Slope of the line = y-y1/x-x1
Perfect Compet; all goods exactly the same, buyer & sellers so many, no one affects market
price.
Law of demand: claims that quantity demanded of a good falls when prices increase.
Quantity demanded in a market is the sum of
Business 100
Introduction to Canadian Business
Group Project
Objective
This group project has been structured to provide students with an opportunity to see how the
concepts covered during classroom discussion relate first-hand to a particular firm (a pub
ECON 100 AB1
Principles of Microeconomics
Week 1.Introduction
Ch 1& 2
September 8th ,10th 2015
Bosu Seo, PhD
Agenda
1. Introduction
Syllabus
Textbook
2. Basic Math and Graphing
3. What is Economics?
Ten principles of Economics
4. Thinking like an Econo
Principles of Microeconomics
ECON 100 AB1
2016 Fall
Assignment #1 incomplete (part II will be added on Sep 13th, 2016)
Due Date: September 27, 2016
For credit, you are asked to submit the answer for part II only. I will distribute the answer of part I
on
James Bennett 300145414
Econ 100 AB1
Principles of Microeconomics
ECON 100 AB1
2016 Fall
Assignment #1
Due Date: September 27, 2016
For credit, you are asked to submit the answer for part II only. I will distribute the answer of part I
on September 20, 20
The slope of a line is the ratio of the vertical distance covered to the horizontal distance
covered as we move along the line.
Scarcity refers to the limited nature of societys resources.
Scarcity means that there is less of a good or resource availabl
-The slope of a line is the ratio of the vertical distance covered to the horizontal distance covered as we move along the line.
-Scarcity means that there is less of a good or resource available than people wish to have.
-When economists are trying to ex
True/False Questions
Chapter 1 & 2
T
F 1. Scarcity means that there is less of a good or resource available than people wish to have.
ANS: True
T
F 2. If the average cost of transporting a passenger on the train from Chicago to St. Louis is $75, it
would
Econ 100 AB1
Principles of Microeconomics
Fall 2016
Lab #4
Q1. Leah owns a water pump. Because pumping large amounts of water is harder than pumping
small amounts, the cost of producing a bottle of water rises as he pumps more. Here is the cost
she incurs
Principles of Microeconomics
ECON 100 AB1
2016 Fall
Assignment #2
Due Date: November 1, 2016
For credit, you are asked to submit the answer for part II only. I will distribute the answer of part I
on October 25, 2016 so that you can think part II more cri
Econ 100 AB1 Principles of Microeconomics
2016 Fall
Diagnostic Math Exam
1. Solve the following simultaneous equations. What are the values of X, Y?
3X + 2Y = 9
X+Y=4
Step 1. 3x+2y=9
2x+2y=8 , then take minus between two equation and you obtain x=1.
Step
Econ 100 AB1
Principles of Microeconomics
Fall 2016
Lab #4
Q1. Leah owns a water pump. Because pumping large amounts of water is harder than pumping
small amounts, the cost of producing a bottle of water rises as he pumps more. Here is the cost
she incurs
Principles of Microeconomics
ECON 100 AB1
Additional questions for Ch6
True/False Questions
Chapter 6
T
F 1. If a price ceiling of $2 per litre is imposed on gasoline, but the market equilibrium price is $1.50, the
price ceiling is a binding constraint on
More practice Chapters 12-15
Multiple Choice
Identify the choice that best completes the statement or answers the question.
_
1. How are net exports of a country determined?
a. the value of goods and services imported minus the value of goods and services
chapter 13
Multiple Choice
Identify the letter of the choice that best completes the statement or answers the question.
_
_
_
_
_
_
1. Foreign-produced goods and services that are sold domestically are called
a.
imports.
b.
exports.
c.
net imports.
d.
net
101_ch14_practice
Multiple Choice
Identify the choice that best completes the statement or answers the question.
_
_
_
_
_
_
_
_
1. During a recession the economy experiences
a. rising employment and income.
b. rising employment and falling income.
c. ris
ch11macroprac
Multiple Choice
Identify the choice that best completes the statement or answers the question.
_
_
_
_
_
_
_
_
1. Which of the following concerning the history of inflation is false?
a. Prices rose at an average annual rate of about 4 percen
101_ch15_practice
Multiple Choice
Identify the choice that best completes the statement or answers the question.
_
_
_
_
_
_
_
_
1. According to liquidity preference theory, the money supply curve is
a. upward sloping.
b. downward sloping.
c. vertical.
d.
chapter 2
Multiple Choice
Identify the choice that best completes the statement or answers the question.
_
1. If an economist develops a theory about international trade based on the assumption that there are only two
countries and two goods,
a. the theor
101ch12prac
Multiple Choice
Identify the choice that best completes the statement or answers the question.
_
_
_
_
_
_
_
_
1. International trade
a. raises the standard of living in all trading countries.
b. lowers the standard of living in all trading co
ch9 practice
Multiple Choice
Identify the choice that best completes the statement or answers the question.
_
_
_
_
_
_
_
1. The natural rate of unemployment is the
a. unemployment rate that would prevail with zero inflation.
b. rate associated with the h
macroch10prac
Multiple Choice
Identify the choice that best completes the statement or answers the question.
_
_
_
_
_
_
_
_
_
1. Money
a. is more efficient than barter.
b. makes trades easier.
c. allows greater specialization.
d. All of the above are cor
macroch8prac
Multiple Choice
Identify the choice that best completes the statement or answers the question.
_
_
_
_
_
_
_
_
1. When opening a restaurant you may need to buy ovens, freezers, tables, and cash registers. Economists call
these expenditures
a.
macroch7prac
Multiple Choice
Identify the choice that best completes the statement or answers the question.
_
_
_
_
_
_
_
1. Income in developing countries like Pakistan and Bangladesh
a. is 1/10th or less of that in developed countries like Japan and Can
101ch6
Multiple Choice
Identify the letter of the choice that best completes the statement or answers the question.
_
1. The market basket used to calculate the CPI in Aquilonia is 4 loaves of bread, 6 gallons of milk, 2 shirts and 2
pants. In 2001 bread
ch3
Multiple Choice
Identify the letter of the choice that best completes the statement or answers the question.
_
1. Mike and Sandy are two woodworkers who both make tables and chairs. In one month, Mike can make 4
tables or 20 chairs, where Sandy can ma
101ch5
Multiple Choice
Identify the letter of the choice that best completes the statement or answers the question.
_
_
_
1. Over time people have come to rely more on market-produced goods and less on goods that they produce for
themselves. For example p
Econ 101 AB1
Principles of Macroeconomics
2014 Fall
Lab #1
The demand and supply functions (schedules) for hockey sticks are given by
QD = 286 20P
QS = 88 + 40P
a.
Graph the supply and the demand curves, clearly showing the intercepts and indicating
the s