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7) If scarcity was eliminated
A) trade would become unnecessary.
B) opportunity costs would increase.
C) all nations would have an absolute advantage in producing all products.
D) the concept of trade-offs woul
1. When the price of fresh fish increases 5%, quantity demanded decreases 10%. The price
elasticity of demand for fresh fish is
A) perfectly inelastic.
D) unitary elastic.
2. The ABC Computer Company wants to increase
Bus 121-C Microeconomics Midterm Exam 1
October 14th, 2015 with Answers
Bus 121-C Midterm 1
Exam Answer Sheet
Use ONLY a pencil to mark your answer with "X".
Mark only ONE answer for each question. Otherwise,
no credit will be given for the answer.
AMERICAN UNIVERSITY OF BEIRUT
Course Number: Economics 211
Term: Spring 2016
Course Title: Elementary Microeconomic Theory
Catalog Description: The general principles of microeconomics which include: elements of
supply and d
Midterm Exam #2, ver.2 Answer Key
1. Explicit costs
a. do not require an outlay of money by the firm.
b. enter into the accountant's measurement of a firm's profit.
c. enter into the economist's measurement of a firm's profit.
d. Both b and c are
Midterm Exam #2, ver.1 Answer Key
1. Economic profit is equal to
a. total revenue minus the explicit cost of producing goods and services.
b. total revenue minus the opportunity cost of producing goods and services.
c. total revenue minus the acco
Econ121: Principles of Microeconomics Sec. C
Homework 1 Solution Key
(covers chapters 1-4 materials)
Answer to Question 1.
If you spend $100 now instead of saving it for a year and earning 5 percent interest, you are
giving up the opportunity to spend $10
Faculty of Arts and Sciences Department of Economics
ECONOMICS 211 SPRING 2013 RAMZI MABSOUT Sections 13 & 16
Final Review Notes
Chapter 1 The Scope and Method of Economics
Economics is the study of how individuals and societies ch
Marketing Strategy Overview
A. Marketing Strategy Statement
As Hussain Textiles, we have a great portfolio that is well servicing the
consumer needs and building customer loyalty. What is needed is to reposition our brand image and create more hip and
American University of Beirut
Faculty of Arts and Sciences
Department of Economics
ECONOMICS 211: Elementary Microeconomic Theory
Instructors: Jean-Frederic Alam, Serena Canaan, Leila Dagher
CLASS: M-W 10-11, 11-12, or 3-4 (check AU
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the quest
Refer to the information provided in Figure 12.7 below to answer the question that follows.
1) Refer to Figure 12.7. The Memory Compa
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers
Refer to the information provided in Figure 1.1 below to answer the questions that follow.
Refer to Figure 1.1. There is _ rela
1 Assume firms in an industry break even. New investors _ attracted to the
industry and current ones _ running away from it.
A are not; are not
B) are not; are
C) are; are not
D) are; are