BEC1034: Tutorial 1 Tri3 2012/13 Tutorial 1: Ten Principles of Economics Please try to answer all the questions. 1. The overriding reason why households and societies face many decisions is that a. resources are scarce b. goods and services are not scarce c. incomes fluctuate with business cycles d. people‚ by nature‚ tend to disagree 2. Which of the following examples does not illustrate the principle represented by the adage‚ "There is no such thing as a free lunch"? a. Joe needs to pay his
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the government has decided to regulate the food people eat (pletcher). There are many reasons why this is an excellent idea. The first reason is if they regulate people’s diets‚ they will become healthier and happier. More people will eat healthy foods and lose weight. If the government does not change the food people eat more people will become overweight. Therefore‚ the percentage of obesity will increase. Also if they change the food people eat they will have a fewer risk of having any diseases
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Economic growth The effect of corruption on economic growth has been extensively researched in the last two decades. While not denying that corruption may have played a positive role at particular times in specific countries‚ it leads to lower growth‚ hampering both private and productive government spending in investments and inhibiting the efficiency of public services. Corruption can also affect the growth rate through distortions in tax collection‚ the level of public expenditure and the composition
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1. Economic Growth‚ Technology and Structural Change Economic Development: Growth is associated with structural‚ social change and change in the important institutions of the economy. These institutions evolve within the development process. Institutions are the result of past historical and social developments. Since different countries have different pasts‚ institutions will vary. “Development is about improving the quality of people’s lives‚ expanding their ability to shape their own
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Discuss whether economic growth solves the problems of scarcity. Scarcity is the situation where finite factor inputs are insufficient to produce goods and services to satisfy infinite human wants. Economic growth is defined as the increase in real Gross Domestic Product(GDP) through time. Growth occurs if there is an increase in land‚ labor‚ human capital and technology. The question on whether economic growth solves the problem of scarcity can be discussed using the production possibility curve(PPC)
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Amaka‚ who represents the younger and educated generation‚ accepts motherhood but does not believe it is the only goal in life and does not think the lack of motherhood should detract from a person as a worthwhile individual. The conflict between the views of the older and younger generations can be attributed to the differences between Christian or European and traditional Igbo beliefs in a changing world. Gay Wilentz suggests that the conversation between Amaka and her mother on this subject indicates
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Existence of authority in many different forms is primarily vital for group of people to maintain each other’s safeties as well as rights. On the other hand‚ inborn greed which everyone sometimes leads people in positions or authority to make mistakes as well as misconception. Thus it is important to question the idea and decisions of people in positions or authority. Galileo Galilei‚ Italian scientist‚ illustrates this on history. During his time in Italy authority of Catholicism‚ Vatican‚ not
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Why does the Pope argue that socialism is an unacceptable economic system? Pope Leo XIII argues that socialism is an unacceptable economic system simply because it does not fall within the boundaries of natural rights. The Pope starts out by saying socialism strives off of the poor man’s envy of the rich by supporting the publication of private property. Pope Leo focuses on the rights of man given to him by nature‚ which‚ he claims‚ one of the rights is possession of private property. Man‚ by his
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the relation between economic growth and financial development. First‚ financial development has impact on economic growth (i.e. Bagehot‚ 1873; Schumpeter‚ 1912; McKinnon‚ 1973; Shaw‚ 1973; Patrick‚ 1966; Goldsmith‚ 1969; Fry‚ 1973). Second‚ economic growth leads to financial development and that where there is economic growth financial development follows (i.e. Robinson‚ 1952). The third view‚ however‚ contends that both financial development and economic growth Granger cause one another. In the essay
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The Capitalist of America during 1875-1900 controlled large businesses like steel making‚ oil production and the railroads making them some of the most powerful men in the world; the wealth was obtained by using child labor‚ trying to destroy the middle class and destroying all competition. John D. Rockefeller took advantage of children in his coal mines to by making them workers called breaker boys. Most breakers were 8-12 year old boys or old men who couldn’t do anything else. Breaker boys removed
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