ReviewExercisesQonlyMod

# ReviewExercisesQonlyMod - 1 1 3 REVIEW OF THE BASICS:...

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1 3 2 5 -1 -1 REVIEW OF THE BASICS: Managerial Economics applies relevant micro and macro economic theory using different analytical tools (including statistical tools, basic algebraic and graphing tools, computer software like EXCEL,….), to business problems, whilst developing general principles that can be applied to the business decision- making process. These exercises are therefore intended to help prepare you review some of those basic algebraic tools and economics principles that might have been forgotten (or unfamiliar) . Please do not be intimated. You will find them easier than you think. Please answer all questions. Answers are to be posted in the DROP BOX at the end of Week 2. (That means, you have two weeks to complete them). 1) Solve: x + 79 = 194 X=115 2) Solve: x - 56 = 604 X=660 3) Solve: 6x = 36 X=6 4) Solve: x / 5 = 10 5(x/5)=10(5) X=50 5) Solve the Problem: 6/1 ÷ 2/3 (6/1)(3/2)=18/2=9 6) Problem: 3/4 * 6/7 9/14 7) Graph: y = 2x + 1 (use values of X= 0,1,2,-1) 1 | P a g e

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8) Simplify: (-5)^3 (-5)^3 = (-5)(-5)(-5) = -125 9) Simplify: -3 3 - (-3) 2 + (-2) 2 -27-(-9)+(-4)= -32 10) Opportunity cost is best defined as: A) The amount given up when choosing one activity over the next best alternative. B) The opportunity to earn a profit that is greater than the one currently being made. C) The amount that is given up when choosing an activity that is not as good as the next best alternative. D) The amount given up when choosing one activity over all other alternatives. 11) In a market economy, which of the following is the most important factor affecting scarcity? A) The needs and wants of consumers B) The price of the product C) The degree to which the government is involved in the allocation of resources. D) All of the above are equally important. 12) Which of the following is not considered by economists to be a basic resource or factor of production? A) Money B) Machinery and equipment 2 | P a g e
C) Technology D) Unskilled labor 13) Select the group that best represents the basic factors of production. A) Land, labor, capital, entrepreneurship B) Land, labor, money, management skills C) Land, natural resources, labor, capital D) Land, labor, capital, technology 14) The best definition of the subject of economics is A) How choices are made under conditions of scarcity B) How money is used C) How goods and services are produced D) How businesses maximize profits 15) Complete the statement with "supply" or "demand": A maximum price below the equilibrium price causes excess ________, while a minimum price above the equilibrium price causes excess._________. A) Supply, Demand

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## ReviewExercisesQonlyMod - 1 1 3 REVIEW OF THE BASICS:...

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