Microeconomics 201 First Midterm Chapter 1 Introduction: What Is Economics? 1.1 What Is Economics? 1) Which of the following is n o t a factor of production? A) money B) human capital C) physical capital D) labor Answer: A 2) An arrangement that allows buyers and sellers to exchange things is called: A) a contract. B) money. C) efficient. D) a market. Answer: D 3) Economics is best defined as the study of: A) financial decision‑making. B) how consumers make purchasing decisions
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Puritans were suppose to follow. Although many may find happiness in a habitual lifestyle‚ many other people may find happiness in a carefree life. Living a life without patterns or standards can help greatly in a positive way. Living an unpredictable life allows the person to be able to experience many different things that will teach them how to be insightful and decide right from wrong. In The Scarlet Letter‚ Hester commits adultery which is deviating from the path a Puritan is suppose to take. But
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This paperwork of BIS 320 Week 4 Discussion Questions contains: DQ1: Suppose you need to terminate an employee who works in your department. Summarize security protections you must take. Would you behave differently if this termination were a friendly one? If so‚ how would you respond differently? DQ2: Suppose you lose your company laptop at an airport. What should you do? Does it matter what data is stored on your disk drive? If the computer contained sensitive or proprietary data
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trading volume. Problem 2.3. Suppose that you enter into a short futures contract to sell July silver for $17.20 per ounce. The size of the contract is 5‚000 ounces. The initial margin is $4‚000‚ and the maintenance margin is $3‚000. What change in the futures price will lead to a margin call? What happens if you do not meet the margin call? Problem 5.2. What is the difference between the forward price and the value of a forward contract? Problem 5.3. Suppose that you enter into a six-month
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works could be fake‚ should Nick Credulo‚ President of Amigos de los Predidos‚ advise the Amigos’ donors‚ and other people he has written‚ of what he has heard? Suppose some of them have already reserved and given a downpayment or have already paid and brought the works home. Should he tell them and advise them to return and get a refund? Suppose Jennifer says sales are final. What should Nick do? On my opinion‚ Nick should investigate first if there was connivance between Danielle‚ (the University Professor)
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1. The chief economist for Argus Corporation‚ a large appliance manufacturer‚ estimated the firm’s short-run cost function for vacuum cleaners using an average variable cost function of the form. AVC= a + bQ+ cQ^2 (the 2 is suppose to be exponent) Where AVC=dollars per vacuum cleaner and Q=number of vacuum cleaners produced each month. Total fixed cost each month is $180‚000. The following results were obtained: Dependent Variable:AVC R-Square
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Oligopoly After reading this chapter‚ you should know: 1. The unique characteristics of oligopoly. 2. How oligopolies maximize profits. 3. How interdependence affects oligopolists’ pricing decisions. Problems for Chapter 10 1. Suppose the automobile market in the U.S. is divided as follows: General Motors 28% Ford 23% Toyota 18% Daimler-Chrysler 16% All others 15% a) What is the four firm concentration ratio? b) What is the approximate Herfindahl-Hirschman
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steelmaker on a regular basis. Because the auto firm and the steel producer have been in business with one another for a long time and have an ongoing relationship‚ they have negotiated a contract that keeps steel prices fixed in the short run. But suppose the automobile company’s cars suddenly become very popular. The firm needs to expand production‚ so it needs more steel. Under the agreement made earlier by the two firms‚ the steel company would meet this higher demand and sell more steel without
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Homework 3 Due 2/24/14 1) Using a diagram‚ show that‚ if a consumer prefers more to less then his indifference curves cannot cross. 2) Suppose that current and future consumption are perfect substitutes. The indifference curves will consist of parallel lines with the negative slope m‚ where m > 0. a) How does the marginal rate of substitution between current and future consumption relate to the geometry (i.e. the slope and the intercept) of the consumer’s indifference curves? b) Given
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watch from a Swiss company C) The sale of a new car from a manufacturer s inventory produced in previous year D) The sale of a used car E) none of the above 4) Suppose the consumption equation is represented by the following: C = 500 + .75YD. The multiplier in this economy is: A) .2. B) .8. C) 1. D) 4. E) 5. 5) Suppose business confidence increases causing an increase in investment. Based on our understanding of the model presented in Chapter 3‚ we know with certainty that an increase
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