Name/Student Number: Economics Final Exam College Prep Program Completion Complete each statement. 1. The hope of reward that encourages a person to behave in a certain way is a(n) _______. 2. A bridge is an example of something that is usually provided as a _________. 3. To show how demand for a good will change at specific price points‚ economists use a ____. 4. People will buy more of a good when its price falls and less when its price rises
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Questions economic policy • Point out the reasons why it’s worth an economy has a low inflation Low inflation promotes the efficient use of productive resources . Conversely ‚ when inflation is high time some individuals and some of the economic resources are invested in the search for mechanisms to fend off inflation. For example ‚ when inflation is high‚ companies should allocate more resources to the management of its portfolio to avoid financial losses . These are unproductive uses that
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Chapter 1 The Power of Markets Charles states as his number one point that economics is really unpredictable. He uses the Coca-Cola Company as a fine example for this. That company starts of turning out to be loss and failure but within 10 years since it started it turned out to be very profitable. Charles also states that markets are extreme powerhouses over individual’s daily lives. Markets are also self-correcting because they use prices to allocate their resources. Individuals all work
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Economics questions Top of Form [pic][pic][pic] 1. Scarcity: [pic]A) exists because resources are unlimited while human wants are limited. [pic]B) means we are unable to have as much as we would like to have. [pic]C) will likely be eliminated as technology continues to expand. [pic]D) is not an issue addressed in economics. 2. Which of the following is true of resources? [pic]A) Resources are inputs used to produce goods and services. [pic]B) Labor is the mental and physical capacity
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Chapter 3: Government and the Economy In your own words‚ explain what an externality is. Externality is very easy to explain. An externality is the measurement of the difference in what something costs for you and what it costs for society in economics. Besides addressing externalities‚ what other important and beneficial roles does government play in our economy? Governments play
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MANAGERIAL ECONOMICS ASSIGNMENT Question 1 a. Explain the production possibilities frontier (PPF). [2 marks] b. Analyse what it means for the PPF to be bowed out from the origin (curved)‚ and what it means for the PPF to be a straight line. [3 marks] c. State the Law of Increasing Opportunity Cost and explain why it holds. [3 marks] [TOTAL: 8 MARKS] Question 2 a. “As
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ECON EXAM 3 QUESTIONS Competitive Supply A perfectly competitive firm maximizes profit by producing the quantity at which: MR = MC. Consider a perfectly competitive firm in the short run. Assume the firm produces the profit-maximizing output and that it earns economic profits. At the profit-maximizing output‚ all of the following are correct except: price is equal to average total cost. People in the eastern part of Beirut are prevented by border guards from traveling to the western part of
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The play Naked Lunch by Michael Hollinger focuses on the relationship between the two characters Vernon and Lucy. The two had previously had a romantic relationship‚ but for whatever reason ended it. In an attempt to get Lucy back‚ Vernon invites her to have a steak dinner with him. When Lucy refuses to eat the steak (due to the fact that she is now a vegetarian)‚ things quickly take the turn for the worst. Throughout the play Vernon is controlling‚ demeaning‚ manipulative and abusive‚ and though
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Instructions Total Marks 40 1. Exam is closed book 2. All questions in Part A and in Part B are compulsory 3. Each question in Part A carries 1 mark & each Question in Part B carries 10 marks 4. All Questions to be answered in the Question Booklet 1. In the diagram above‚ d and MR represent‚ respectively‚ the demand curve and the marginal revenue curve of an oligopolist. The kink in
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---------------------------------------------------------Answer Question 1 (compulsory) from Part I and five questions from Part II. The intended marks for questions or parts of questions are given in brackets [ ]. ---------------------------------------------------------------------------------------------------------------- PART I (20 Marks) Answer all questions. Question 1 Answer briefly each of the following questions (i) to (x): [10 × 2] (i) Define private cost and social
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