Questions in macroeconomics Instructor: MA. Bui Huy Khoi Chapter 1 What is economics? Top of Form [pic] Question 1 Resources in an economy: a) Are always fixed b) Can never decrease c) Always increase over time d) Are limited at any moment in time [pic] Question 2 Human wants are: a) Always fixed ) Limited c) Unlimited d) Likely to decrease over time [pic] Question 3 The sacrifice involved when you choose a
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be produced from any given amounts of these inputs. An increase in one of the factors of production or an improvement in technology leads to an increase in the economy’s output. 2. When a firm decides how much of a factor of production to hire or demand‚ it considers how this decision affects profits. For example‚ hiring an extra unit of labor increases output and therefore increases revenue; the firm compares this additional revenue to the additional cost from the higher wage bill. The additional
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the market system. Resource prices also determine the cost a product or good. The higher the resource price‚ the higher the cost of production‚ and price of the good would be‚ which brings you to supply and demand. If you able to produce a product at a certain price and consumers keep buying‚ then you would not have to make any adjustments in price unless there was a change in production‚ labor‚ or technology. Keep in mind that if a company doesn’t make profit‚ then the price can be adjusted. Ferrari’s
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com/locate/socscimed Comparing social determinants of self-rated health across the United States and Canada Steven G. Prus* Department of Sociology‚ Carleton University‚ D795 LA‚ 1125 Colonel By Drive‚ Ottawa‚ Ontario‚ K1S 5B6 Canada a r t i c l e i n f o a b s t r a c t Article history: Available online 18 May 2011 A large body of research shows that social determinants of health have significant impact on the health of Canadians and Americans. Yet‚ very few studies have directly compared the extent
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and a/P will fall. * This process will continue until monetary equilibrium is restored at a higher price level. The Classical Dichotomy and Monetary Neutrality David Hume and his contemporaries suggested that economic variable be divided into two groups. 1. Nominal variables that are measured in units of money (monetary units) 2. Real variables that are measure in units of goods (physical units.) * According to Hume and others‚ real economic variables do not change with changes
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• Micro vs. Macro • Microeconomics – the study of how individual households and firms make decisions and how they interact with one another in markets. • Macroeconomics – the study of the economy as a whole. – Its goal is to explain the economic changes that affect many households‚ firms‚ and markets at once. • The Two Groups of Economists • Macroeconomists • Focus on the economy as a whole. • Spend much time analyzing how total income changes and how changes in income cause changes in
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We have two authors‚ Jane Smiley and John McMurtry talking about gender and sex roles about women and men respectively. The author‚ Jane Smiley‚ as a mother of two girls and a boy‚ in her article "YOU CAN NEVER HAVE TOO MANY" argues about Barbie dolls play an important role in the way her girls pursuing beauty. The author‚ John McMurtry‚ as a former football player‚ in his article "KILL ’EM! CRUSH ’EM! EAT ’EM RAW!"‚ talks about American football trains men to be aggressive. Both the two articles
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Do you believe that Capitalism is moral? Justify you answer. Capitalism can be defined ideally as an economic system in which the major portion of production and distribution is in private hands‚ operating under what is termed a profit or market system. No central governing body involves to these private owners what or how much of anything will be produced. There are four key features of capitalism: companies‚ profit motive‚ competition and private property. Capitalism allows the creation of a
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Megginson et al (2004)‚ suggest that political persuasion by government as a result of poor and unsatisfactory financial and operational results by SOEs has cause the transfer of ownership to private investor who will impact their business discipline in order to improve the level of performance for the newly privatized SOEs. While Aktan (1995) suggest that privatization goes beyond the sale of SOEs‚ assets or shares to individuals or private firms but in a broad meaning‚ it is to restrict government role
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Technological determinants of entrepreneurship performance: Evidence from OECD countries Ashraf Galal Eid1* and Mourad Mansour2 ¹Finance and Economics Department‚ King Fahd University of Petroleum and Minerals‚ Saudi Arabia. ²Management and Marketing Department‚ King Fahd University of Petroleum and Minerals‚ Saudi Arabia. Accepted 9 May‚ 2013 In this paper we acknowledge the role of technology as an engine in fostering entrepreneurship. We examine the technological determinants of entrepreneurship
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