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 Potential Cons of Online/Video Gaming on Kids Some of the potential cons could be‚ * That it promotes increased tolerance to violence‚ that kids become insensitive and cold towards other kids and adults alike‚ not being able to differentiate between what’s reality and what’s not. This can be considered a valid concern since many video games contain graphic/inappropriate content and provide incentives for users to‚ for example‚ kill as many characters as possible by rewarding them with points
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Question 1: Assume that Econoland produces haircuts and shirts with inputs of labor. Econoland has 1000 hours of labor available. A haircut requires ½ hour of labor‚ while a shirt requires 5 hours of labor. Construct Econolands PPF. Answer 1: To construct Econolands Production Possibility Frontier (PPF) we first need to understand what is a PPF. A production possibilities frontier (PPF) is a graph showing the different quantities of two goods that an economy can efficiently produce with limited
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Classical and Keynesian Economic Theories Economics can be defined as a social science concerned primarily with description and analysis of the production‚ distribution‚ and consumption of goods and services. There are two main schools of thought when it comes to economics: Classical and Keynesian economics. Each theory takes a different approach to the economic study‚ but neither approach is flawless. First‚ looking at the Classical economics theory‚ it is based largely on the thought that free
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Macroeconomics Exam 1 Instructor: Prof. Phelps Name: Results: Class: Period: Date: Read each question carefully then circle the correct answer. When you are finished transfer the answers to the Scantron sheet. Make sure that you enter your name on both the exam and the scantron sheet. You have 1 hour to complete the exam. 1. For economists‚ the word "utility" means: a) versatility and flexibility. b) rationality. c) pleasure or satisfaction.** d) purposefulness
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1. From the definition of GDP we arrive at the following expression: c + i + g + x-m = y = c + s + t Discuss the three important economic relationships that can be derived from this expression related to the definition of GDP and explain each carefully. The expression above depicts two different ways to come up with real GDP for a country. The left side of the expression explains expenditure side of computing real GDP which can be rewritten as: y = c + i + g +x – m In real terms‚ it could
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The NBA 2k Gaming Franchise Just months ago‚ the game developers at 2k Sports released another NBA game to the number one selling basketball franchise in video games. This time it was released as regularly for the Xbox 360 and PlayStation 3 but was also released with the unveiling of the next generation gaming consoles‚ the Xbox One and the PlayStation 4. This allowing for much advanced changes in graphics and all that they could put into their latest version of the leading video game selling
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What is online gaming? * An online game is a video game played over some form of computer network‚ using a personal computer or video game console. * "Online gaming is a technology rather than a genre‚ a mechanism for connecting players together rather than a particular pattern of gameplay." Online games are played over some form of computer network‚ typically on the Internet. One advantage of online games is the ability to connect to multiplayer games‚ although single-player online games
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Sally Oueis MBA 554 section 602 Like any organization or business firm‚ there can be many problems within the company and it could start with the management team. In the HGC case‚ there might be minor obstacles arising along the way but there is one major problem in this company fearing Sally Peters which is poor project portfolio management. In this case‚ there is an extreme level of organizational politics. As described in the text‚ the same 10 managers who are repeatedly assigned new
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What is the macro gross anatomy? The macro gross anatomy is the study of organisms with the naked eye. What is the skeletal system? The skeletal system is a very important part of the human body this consists of 206 bones‚ which together with different structures make the joints of the system. Within the skeletal system the structures present are the cartilage‚ bone tissues‚ fibrous connective tissues which form the ligaments of the bones Scanlon and Sanders‚ pp.122‚ 2014). The skeletal system
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