Category A: Products
Category A: Observations
For category A, milk was the product of choice. As far as price goes, the breakdown is as
a) Milk 1- Price: $2.49, Per unit: $1.25
b) Milk 2- Price:
Microeconomics Chapter 3 Homework
1. Law of demand implies that consumers will buy more of a product at a low price than at a
high price. The relationship between price and quantity demanded is negative or inverse and
Micro Chap 19 HW
1. One of the goals of government in a market economy is to promote competition as a way of
achieving efficiency. One approach is to maintain competition by using antitrust laws to
discourage the creati
Micro Chapter 4 Homework
1. Reasons for market failure include are positive and negative externalities, environmental
concerns, lack of public goods, under-provision of merit goods, overprovision of demerit goods,
Micro HW Chapter 7
2. Mrs. Wilson is not buying the utility-maximization combination of bread and milk. The
marginal utility per cent spent on each good is not equal. For the bread the marginal utility pe
Micro Hw Chap 21
2. See the figure below. In this simple economy each person represents a complete income
quintile20 percent of the total population. The richest quintile (Al) receives 50 percent of
total income; the po
Micro HW Chapter 6
1. Choosing the difference between the same set of numbers but different amounts make no
difference in elasticity. Price elasticity of demand is about finding the difference in percentage of
Chap 10 Micro HW
1. Pure Competition is a lot of firms in one industry, pure monopoly is one firm in a certain
industry that dominates all other firms, monopolistic competition is defined by many producers
BE512-B50 Spring 2016
Final Exam Review Sheet
Chapter 23 & 24:
- Be able to define and explain the functions of money.
Medium of exchange.Money's most important function is as a medium of exchange to facilitate
Store of value.
1. Consider the listing requirements and regulations involved in becoming a public
company on the NASDAQ or NYSE market. Explain to your board of directors why you
should of shouldnt raise 100M to expand on the public markets as opposed to raising
Perfectly competitive Markets
The four basic market models
Conditions for pure competition
Profit maximization for competitive
The competitive firm supply curve
Industry entry and exit
Industry cost stru
( Pure Monopoly)
Characteristics of pure monopoly
Profit-maximizing output and price
Economic effects of monopoly
Characteristics of Monopoly
No close substitutes
90) If the United States imports more than it exports, this implies that the country uses more goods and services t
91) Since investment spending in the United States is a smaller percentage of GDP than consumer spending, it is
78) Capital includes the machinery and buildings used to produce goods and services.
79) The United States is a prosperous nation because its resources are sufficient to meet the desires of its citizens
80) All economies must decide what t
65) Figure 1.1 Production Possibilities and Opportunity Costs: Linear Model versus Non-Linear Model
In the linear production possibilities model, we assume each of five equally-sized parcels of land contributes the
same to the production of food and timbe
52) As a portion of GDP, government purchases include:
A) National defense expenditures. B) Welfare checks.
C) Unemployment benefits. D) Food stamps.
53) Economic growth:
A) Involves reduced capacity in the short run.
B) Is an increase in
39) The United States' economy is the largest in the world because 39) _D_
A) the government directs resources to the most desirable outcomes.
B) it has a high quantity and quality of capital resources.
C) it has abundant natural and human resources.
Based on Figure 1.2, if a student studies 40 hours per week, he or she will: 26) _B_
A) Drop out of school because of the stress.
B) Earn a grade-point average between 3.5 and 4.0.
C) Earn a lower grade-point average than if the study time is reduced
13) Which of the following is associated with microeconomics?
A) The country's unemployment rate.
B) An economy's overall output level.
C) A specific U.S. industry's sales figures.
D) The economy's rate of growth.
14) The slope of a curve is given
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the questi
1) If the market mechanism causes the economy to arrive at the wrong mix of output, there is: 1) _B_
A) Government failure.
C) Mixed economy failure.
BE 200 01
23 February 2017
Chapter 2 Questions
1. Rich people make 15 times more than poor people. Is it Fair? How should
output be distributed.
These days there are many arguments surrounding this topic. For
BE 200 01
31 January 2017
Chapter 1 Homework
How does "For Whom" Apply to the Affordable care act.
For Whom applies to the Affordable Care Act in the sense that,
the ACA was produced for the people who couldnt afford good o
Frederick St. Ange
Chapter 24 Homework
April 25th, 2016
4. The opportunity cost of producing each unit of X is lower in A than it is in B. On the other
hand, the opportunity cost of producing Y is lower in B that it is
Fred St. Ange
March 4th, 2016
1. An implicit cost is a non-expenditure cost that will occur through self owned/self
employed resources. An explicit cost is when a payment is made that allows for inputs to
Fred St Ange
CH. 12 Homework
March 24, 2016
Discussion Questions: 2-4, 7
2. One main obstacle for entry into a business is Economies of Scale. This is an obstacle because
of the cost for new companies to start and succeed quickly in order t
Fred St. Ange
Ch. 13 Homework
March 28th, 2016
Discussion Questions: 1,3,4,8
1. Monopolistic competition: many firms, some control over price, somewhat easy entry,
competition like advertising, trademarks, brands
Pure competition: even more
Fred St. Ange
Microeconomics CH. 7 Homework
February 18th, 2016
Units consumed (2) -> total utility: 18
Units consumed (3) -> marginal utility: 7
Units consumed (4) -> marginal utility: 5
Units consumed (5) -> total utility: 33
POVERTY IN THE U.S.
MINI TERM PAPER | BE 201-02 | SPRING SEMESTER
FREDERICK ST. ANGE
St. Ange 2
Poverty in the U.S.
The United States is among the most prosperous nations in the world and has the largest
economy; nevertheless, it has more poverty than mos
Final Exam CH. 4, 15, 19, 21, 24
Market failure is a condition where the free market fails to operate efficiently
Market failure is a situation where market equilibrium results in too many/too few resources being used in the
production of a good/ser