Chapter 2 MCQ’s 1) According to the Law of Demand‚ the demand curve for a good will A) shift leftward when the price of the good increases. B) shift rightward when the price of the good increases. C) slope downward. D) slope upward. Answer: C 2) An increase in the price of pork will lead to A) a movement up along the demand curve. B) a movement down along the demand curve. C) a rightward shift of the demand curve. D) a leftward shift of the demand curve. Answer: A 3) An increase in consumer incomes
Premium Supply and demand
employer is to maximise profit. [D.Hamermesh 1996] Farmers want to maximise profit through paying the bare minimum for the unskilled labour. However‚ from a farm workers perspective‚ they want to be paid the highest possible wage. The suggested solution set by the government is to increase minimum wage for unskilled labours. However‚ in the case of a minimum wage one might argue that regulating a minimum wage is needed to prevent exploitation. [P. Dibben 2011] In the most recent strikes‚ farm workers demanded
Premium Minimum wage Supply and demand Wage
Microeconomics Syllabus Course Introduction and Description: This course is an introduction to microeconomics. This course focuses on how economic decisions are made by individuals‚ firms‚ organizational structures‚ and governments. Microeconomics introduces students to the cost-benefits analysis that is the economic way of thinking. This analysis is used to understand smaller agents of the economy-specifically‚ consumers and producers-as they interact in output markets and resource markets
Premium Economics Supply and demand Economic system
Taiwan‚ China and even Germany. It keeps expanding itself by improvements as well. For example‚ it replaced plastic screens by glass screens in 2004. Secondly‚ the fact that globalization has made the rules less strict‚ it becomes easier for Apple to set up factories in different countries. Thirdly‚ Apple also uses the competitive advantages of foreign locations. For example‚ this place is an expert of manufacturing particular device then Apple can give this certain task to it and ensures the high quality
Premium Outsourcing Globalization
they will pass each other safely. So‚ in all scenarios‚ a given player will not have any dominant strategy. b. Is there Nash equilibrium in this game? Explain. I do believe that there is Nash equilibrium in this game. Nash equilibrium is “a set of strategies from which all players are choosing their best strategy‚ given the actions of the other players” (Farnham‚ 2010‚ p. 234). The driver will drive on the correct side of the road because this is their best strategy‚ assuming that the other
Premium Game theory Economics Nash equilibrium
the birth date . and allow them to choose which ad or commercial they thought was the best. By adding a function for birthday information I can measure the age range of those whom complete the poll. • What special problem do open-ended questions have? How can these be minimized? In what situations are open-ended questions most useful? Open-ended question leave the possibility for more question to be asked . If ther e is no end to the question of if
Premium Super Bowl American football Question
Everyone’s Gasoline Problem: As we all know that the price of gasoline is definitely driven by the concept of supply and demand. Never the less prices fall‚ quantity demand will rise‚ when price rises‚ quantity demanded will fall. Usually this is a true statement in most cases. But gasoline is a necessity to most Americans. The demand for fuel does not decrease when the price increase. Consumers often influence the price of gasoline. Gas prices in the late spring and summer months are the highest
Premium Supply and demand Price elasticity of demand Elasticity
A311: Final Exam Review Chapter 10 1. Interest Capitalization Delmar Corporation borrowed $200‚000 at 12% interest from state Bank on January 1‚ 2013‚ for the specific purpose of constructing special-purpose equipment to be used in its operations. Construction on the equipment began on 1/1/13‚ and the following expenditures were made prior to the project’s completion on 12/31/13: Expenditures Made in 2013 January 1 $100‚000 April 30 150‚000 November 1 300‚000 December 31 100‚000 Total Expenditures
Premium Depreciation Asset
You have one hour and fifteen minutes to finish the test. Best of luck. 1. (6 points) How does a panel data set differ from a regular pooled data set? Give a specific example. A pooled data set is one that combines both time series and cross-sectional data; in other words‚ there are many cross-sectional units over a period of time. A panel data set is a specific type of pooled data set in which the same cross-sectional units are followed over time. An example would be collecting data on the unemployment
Premium Standard deviation Variance Median
• Question 1 1 out of 1 points Use the following demand and supply functions to answer the following question: Demand: Qd = 50 - 4P Supply Qs = 20 + 2P Equilibrium price and quantity are Answer Selected Answer: d. None of the above. Correct Answer: d. None of the above. • Question 2 0 out of 1 points Suppose a frost destroys much of the Florida orange corp. At the same time‚ suppose consumer tastes shift toward orange juice. What would we expect to happen
Premium Supply and demand