9. What is a labor union?
Its an organized association of workers, often in a trade or profession, formed to
protect and further their rights and interests.
10. Why do employers have a natura
9. What are the most common ways for start-up firms to raise financial capital?
These firms gather money from a variety on individual or institutional investors,
including banks, institutions
9. Who determines how much utility an individual will receive from consuming a good?
Utility is determined by ones own preference.
10. Would you expect total utility to rise or fall with additi
7. How is monopoly different from perfect competition?
In monopoly, the price is set above marginal cost and the company would earn a positive
economic profit. In perfect competition, p
11. What is a corporate merger? What is an acquisition?
a merger is a legal consolidation of two entities into one entity.
an acquisition occurs when one entity takes ownership of another en
12. What can Government do to encourage the development of new technology?
They can guarantee intellectual property rights, government assistance with the
costs of research and development, an
Chapter 3- Page 75 Review Questions
Rachel Milenovic 9/26/2016
12. What determines the level of prices in a market?
13. What does a downward-sloping demand curve mean about how buyers in a market will
react to a higher price?
Microeconomics Chapter 1 Questions
Rachel Milenovic 9/18/2016
10. Give the three reasons that explain why the division of labor increases an economys level
1. Specialization in a particular small job allows workers to focus on the parts of
February 17, 2015
2.) AA, BB, CC
3.) AB, AC, BA, BC, CA, CB
4.) AA, AB, AC, BA, CA
5.) AA, AB, BA, BB
1/9, 1/3, 2/3, 5/9, 4/9
February 3, 2015
TV Violence Not
TV Quality Not
January 13, 2015
A.) For the classes data we have 28 measurements. Because 2 4=16 is less
than 28 and 25=32 is greater than 28, we should use K=5 classes.
C.) 1.) 17+6=23; 2.) 23+6=29; 3.) 29+6=35; 4.)
January 13, 2015
Discuss the difference between a ratio variable and an interval
A ratio variable is a quantitative variable measured on a scale such
that ratios of its values are meaningful and there is an in
Animated Learning Module 5: Economic Policy
March 30, 2015
1) What does fiscal policy require when the economy is growing?
When the economy is growing contractionary fiscal policy comes into
effect to avoid inflation. The governme
Animated Learning Module 4: Domestic Policy
March 24, 2015
1) What makes policy-making a process?
A policy is an effort to accomplish a particular goal. The policy-making
process is how policies originate and are developed. There
Animated Learning Module 3: Media
March 4, 2015
1) Discuss the functions of the media.
The media is a conduit between the government and the people. It
provides the public with information by radio, television, newspapers,
Animated Learning Module 2: Iron Triangles & Issue Networks
February 4, 2015
1) Define iron triangle.
An Iron Triangle is a three way alliance among legislators, bureaucrats,
and interest groups to make or preserve policies that b
Animated Learning Module 1: Impeachment
February 4, 2015
1) Define impeachment.
Impeachment is an action by the House of Representatives to accuse
the president, vice president, or other civil officers of the United States of