Reference no: EM131004625
Answer the following questions
1. Ceteris Paribus is latin for.
a. all fixed b. all variable c. all included d. all excluded
2. An example of ordinal measure would be
a. earning more salary this year than last year
b. a minimum wage of $ 7.25 /hr
c. the first burger eaten was delicious
d. an opportunity cost of $ 5000
3. Which slope(s) may a supply curve not have?
a. downward sloping b. upward sloping c. zero slope d. infinite slope
4. Fallacy of composition assumes
a. what is true for many is true for one b. what is true for one is true for many c. what is ture for some may not be true for one d. what is true for one may not be true for many
5. All points along an indifference curve show equal
a. levels of satisfaction b. budget levels c. demand curves d. none of the above
6. Nominal dollars
a. have been used for salary calculation b. have been used indexed automatically c. have been used adjusted for inflation d. have not been adjusted for infilation
7. A basic assumption of ecoomics is that most individuals seek to maximize
a. money b. leisure time c. family d. utility
8. we determine that as a consumers income increse they purchase more of a spesfic good, we would classify this good as;
a. infrior b. normal c. nominal luxury
9. The fact that as we consume more of good we enjoy each subsquent unit less (1st hot wing vs. hot wing) is an example of what theory?
a. law of inevitability b. factus Gastroenteritus c. law of dimiinishing marginal utility d. Fallacy of coposition
|
Afford his original consumption bundle
: Sam spends $6/wk on orange juice and apple juice. Orange juice costs $2/cup while apple juice costs $1/cup. Sam views 1 cup of orange juice as a perfect substitute for 3 cups of apple juice. Find Sam’s optimal consumption bundle of orange juice and a..
|
|
Socio-economic ramifications of gendered division of labor
: What factors keep men and women segregated into “masculine” and “feminine” jobs both at work and at home? Why do you think these divisions persist? What are the socio-economic ramifications of the gendered division of labor? Can you think of any exam..
|
|
What was the problem with his measure of utility
: Economicsts first proposed measuring utility with a unit of measure termed a util. What was the problem with his measure of utility? The fact that as we consume more of good we enjoy each subsquent unit less (1st hot wing vs. hot wing) is an example ..
|
|
Quotas and tariffs can
: ?Quotas and tariffs can:
|
|
Ceteris paribus is latin-example of ordinal measure
: Ceteris Paribus is latin for. An example of ordinal measure would be. Which slope(s) may a supply curve not have? The fact that as we consume more of good we enjoy each subsquent unit less (1st hot wing vs. hot wing) is an example of what theory?
|
|
Countries that choose to pursue a fixed exchange rate
: Countries that choose to pursue a fixed exchange rate have less or more flexibility to pursue monetary policies in line with domestic goals. A decrease in U.S. exports to Mexico will cause the supply of pesos in the foreign exchange market to increas..
|
|
Write the equation for the demand curve
: The weekly demand and supply functions for seats on flights between Syracuse and Boston have been estimated as follows: Qd = 1600 - 2.5 Price + .040 Income - 4 Weather + 1.20 Pa ( where Pa is the price of alternative means of travel ) Qs = -50 + 4.25..
|
|
Reduce the quantity transacted on the market by two units
: The demand for a product is given by P = 350 − 2Q and the supply is P = 30 + 4Q. What is the increase in the tax rate needed to reduce the quantity transacted on the market by two units? How about if we want to reduce quantity by 5 units?
|
|
Demand for this good elastic-inelastic-unitary elastic
: Suppose that you increase production from 100 to 101 units of a good. After doing so, your TR remains unchanged. Is the price elasticity of demand for this good elastic, inelastic, unitary elastic?
|