable a company’s managers to measure against predicted performance Budgets overcome two limitations of using past performance as a basis for judging actual results 1) Past results often incorporate past miscues and substandard performance 2) Future conditions can be expected to differ from the past Motivate managers and other employees Performance of employees improves when they receive a challenging budget Challenges in Administering Budgets The budgeting process is time-consuming (months-long
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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. C) how businesses can operate at the lowest costs. D) how
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Migration among Prospective SSCE Students as a foul Strategy for passing SSCE Examinations: Implication and recipe Ojerinde‚ D. (1997): Promoting the Examination Ethics in Nigeria: The case of National Common Entrance Examinations Olubusuyi‚A. (2004): Exam Malpractice now on Multi-Billion Naira Business in Vanguard Thursday‚ March 4‚2004. Onyechere I. (2004): In Akwafon News Collection Public Examination System. Soyombo‚ 0. (2004): Anatomy of examination fraud in Guardian Newspapei: Monday‚ 12 April2004
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Bank - A public institution that manages a state’s currency‚ money supply & interest rates. Central banks also usually oversee the commercial banking system of their respective countries. Recession - A period of slow or negative economic growth (2 consecutive quarters)‚ usually accompanied by rising unemployment. American Monetary Unit The dollar or Reales (a common name for the Spanish peso) and its sub-denominations were commonly used in commercial transactions along American seaboard
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TWO LETTERS OF YOUR LAST NAME IN THE TOP RIGHT HAND CORNER OF THIS PAGE SO THAT WE CAN ALPHABETIZE THESE EASILY. THANKS IN ADVANCE! Economics 304 Homework #4 – Desired Capital‚ User Cost and Goods Market Equilibrium Due Wednesday‚ 2/16 at the beginning of class – no late papers accepted! Instructions: Please show all work or points will be taken off. Good luck! 1. PART 1 (35 points total – 5 points for each part and 10 points for the diagram) You own a golf course in Florida
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