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Question 1. You purchase a drink from your local convenience store, the price is excellent, and you really enjoy the drink. The convenience store receives a sale and hopes that they have a regular customer. Which of the six core principles of the economic way of thinking does this illustrate? A.People Make Choices B.People Gain When There is Voluntary Trade C.All Choices Involve Costs D.The Consequences of Choices Lie in the Future
Question 2. Which of the following would cause the change in supply illustrated in the graph below? A.Business taxes increase. B.The number of sellers increases. C.Producers expect growing economic activity. D.Input prices (costs of production) decrease.
Question 3. The three fundamental economic questions every society must answer are: A. What to produce? When to produce? Why to produce? B. Why to produce? What to produce? Who gets it? C. What to produce? How to produce it? Who gets it? D. What day to produce? What time to produce? How much to produce?
Question 4. You decide to do a cost-benefit analysis for an important decision. What is the first step you should follow when conducting the basic cost-benefit analysis? A. Collect as much information as you can on all possible options. B.
Define what the Federal Reserve Bank is, how is it managed? Who runs the Fed and what role does it place in the economy? What role does International Economics play in development and global markets?
Locate a contemporary legal case involving the use of DNA applications and their significance in the detection or apprehension of criminals involved in the illegal wildlife trade. Briefly discuss the case, evaluate the specific DNA application(s) ..
Helen purchases a new Ford Focus. She negotiates a price of $18,400, trades in her 1993 Contour for $1700, puts down an additional $1000.
List the different types of market structures that big data benefits the least and benefits the most. While data collection may benefit the business community, discuss the potential concerns for consumers that arise with the proliferation of big da..
Most managers and executives believe their firm has an opportunity to take advantage of economies of scale; however, many firms do not. Slect one of the questions below and respond - How could you determine if your firm has economies of scale?
a) Research the trade deal in 2000. Identify the leaders of China, the United States, and Canada at the time of the deal. Describe the deal providing reasons why each country would be in favour of the deal at the time. Illustrate what the deal was su..
Why is there mandatory retirement in many countries? Describe how the firm sets an efficiency wage above the competitive level. Why are there no market forces.
Hillary's preference for consumption C and leisure ' is given by U(C,'). There are 100 hours available in the week to split between work and leisure. She earns w dollars per hour. The ?rm's technology is given by Y = AEα, where Y is output, A and α a..
What is her AFC per poster if she prints 1,000 posters - Karen runs a print shop that makes posters for large companies.
Assignment: MICROECONOMIC PAPER. 4-5 PAGES APA FORMAT. Write a paper about COST OF PRODUCTION. INCLUDE REAL DATA AND NOT JUST WORDS.
Briefly explain methods currently being used to encourage economic growth for the typical firm in Hong Kong and for the typical firm in Singapore.
The estimated market demand of a commodity X is given as Q=70-3.5P-0.6M+4Pz, where Q=Estimated units of X demanded, P=Price of the goods, M= Money income and Pz= Price of related goods.
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