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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a city.According to comedian P.J. O’Rourke‚ “microeconomics concerns things that economists are specifically wrong about.To be more technical‚ microeconomics is about money you don’t have .Microeconomics focuses on the market’s supply and demand factors‚ that determine the economy’s price levels.Microeconomics facilitates decision making for smaller business sectors.Microeconomics concentrates on the ‘ups’ and ‘downs’ of the markets for services and goods‚ and how the price affects the growth of
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the major goal that A’Safwa is focus on it so it uses technical expertise to facilitate that goal. Finaly‚ A’Safwa is the number one in Oman and among the top 5 in the region as producers. The purpose of this assignment is to analyze the General or macro Environment Forces which help and affect A’Safwa Dairy to understand it’s competitor and use the situation in it’sadvantage. Demographic Aging Population Geographic distribution of population Changes in ethnic composition
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are resources also called factors of production? Why are they called inputs? Economic resources are natural‚ human‚ and manufactured resources that go into production of goods and services. Economists classify economic resources into four general categories land‚ labor‚ capital‚ and entrepreneurial ability. Resources are called factors of production because land‚ labor‚ capital‚ and entrepreneurial ability are combined to produce goods and services. Another name for factors of production is inputs
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Matt VanDerMeid FRQ 3 Louis the XIV was king of France from 1693 to 1715. He was an example of how to rule for many of the political leaders of the 18th century. An absolute ruler is defined by seven traits. Pacify and subjugate nobles‚ and centralize power around oneself. Another is to make both money and war. Dominate culture‚ make religion and finally build something worthy of your glory. Two Enlightened despots that took after Louis were Joseph II of Austria and Peter the Great‚ Czar
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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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1. Macro environment External environment is the uncontrollable factors‚ forces‚ situations‚ and events outside the organization that affect its performance and strategies. As shown in below figure‚ the examples of macro environment of an organisation is include factors such as social cultural‚ political and legal‚ globalisation‚ economy‚ demographical and also technology. Detailed definition of macro environment factors mentioned and the description showed as below. Figure 1: Component of
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[pic] Assignment 1 Macro-environmental analysis Company: The Dairy Farmers Co-operative Milk Co. Ltd Products: Dairy products Country: Vietnam [pic] Executive Summary In recent decades‚ the Vietnamese economy has experienced an unprecedented growth. Along with the significant development of the economy‚ the increasing in population and income has led to a rising need for imported dairy products like milk
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PESTEL analysis of the macro-environment There are many factors in the macro-environment that will effect the decisions of the managers of any organisation. Tax changes‚ new laws‚ trade barriers‚ demographic change and government policy changes are all examples of macro change. To help analyse these factors managers can categorise them using the PESTEL model. This classification distinguishes between: • Political factors. These refer to government policy such as the degree of intervention in
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