Econ Answers Chapter 3 The price of train travel increases by 10% and the demand for train travel falls by 12.5%. The price elasticity of demand for train travel is – -1.25 The short run (retail) supply of freshly cut flowers is much less elastic than that of pot plants because: -florists cannot keep freshly cut flowers as long as pot plants If demand drops to zero at the slightest increase in price‚ demand is: - Perfectly elastic Price elasticity of supply will be greater when: - firms hold large
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University of Bahrain College of Business Administration Department of Economics and Finance Econ 341 - Monetary Economics Problem Set 6 (Chapter 22) AlShawa 1. According to the quantity theory of money‚ movements in the price level result * a. solely from changes in the quantity of money. b. primarily from changes in the quantity of money. c. partially from changes in the quantity of money. d. from changes in factors other than the quantity of money. 2. Because Keynes assumed
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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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SOC 201 – Final Study Sheet This is a study sheet and not an all-inclusive review. A majority of what you need to know is on here but you are also responsible for the materials covered in the readings that we did not discuss in class‚ as well as the films‚ and online articles. I suggest you study the reviews at the end of each chapter in the book‚ and take the practice tests. Good luck! What is the difference between sex and gender? What is sexuality? Sexual orientation? Sex: The biological
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Tri Vi Dang Email: td2332@columbia.edu Columbia University Spring 2013 Corporate Finance (ECON W4280) Meeting time: Tu‚ Th 4.10-5.25 Meeting place: Hamilton 503 Office address: IAB 1032 Office hours: Th 11.00-12.00 and other times by appointment Course Description The aim of this introductory course in corporate finance is to provide students with fundamental concepts for understanding firms’ financing decisions and the basic tools for the valuation of a corporation. This course
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ECO/ 372 Week 1 Knowledge Check 1.The two frameworks conventional economists generally use to analyze macroeconomic issues are A.the inflation and the unemployment frameworks B.the short-run and the long-run frameworks C.the business cycle and the growth cycle frameworks D.the stagnationist and the Post-Keynesian frameworks 2.The relationship between real and nominal interest rate can be expressed by A.real interest rate = nominal interest rate + inflation B.real interest rate = inflation - nominal
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Principles of Microeconomics: ECON 202-01 “The Purpose of the Different Economies in our Society” Raquel Moss Mr. George L. Edwards July 20‚ 2012 The Purpose of the different economies is so that society is able to answer the three questions: what‚ how and who to produce to. Because we live in a society full of scarcity‚ we face the economic problems of limited economic resources with that being the main issue. The society design and organized our economy into three different categories:
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Chapter 1: Page 20; Questions - 4‚ 7‚ 9‚ 10‚ 11 4) What are the key elements of the scientific method and how does this method relate to economic principles and laws? The key elements of the scientific method are the observation of real world behavior and outcomes. Based on those observations‚ formulating a possible explanation of cause and effect which is a hypothesis. Next‚ testing this explanation by comparing the outcomes of specific events to the outcome predicted by the hypothesis. Then‚ accepting
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The marginal propensity to consume (MPC) is defined as the additional consumption that results from one dollar increase in disposable income. Bill’s disposable income goes from $100‚000 in 2001 to $200‚000 in 2002‚ and his consumption spending goes from $80‚000 in 2001 to $140‚000 in 2002. Which of the following statements about Bill is true? Bill’s MPC is equal to 0.6. Which of the following changes in disposable income would lead to the greatest increase in consumption? a $20‚000 increase
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103 Midterm Answer (Fall 09) Q1: 1a) Economic growth occurs when a country chooses to allocate some of its resources to the production of capital goods‚ instead of consumption goods. This expands the resource base‚ allowing the country to produce more goods and services thus furthering economic growth. Economic growth can also occur when more productive technology is used. Technology makes the production process more efficient so more goods and services can be produced without increasing the
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