Name__________________________ Date__________ Psychology Mid-Term Part I Multiple Choice (25 Questions at 2 points each for a total of 50 points) Directions: There are 25 questions on Part I of the test. Each question is followed by four choices‚ numbered 1–4. Read each question carefully. Decide which word or expression‚ of those given‚ best completes the statement or answers the question. Mark your answer by circling your response. 1. An assumption about behavior tested through
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NSS Exploring Economics 4 Chapter 19 Monopoly pricing Questions P.2 Think it over 1. Why does Microsoft not lower its price for Windows so that more people can use its software products? 2. The MTR charges students a lower fare. Do you know why? P.3 Discuss 19.1 Which private companies can be regarded as monopolists in Hong Kong? Do they charge higher prices? What do you mean by ‘higher prices’? Higher than what levels? P.7 Test yourself 19.1 Given the following information
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Write the quantity equation and explain it. Money x Velocity = Price x Transactions Money x Velocity = Price x Output This theory seeks to explain how money affects the economy‚ and is based on the fact that money is demanded as a medium of exchange. We can say that price level is a function of the quantity of money in circulation. The transaction version of the quantity theory states that the changes in money supply other things remaining the same‚ brings a directly proportionate change in the
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News Article Analysis Topic: Demand and Supply Headline: Used- car shortage looms as curbs bite Source: The Strait Times Date: 25th May 2013 Summary Supply of used-cars has decreased from 7000 to 2400 because MAS (Monetary Authority of Singapore) lifted loan curbs on these vehicles for 60 days. Moreover‚ suppliers are unable to increase supply of used cars since owners are not selling due to future loan restrictions. Under the old scheme‚ car buyers can borrow up to 100 percent of the purchase
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Note Book Chapter 1 Getting Started 1.1 DEFINITION AND QUESTIONS 1. Scarcity is the condition that arises because wants exceeds the ability of resources to satisfy them. 2. Scarcity is the condition that arises because wants exceed the ability of resources to satisfy them. Scarcity is not eliminated when people become rich‚ movie goers are able to see the next The Social Networ installment‚ or people gain employment because of the movie’s release. In all cases‚ people will have wants that
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Economics 111 – Study Guide CHAPER 1 – Economic and Economic Reasoning Economics: The study of how human beings coordinate their wants and desires given the decision making mechanism‚ social customs and political realities of society. The three central coordination problems any economy must solve are: 1. What and How much to produce 2. How to produce it 3. For whom to produce it Economist find that individuals want more than is available‚ given how much their willing to work. That
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(b) Discuss whether the Singapore government should change its policies for managing the balance of payments. The policies for managing the balance of payments could be directed to the current account via expenditure switching (exchange rates and protectionism)‚ expenditure dampening or raising through Fiscal Policy and Monetary Policy‚ or through long-term measures like supply side policies (increasing general education‚ subsidies‚ etc.). The policies directed at the capital account could include
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Ch. 26 1) List and explain the characteristics of the market structure known as monopolistic competition. 2) List some examples of monopolistically competitive firms. 3) Explain‚ graphically and verbally‚ how a firm in monopolistic competition derives its demand curve and marginal revenue (MR) curve. 4) Explain‚ graphically and verbally‚ how a firm in monopolistic competition determines what quantity to produce and what price to charge in order to maximize its profits. 5) Explain the impact
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Chapter 12 National Income Accounting and the Balance of Payments National Income Accounts Gross National Product is the value of all final goods and services produced by its factors of production and sold on the mkt in a given time period. It can be divided into: 1. consumption 2. investment 3. govn’t purchase 4. current account balance Capital Depreciation and National Transfers GNP has to be equal to national income. In order for this to hold we need to make some adjustments
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1. What is the difference between a soft commitment and no commitment? In making no commitment‚ a firm has not taken an action or made an investment that alters its own and/or its rival’s competitive responses. In contrast‚ a soft commitment is one that‚ no matter what its competitors do‚ the firm will behave less aggressively than if it had not made the commitment. Thus‚ in a Cournot game a soft commitment will cause the firm to produce relatively less output‚ while in a Bertrand game a soft
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