is a. always considered an intermediate good. b. counted as a final good if a company uses it to provide transportation services. c. counted as a final good if a consumer uses it to run a lawnmower to mow her yard. d. Both b and c are correct. e. Both a and c are correct. The government reports that "GDP increased by 1.6 percent in the last quarter." This statement means that GDP increased a. by
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Article Critique MBA 6008 November 27‚ 2011 Reichheld‚ Fred (2006). The Microeconomics of Customer Relationships. MIT Sloan Management Review. Vol. 47‚ No. 2 Article Summary The purpose of this article author‚ Fred Reichheld discusses the microeconomics of customer relationships. How customer relationships affect a company’s growth rate and the financial performance. Various companies like‚ General Electric Company uses "net-promoter score" as a metric tool to determine the customer
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Question 2: (a) Suppose the income elasticity of demand for pre-recorded music compact disks is +5.0 and the income elasticity of demand for a cabinet maker’s work is +0.5. Compare the impact on pre-recorded music compact disks and the cabinet maker’s work of a recession that reduces consumer incomes by 10 per cent. (2 marks) (b) How might you determine whether the pre-recorded music compact discs and MP3 music players are in competition with each other? (2 marks) (c) Interpret the following
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Sample questions for the Microeconomics Midterm Exam Summer 2013 The exam will cover chapters 1‚ 2‚ 3‚ 4‚ 5 and 6 There will be 100 minutes allowed to complete the exam. You will have three types of questions: multiple choice‚ true or false and explain‚ and analysis problems. True or False and Explain (Remember that there is one mark for True or False and 4 marks for your explanation) 1. Economics is only interested in fairness not efficiency. 2. If the marginal
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than is commonly understood. Indeed‚ the world is ruled by little else. Practical men‚ who believe themselves to be quite exempt from any intellectual influences‚ are usually the slaves of some defunct economist. J.M. Ke yn es ‚ T he General Theory ‚ [ p 3 8 3 ] C hapter 1 AN INTRODUCTION TO THE HISTORY OF ECONOMIC THOUGHT: AN OVERVIEW In every society it is necessary that there be a process to organize and coordinate choices regarding the production‚ distribution and consumption of
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1. What are confounding variables? 2. What are experimental controls? 3. What is the difference between a scientific fact‚ law‚ and theory? 4. What are the ’norms’ of science? 5. What are the differences between the four common types of organic molecules? 6. Why do cells make ATP? 7. How can you distinguish between prokaryotic and eukaryotic cells‚ and between haploid and diploid cells? What types of cells fall into these categories? 8. What is the function of cellular respiration? Where
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NAFTA‚ ASEAN). 6. Reduced tariff barriers encouraging global trade. Often this has occurred through the support of the WTO. 7. Firms exploiting gains from economies of scale to gain increased specialisation. This is an important feature of new trade theory. 8. Growth of global media. 9. Global trade cycle. Economic growth is global in nature. This means countries are increasingly interconnected (e.g. recession in one country affects global trade and invariably causes an economic downturn in major trading
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Activity F by a day. Now proceeding from here: Activity ID Predecessor Normal Time (Days) Crash Time (Days) Normal Cost Crash Cost ($’000) ($’000) A - 5 2 $100 $205 B - 6 3 $140 $205 C - 7 5 $140 $200 D A‚ B 6 2 $100 $340 E C 3 1 $120 $200 F C 8 5 $580 $700 G D‚ E‚ F 5 3 $400 $660 Note: A "fully crashed schedule" means a project that has been crashed until the cost of crashing exceeds the marginal gain associated with eliminating overhead cost (which is $100‚000 per day for this project)
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ECON 202: Principles of Microeconomics Health Care Reform Health Care Reform 1. 2. 3. Health Care System. Inefficiencies in the Health Care System. Some proposals discussed. ECON 202: Princ. of Microeconomics Health Reform 2 1. Health Care System Now Health Care Spending as a Share of GDP ECON 202: Princ. of Microeconomics Health Reform 3 1. Health Care System Effect of high health cost on households Around 59% of individuals younger than 65 years of age receive
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ECON 101 – Macroeconomics Exam 1 (Take-home Part) Name Daniel Martinez Multiple Choice. Encircle the correct answer. [Bring a pencil on Saturday because you will put all your answers to this exam on a scantron sheet.] 1. Rice and potatoes are substitutes. Suppose the price of rice rises and and at the same time there is a bumper (bountiful) crop of potatoes‚ in the market for potatoes one would expect the: A) equilibrium price to rise‚ fall‚ or stay the same and equilibrium
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