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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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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have positive impact which may lead to bring revenue to the organization. Therefore‚ maintaining quality service is important to have a success of an organization. In this essay‚ Hong Kong Disneyland (HKDL) will be taken as a sample in service industry‚ to see how design‚ capacity and queuing management will improve the organization’s performance. Hong Kong Disneyland Resort combines with amusement park and two hotels. It is owned by a joint venture company‚ Hong Kong International Theme Parks
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Odyssey Essay Hospitality The greeks put a large emphasis on the importance of traditions. One important example of a tradition is to show hospitality and respect strangers as well as to hosts. If this tradition was broken‚ punishments were to be dealt out. Usually‚ the punishments were not specific. What happened after the God’s traditions were disobeyed‚ a series of bad events usually occurred. After the God’s traditions were followed‚ a series of positive events usually occurred
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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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Questionnaire surveys: typology‚ design and coding 1. Introduction In current surveys‚ as the range of surveys and the number of pollee have increased‚ the importance of the questionnaire has become increased much more. In 2009‚ there is one survey can express well. The survey was conducted by a food frequency questionnaire (FFQ) is a questionnaire to assess diet consumed in people‚ and may be used as a research instrument. Examples of usages include assessment of intake of vitamins or
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Definition of goods The contact of sale Agreement to sell Formation of the contract Terms of the contract Transfers of the property Transfer of the title Performance of the contract Remedies for breach 1.1 Definition of Goods Sale of Good Act 1957 defines the word goods as meaning ‘every kind of movable property other than actionable claims and money‚ and includes stock and shares‚ growing crops‚ grass and things attached to or forming part of the land which are agreed
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