Timings :1 hour TEST Max.Marks 58 Choose the most appropriate answer from the given options in respect of the following : 1)”Economics is the study of mankind in the ordinary business of life” was given by : a) Adam Smith b)Lord Robbins c)Alfred Marshall d)Samuelson 2)A capitalist economy uses as the principal means of allocating resources a)Demand b)Supply c)Efficiency d)Price 3)The commodity whose demand is associated
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ECONOMICS CHAPTER 1- INTRODUCTION TO ECONOMICS ● Assumed 3 decision makers- consumers (households) – that sell land‚ labour‚ capital & entrepreneurship and firms- that pay rent‚ wages‚ interest and profits (rewards for above factors of production ) firms then use the factors to produce G/S in return for payment from consumer. Govt imposes taxes on individuals and (income tax) and firms (corporate tax) to provide infrastructure and other services to community ● Econon’s 2 basic assumptions
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1. Explain economics? Economics is the study of how society allocates scarce resources and goods. Resources are the inputs that society uses to produce output‚ called goods. Resources include inputs such as labor‚ capital‚ and land. Goods include products such as food‚ clothing‚ and housing as well as services such as those provided by barbers‚ doctors‚ and police officers. These resources and goods maybe be considered scarce because of society’s tendency to demand more resources and goods than
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Society’s Dilemma: Dominant vs. Subdominant Groups As human beings evolved into an intelligent species‚ organized civilizations came into existence. As these civilizations grew into more intricate societies‚ their inhabitants began to form separate groups. Eventually‚ these groups divided the population into two basic categories: the dominant and the subdominant. Often‚ the dominant group represented the majority of the population. These divisions of the population brought about turmoil within
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BUILD BRIGHT UNIVERSITY SIHANOUKVILLE STUDY CENTER MBA -PROGRAM Course: Production and Operation Management (POM) Preparation Questions and Exercises for Final Examination I. Question : 1) What Objectives of production and operation management? 2) What do you understand by production and operational management? 3) What is Production and Operations Management? What are the scope of Operation Management? 4) Describe the stages of the product life cycle‚ and what are the demand characteristics
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After discussing the various reasons which have made the novel the most popular literary form today‚ let us consider the main characteristics of the modern novel. In the first place‚ we can say that it is realistic as opposed toidealistic. The ‘realistic’ writer is one who thinks that truth to observed facts—facts about the outer world‚ or facts about his own feelings—is the great thing‚ while the ‘idealistic’ writer wants rather to create a pleasant and edifying picture. The modern novelist is ‘realistic’
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all the individual firm s demand curves. nonexistent. the marginal cost curve above minimum average variable cost. Question A monopolist maximizes total revenue when its marginal revenue is ________. Answer positive zero negative equal to price Question For a monopolist‚ price Answer equals marginal revenue. is less than marginal revenue. is greater than marginal revenue.
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Cambridge is publishing the mark schemes for the May/June 2012 question papers for most IGCSE‚ GCE Advanced Level and Advanced Subsidiary Level syllabuses and some Ordinary Level syllabuses. om .c MARK SCHEME for the May/June 2012 question paper s er GCE Advanced Subsidiary Level and GCE Advanced Level Page 2 Mark Scheme: Teachers’ version GCE AS/A LEVEL – May/June 2012 Syllabus 9698 Paper 12 Section A 1 From the study by Mann et al (lying): (a) Describe one individual
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Semester I Revised June 2012 Revised Business Economics I Syllabus for F.Y.B.Com from June 2012 onwards University of Mumbai Semester I Module I: Demand analysis Demand function and determinants of demand – Concept and importance of Elasticity of demand‚ Income‚ cross‚ promotional. Case studiesConsumer surplus‚ Demand forecasting: meaning significance and methods-case studies Module II Theory of production and cost Production function-short run and long run- Law of variable proportions- Isoquantproducers’
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9/27/13 ADL 04 Managerial Economics AM3 ADL-04-Managerial Economics-AM3 Assignment - A Question 1. Distinguish between the following: (i) Industry demand and Firm (Company) demand‚ (ii) Short-run demand and Long run demand‚ and (iii) Durable goods’ demand and Non-durable goods demand. Question 2. What are the problems faced in determining the demand for a durable good? Illustrate with example of demand for households refrigerator or television set. Question 3. Analyse the method by
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