1.Price controls are usually enacted
a. as a means of raising revenue for public purposes.
b. when policymakers believe that the market price of a good or service is unfair to buyers or
c. when policymakers detect inefficiencies in a market.
1.People who provide you with goods and services
a. are acting out of generosity.
b. do so because they have no other choice.
c. do so because they get something in return.
d. are required to do so by government.
2.Shannon bakes cookies and Justin grows v
1.In general, elasticity is a measure of
a. the extent to which advances in technology are adopted by producers.
b. the extent to which a market is competitive.
c. how fast the price of a good responds to a shift of the supply curve or demand curve.
1.The forces that make market economies work are
a. work and leisure.
b. demand and supply.
c. regulation and restraint.
d. taxes and government spending.
2.The market for ice cream is
a. a monopolistic market.
b. a competitive market.
c. a highly organiz
1.Welfare economics is the study of
a. the well-being of less fortunate people.
b. welfare programs in the United States.
c. the effect of income redistribution on work effort.
d. how the allocation of resources affects economic well-being.
2.One of the b
Mathematics 2 for Business: Spring 2016
Secant line: Any line between 2 points on a curve
y change in Y
x change in X
Recall: Slope or gradient of a line:
What about the slope of the shortest secant line? In other wor
1. A tax on a good
a. raises the price that buyers effectively pay and raises the price that sellers effectively receive.
b. raises the price that buyers effectively pay and lowers the price that sellers effectively receive.
c. lowers the price that buyer
Mathematics 1 for Business: Fall 2015
BIDMAS: Mathematical operations in order of (from left to right)
Brackets, Indices, Division/Multiplication, Addition/Subtraction
Additions, Subtractions, Multiplications and Divisions
Mathematics 1 for Business
(Fall 2015 Semester)
Ethan F Chung
Office: IB Bldg Room 904
Consultation: To be announced
1.Which of the following terms are most closely associated with the study of economics?
a. force and acceleration
b. torts and venues
c. ego and cognitive dissonance
d. comparative advantage and deadweight loss
2. Which of the following statements applies
MATHEMATICS 1 FOR BUSINESS: EXERCISE 10
Q1 Using Pascal triangle, find the expansion of (2x 3y)5.
Q2 Find the term containing x5 in the expansion of (3 2x)8.
Q3 Find the term containing x14 in the expansion of (x2 2x)10
Q4 Find the term containing y12 in
1. A tax on an imported good is called a
c. supply tax.
d. trade tax.
2. The price of cotton that prevails in international markets is called the
a. export price of cotton.
b. import price of cotton.
c. comparative-advantage price of