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49997058-BUSN115-MidTerm-StudyGuide-1

49997058-BUSN115-MidTerm-StudyGuide-1 - BUSN115 Midterm...

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BUSN115 Midterm Study Guide The BUSN115 midterm exam is 2 pages long. It is a timed exam worth 140 points that you may enter only once. You have 2 hours to complete the exam. It consists of 20 multiple choice questions worth 5 points each. There are 2 essay questions worth 20 points each. Be sure to save and save often while you are working on the exam, but do not submit your exam until you are finished with both pages! To earn full credit for the essay questions, your response to each question should answer the question completely in approximately 2 – 3 paragraphs. The exam reflects the following course objectives and possible topics: TCO 1: Given a description of a typical business, demonstrate how that business acts within our economic system to achieve its goals as well as those of society, along with an understanding of how the future may impact these goals. Know how government regulation affects the economy.
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Show the relationship of supply and demand as illustrated on supply and demand curves. PG 36 Define elements of productivity and how it can be increased. The elements of productivity include: Physical capital:human made resources such as tools, buildings, machines Human capital:labour force that possesses skills, education, training Technology:the technical means for the production of goods and services. It is the most important driver of productivity according to some economists. It involves not only major inventions but thousands of small innovations. Productivity may be increased by increasing the physical capital, human capital or technology. Note that there is a term called Diminishing Returns to Physical Capital - which means successive increases in physical capital lead to smaller increases in productivity Read more: http://wiki.answers.com/Q/What_are_the_elements_of_productivity_and_how_is_it_increased#i
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