Econ 2200 Midterm #1 fall 2011 Section I Answer Four of the following six questions. Each question is worth 5 points. a. What is the difference between the Income Effect and a Change in Income? b. True or False: The slope of the budget line represents the rate at which the consumer is willing to trade one good for another at any given bundle. Explain. c. An Engel curve can be both positively and negatively sloped‚ why does this happen? d. What do we mean by the term “Consumer Surplus”? e
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Opportunity cost of an activity (or goods) is equal to the best next alternative foregone. Although opportunity cost can be hard to quantify‚ the effect of opportunity cost is universal and very real on the individual level. In fact‚ this principle applies to all decisions‚ not just economic ones. Since the work of the Austrian economist Friedrich von Wieser‚ opportunity cost has been seen as the foundation of the marginal theory of value[citation needed]. Opportunity cost is one way to measure
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QUESTION 1 a. A downward-sloping demand curve shows in both graphs when the quantity at each price is doubled what it was. However‚ the curve in demand for pharmaceutical drugs is drawn with a relatively steep slope as inelastic products. Equilibrium price down-sloping along the demand curve while quantity in both market increased to some extent. b. In inelastic demand of pharmaceutical drugs‚ the percentage change in price is greater than the percentage change in quantity demanded. While in elastic
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Social Inequality Revision notes‚ exam requirements and exam questions GCSE Sociology 2012 Absolute poverty | A situation in which someone lacks the money to pay for the food‚ clothing and housing necessary to maintain a healthy way of life. | Achieved status | A social position which individuals are able to gain through‚ for example‚ hard work and or educational qualifications. | Ageism | Being prejudiced against people because of their age. | Ascribed status | A position or social
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Hells Angels: An Outlaw Motorcycle Club Bikers have always been seen as “outcast” – they don’t always live the lives of the majority‚ and usually refuse the typical values the society imposes on us by engaging in outrageous behavior. The Hells Angels are members of the Hells Angels Motorcycle Club who typically ride Harley Davidson motorcycles. Despite common inclination towards spelling their name as “Hell’s Angels”‚ the official site claims the missing apostrophe represents many types of
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SOC 101 Introductions to Sociology Instructor: Kristin Bachman Week three Assignment Three Outline for Final Paper Student Heather Manning In this paper it will evaluate the impact of sociological
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The possibility that microorganisms exist was discussed for many centuries before their actual discovery in the 17th century. The existence of unseen microbiological life was postulated by Jainism‚ which is based on Mahavira’s teachings as early as 6th century BCE.[19] Paul Dundas notes that Mahavira asserted existence of unseen microbiological creatures living in earth‚ water‚ air and fire.[20] Jain scriptures also describe nigodas‚ which are sub-microscopic creatures living in large clusters and
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Subject: Business Economics Subject Code: BUECO5903 Course Coordinator / Moderator: Paul McPhee / David Spiers Assignment A: Microeconomics Student Name: Noor Aini Faiz Student Number: 30120381 Lecturer: Dr. Ganeshamoorthy Question 1: (a) Explain and illustrate using suitable diagrams‚ the impact of external costs and
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Environmental Sociology A Resource Page John Sydenstricker-Neto ________________________________________ • What is Environmental Sociology? • Working Groups in Professional Associations • Teaching Environmental Sociology • Some Relevant Themes • Future Perspectives • Sociology Journals • Links of Interest • Cited References ________________________________________ What is Environmental Sociology? Environmental sociology is the study of the reciprocal
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Understanding Social Behavior Sociology – the study of human behavior and society – Focuses on groups but not individuals Sociologists study a broad range of phenomena From small group interactions and the meaning of cultural symbols to large scale economic shifts Micro- vs. Macro- Sociology Connection between the individual and society The “Sociological Imagination” C. Wright Mills‚ “The sociological imagination enables us to grasp history and biography and the relations between the two within
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