Economics 202 Fall 2013 Exam 1 1. A resource is something that a. is used to produce goods and services b. is provided by nature‚ not made by society c. exists in unlimited quantities d. must be produced by a firm 2. Michigan has an abundant supply of fresh water. However‚ an economist would consider it a scarce resource because a. water is necessary for humans ’ physical survival b. pollution will eventually destroy all life in the Great Lakes c. water is limited relative to people ’s
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prices. This reaction is represented as Price Elasticity of Demand (PED)‚ the ratio of the proportionate changes in volume and price. Students are always told - and some students even remember that Elastic Demand (PED >1) means more revenue from a lower price and less from a higher one; and Inelastic Demand (PED But who wants the same revenue with lower profits? Any change in price will have a much bigger impact‚ proportionately‚ on the contribution per item for the firm than on the asking price
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Throwing a football When the football travels through the air for a long pass it always follows a curved path because the force of gravity influences the movement of the ball in the vertical direction. As the ball travels up‚ gravity slows it down until it stops briefly at its peak height; the ball then comes down‚ and gravity accelerates it until it hits the ground. Projectile motion is the path of any object that is launched or thrown and has an arched course (howstuffworks) For the football
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Over time‚ the demand curve is considered elastic consumers will look for substitute product. The United States economy consists of pure competition‚ oligopoly and monopolistic market structures. Our government encourages and promotes pure competition. Whole Foods Market is an example of a
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Economics Final Exam Study Guide 1. Manufactured goods needed to produce other goods and services are called what? Capital goods 2. The study of economics is important because it enables us to make choices. 3. What is GDP? Gross Domestic Product 4. What is a production possibilities frontier used for? Showing all the possible combinations of any two goods and services that can be produced using available resources and technology. 5. Know the four factors of production and be able to recognize
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UNIT 3 Microeconomics MULTIPLE-CHOICE SAMPLE QUESTIONS Sample Multiple-Choice Questions Circletheletterofeachcorrectanswer. 1. True statements about the theory of the firm in the short run and long run include which of the following? I. All input costs are fixed in the short run. II. All input costs are variable in the long run. III. At least one input price is fixed in the short run. (A) I only (B) II only (C) III only (D) I and II only (E) II and III only 3. Whichofthefollowingstatementsabouta
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people think that they don’t buy automobiles because of the restricting policies. Among all the non-price determinants‚ government policies stand for the most important poison. Second‚ it has been determined by the PED has been concluded into the inelastic which means given
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demand‚ government legislation and intervention‚ economies of scope and scale etc. and work out how they change this basic model. Perfect competition In perfect competition the firm is a price taker and so demand is perfectly elastic. This means that the demand curve will be a horizontal line. [pic] If a firm is earning ‘normal’ economic profits then profit maximisation
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Economic Analysis History of Timberland The birth of "Timberland" begins with Nathan Swartz‚ a young boot making apprentice stitcher ’ in 1918. At ten years of age the owner of the Abington Shoe Company took a chance and hired a much-needed young helper to learn the craft of boot making. Nathan ’s job responsibilities included stitching seams‚ cutting leather‚ attaching soles and perfecting the art of boot making. Thrity-four years later‚ Nathan furthered his interest in boot making by purchasing
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what is impulse? how is it related to momentum? how are force and time intricately related to each other in a collision? use examples of safety equipment from automobiles. how would the graphs of force versus time change for a more elastic string and for a less elastic string? what would be different? what would be the same? How is the impulsemomentum theorem just a restatement of Newton’s Second Law? ( /10) Results : Include the two data tables and a brief explanation of how each column was
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