Briefly discuss each of the following economic ideas: People are ra tion al,
people respond to economic incen tives, and optimal decisions are made
at the ma rgin.
People are rational is the assumption that decision makers e
CH 3 Questions Class
1. State the law of demand and explain why is the other-things-equal assumption critical to it? 2. Give three explanations for the law of demand: 3. Distinguish between the meaning of the expressions "change in demand" and "chan
1. What do economist mean when they use the Latin expression Ceteris Paribus: All else equal
2. From the list below, select the variable that will cause the demand curve to shift: Consumer
3. Imagine that the curve shown in the accompanying figure
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Section 1 Micro Economics CH 1-2
LIMITS, ALTERNATIVES, AND CHOICES
Graphs and Their Meaning
A. Graphs help to visualize and understand economic relationships. Most of our economic
models explain relationships between just two sets of econom
How the 2% lives
Temping is on the increase, affecting temps and staff workers alike
Jul 16th 2016 | From the print edition
AT THE BMW factory in Spartanburg, South
Carolina, brand new sport-utility vehicles roll
off the assembly line with
Section 1 Micro Economics CH 3-4-5 Price, Quantity and Efficiency
DEMAND, SUPPLY AND MARKET EQUILIBRIUM (+ APPENDIX)
A market is an institution or mechanism that brings together buyers (demanders) and sellers
(suppliers) of partic
Chapter 6-7 Consumer Behavior
Chapter 6 Elasticity
Price Elasticity of Demand
A. Law of demand tells us that consumers will respond to a price decrease by buying more of a
product (other things remaining constant), but it does not tell us how much more.
Section 6 - Income Inequality, Poverty, and Discrimination Health Care - Immigration
Chapter Twenty-one - Income Inequality, Poverty, and Discrimination
Income inequality facts
A. As of 1st Quarter 2016
Microeconomics of Product Markets
TECHNOLOGY, PRODUCTION AND COSTS
Technology is the process a firm uses to turn inputs into outputs of goods and services.
Technological change is a change in the ability of a firm to produce a given level of output with
Micro Ch. 22
1. Which statement is false?
A monopoly is both a firm and an industry.
A monopoly is an imperfect competitor.
There are no monopolies in the United States.
None of these statements is false.
2. Which statement is false?
What do economist mean by scarcity? Economists mean that unlimited wants exceed limited resources
Which of the following is not scare according to the economic definition? None of the above.
A production possibilities frontier: Shows the maximum attainabl
Suppose that a frost in Florida reduces the size of the orange crop, which causes the supply curve to shif
to the lef (from Supply1 to Supply2).
As a result, consumer surplus
Decreases by areas B, C, and D.
Increases by area B and decreas
1. The president of a toy company asks you for advice about whether the company should cut the price of its bestselling doll this year based on the following information: last year the company cut the price of its best-selling
doll by 10% and the total re
Chapter 14 - 15 The Demand for Resources
Chapter 14 The Demand for Resources
All resources that enter into production are owned by someone, including the most important
resource of all for most people, self-owned labor. The most basic significance of reso
Chapter 4 US Economy: Private and Public Sectors
Households as Income Receivers A. Functional distribution of 1. Wages and salaries are 72 percent of the total. 2. Proprietors' income (income to self-employed business owners, doctors,
Chapter 5 The US in the Global Economy
Linkages A. Several economic flows link the U.S. economy with the economies of other nations. B. These linkages are 1. Goods and services flows 2. Capital and labor (resource) flows 3. Information and
Exam 1 Ch -2 Sample Spring 2008
1. For economists, the word "utility" means: A) versatility and flexibility. B) rationality. C) pleasure and satisfaction. D) purposefulness. 2. When entering a building, Sam diverts his path to go through an open door
NORTHEASTERN STATE UNIVERSITY
College of Business and Technology Department of Economics Tahlequah-Oklahoma INSTRUCTOR: Ray Murphy Office: Shawnee Theater OCRD -124 W. Shawnee, Suite C
Office Hours: 10:00-12:30 MW and 3:00-5:00 M; 10:00-12:30 F Tele
Chapter 4 Handout
I. Introduction and Overview In chapter 3 we analyzed demand and supply. The demand curve shows an inverse relationship between price of a good and quantity demanded. How does the shape of a demand curve differ between
CH 4 Questions Class
1. Under what conditions will an increase in price of a product lead to a reduction in total spending for that product.
2. The president of a toy company asks you for advice about whether the company should cut the price of its
Chapter 1 Limits, Alternatives and Choices
Chapter 1 Limits, Alternatives and Choices
I. Definition of Economics A. The social science concerned with the efficient use of limited or scarce resources to achieve maximum satisfaction of human materials
Chapter 2 The Market System
Economic systems differ in two important ways: Who owns the factors of production and the method used to coordinate economic activity. A. The market system our system: 1. There is private ownership of resources. 2. Marke
Chapter 3 Demand, Supply and Market Equilibrium
Markets Defined A market is an institution or mechanism that brings together buyers (demanders) and sellers (suppliers) of particular goods and services. 1. A market may be local, national, or
Review Test Submission: Test 2 - Chapters 5-8
TECH3503 : LEADERSHIP IN ORGANIZA
Test 2 - Chapters 5-8
6/28/16 4:31 PM
6/28/16 5:33 PM
Chapter 24 - The Balance of Payments, Exchange Rates, and Trade Deficits
The Balance of Payments, Exchange Rates, and Trade Deficits
Multiple Choice Questions
1. International transactions fall into what two broad categories?
A. Manufacturing t
Welcome to Microeconomics.
This is an online course. If you have questions during the semester, please email me at
Access the course via Blackboard.
Click on the M-H Connect Button to gain access into
McGraw-Hills Connect. I recommend
The rise of the superstars
A small group of giant companiessome old, some neware once again
dominating the global economy, says Adrian Wooldridge. Is that a good or a bad
Sep 17th 2016 | From the print edition
Supply and Demand: An Introduction
I. Introduction/Overview A. New York City`s food market is much more efficient than its rental housing market. B. Basic economic questions must be answered and can be answered through central planning or m