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Chapter: Chapter 2: The Law of Comparative Advantage
1. The Mercantilis
Firms in Competitive Markets
For a firm operating in a perfectly competitive industry, total revenue, marginal revenue, and average revenue
are all equal.
For a firm operating in a perfectly competitive industry, margina
Consumers, Producers, and the Efficiency of Markets
Welfare economics is the study of the welfare system.
The willingness to pay is the maximum amount that a buyer will pay for a good and measures how much the
Supply, Demand, and Government Policies
Economic policies often have effects that their architects did not intend or anticipate.
Rent-control laws dictate a minimum rent that landlords may charge tenants.
Elasticity and Its Application
Elasticity measures how responsive quantity is to changes in price.
Measures of elasticity enhance our ability to study the magnitudes of changes.
The demand for bread is likely to
Ten Principles of Economics
Scarcity means that there is less of a good or resource available than people wish to have.
Economics is the study of how evenly goods and services are distributed within society.
Course Outline - Fall 2012
ACC-110 - 005 Financial Accounting
Bergen Community College
School of Business, Social Science and Public Service
Semester and year:
Course and Section.
Aggregate Expenditures: The Multiplier,
Net Exports, and Government
A. Short-Answer, Essays, and Problems
1. Whenever there is a shift in the investment schedule and/or the consumption-saving
schedules, there will be a new equilibrium level of
RISK AND RETURN: THE CAPITAL
ASSET PRICING MODEL (CAPM)
Answers to Concept Questions
Some of the risk in holding any asset is unique to the asset in question. By investing in a variety of
assets, this unique portion of the total risk can be
The Aggregate Expenditures model
Simplifying Assumptions for the Private Closed Economy model
A. We first assume a closed economy with no international trade.
B. Government is ignored.
C. Although both households and businesses sav
Government Spending and Its Financing
Goals of Chapter 15
A) Examine fiscal policy and its macroeconomic effects
B) Look at definitions and facts about the governments budget
C) Discuss fiscal policy issues
1. Effects of
Monetary Policy and the Federal Reserve System
Goals of Chapter 14
A) Look at how the nations money supply is determined
B) Explore the question: How should the central bank conduct monetary policy?
1. Should the central
Exchange Rates, Business Cycles, and
Macroeconomic Policy in the Open Economy
Goals of Chapter 13
A) Two primary aspects of interdependence between economies of different nations
1. International trade in goods and servi
Unemployment and Inflation
Goals of Part 4
A) How macroeconomic policy works and how it can best be used
1. Unemployment and inflation (this chapter)
2. Policy in an open economyinternational trade and finance (Ch. 13)
Long-Run Economic Growth
Goals of Chapter 6
A) Identify forces that determine the growth rate of an economy
1. Changes in productivity are key
2. Saving and investment decisions are also important
B) Examine policies gove
Saving and Investment in the Open Economy
Goals of Chapter 5
A) Develop the idea that a countrys spending need not equal its production in every period, due to
B) The fundamental determinants of a countrys t
Consumption, Saving, and Investment
Goals of Chapter 4
A) Examine the factors that underlie economy wide demand for goods and services
B) Assumes closed economy (for now)
C) Focuses on consumption and investment
The Measurement and Structure
of the National Economy
Goals of Chapter 2
A) National income accounts; relationships among key macroeconomic variables (Sec. 2.1)
B) Gross domestic productthe main measure of output (Sec. 2.
The Theory of Consumer Choice
The theory of consumer choice illustrates that people face tradeoffs, which is one of the Ten Principles of
A consumers budget constraint for goods X and Y is determined by how mu
The essence of an oligopolistic market is that there are only a few sellers.
Game theory is just as necessary for understanding competitive or monopoly markets as it is for understanding
The "competition" in monopolistically competitive markets is most likely a result of having many sellers in the
The "monopoly" in monopolistically competitive markets is most likely a res
The Market Forces of Supply and Demand
Prices allocate a market economys scarce resources.
In a market economy, supply and demand determine both the quantity of each good produced and the price at
which it is sold.
CHAPTER 16MANAGING INEFFECTIVE PERFORMERS
1. Job performance is considered ineffective when it
a. falls below an accepted standard.
b. leads to employee dismissal.
c. emphasizes quantity more than quality.
d. must be controlled by manageme
CHAPTER 8ORGANIZATION STRUCTURE, CULTURE, AND CHANGE
1. The clearest example of a staff department in a manufacturing organization would be
c. food services.
d. quality assurance.
NAT: AACSB: A
CHAPTER 6QUANTITATIVE TECHNIQUES FOR PLANNING AND DE CISION MAKING
1. Juanita is a data-driven manager, so she
a. minimizes interaction with people when working.
b. bases her decisions on facts.
c. finely tunes her intuition.
CHAPTER 5PROBLEM SOLVING AND DECISION MAKING
1. A problem is technically defined as a discrepancy between the
a. past and present.
b. future and present.
c. person's wishes and desires.
d. ideal and actual conditions.
CHAPTER 4ESSENTIALS OF PLANNING
1. Planning is
a. a complex and comprehensive process involving interrelated stages.
b. organizing, implementing, and controlling.
c. finding the best person for a job.
d. communicating effectively with stak
CHAPTER 1THE MANAGER'S JOB
The position of vice-president of information systems can most accurately be
classified as a(n)
specialist or individual contributor.
LECTURE SCHEDULE AND READINGS
The number on the left is the lecture number in the booklet of slides and the downloadable zip file of slides. Problem sets are passed out on days marked with *.
1 Wed, Aug 26 2 Mon, Aug 31 3 Wed, Sept 2* Mon, Sept 7 4 Wed, S