Second Exam (Chapters 5, 6, 7, 21)-Answers
1. The price elasticity of demand measures how much
a. quantity demanded responds to a change in price.
b. quantity demanded responds to a change in income.
c. price responds to a change i
1NCAA WRESTLING ECONOMIC IMPACT
The Economic Impact of NCAA Championships
A Focus on the Des Moines market
Grand View University
Principles of Micro Economics
Dr. Kip Bottenfield
April 18, 2013
2NCAA WRESTLING ECONOMIC IMPACT
The city of Des
Ch.4 Review Questions
2. What are the demand schedule and the demand curve, and how are they related? Why
does the demand curve slope downward?
- The demand schedule is a table that shows the relationship betwe
Ch.13 Questions for Review
1. Give an example of an opportunity cost that an accountant might not count as a
cost. Why would the accountant ignore the cost?
An accountant might not count implicit costs. They
1) The overriding reason why households and societies face many decisions is that
2) In most societies, resources are allocated by
3) Which of the following is a decision that economist study?
4) Sophia is planning her activities for a hot summer day. She
Blurb 1 for Micro Economics
Unemployment, Inc.: Six reasons why America can't create jobs
Trumbull, M. (2011, Sep 02). Unemployment, inc.: Six reasons why america can't create jobs.
The Christian Science Monitor Retrieved from
Econ 102 Micro Spring Term 2016 Mr. Haus
Quiz on Consumer Surplus, Costs, and The Firms Equilibrium
February 29, 2016
Hard Copy Due Tuesday, March 8, 2016
1. What is consumer surplus?
2. Draw a simple diagram.
3. What is producer surplus?
Blurb 2 for Micro Economics
Big issues in personal finance (A special report) - should the U.S. adopt a value-added tax?
(2016, Feb 29). Wall Street Journal Retrieved from
Economic Issue(s): Val
Quiz 1 Short Answer Micro Economics Spring Term 2016 Mr. Haus
1. What is a market?
2. Do markets require currency or money?
3. List 2 kinds of market environments?
4. What is a perfectly competitive market place? 3 Characteristics?
5. What two e
Ch.2 & 3 Review Questions
2. Why do economists make assumptions?
- Economists make assumptions because they can simplify the complex world to make it easier
to understand. They use different assumptions t
Ch.7 & 8 Problems and Applications
1. Melissa buys an iPod for $100 and gets consumer surplus of $80
a. What is her willingness to pay?
b. If she had bought the iPod on sale for $70, what would her consum
Ch.1 Review Questions
1. Give three examples of important trade-offs that you face in your life.
- 1. To spend a hour studying or to spend an hour hanging out with friends.
- 2. To pay for college or to start w
Ch.5 Questions for Review
2. List and explain the four determinants of the price elasticity of demand discussed in
1. Availability of close substitutes: goods with close substitutes tend to be more
Ch. 23 Measuring a Nations Income
Look for the answers to these questions:
1. How do we measure the nations income?
2. What is GDP? (Gross Domestic Product?)
3. How is GDP related to a nations total income and spending?
4. What are the components of GDP?
Final Paper: City vs. Home Theatre
April 17th, 2014
Des Moines vs. Hampton Movie Going
Coming from small town Hampton, Iowa, I still feel like it is a waste of money to pay
around eight dollar
Ch. 14 Questions for Review
1. Explain the difference between a firms revenue and its profit. Which do firms
A firms revenue is the price x quantity sold.
A firms profit is total revenue minus tot
Ch. 15 & 16 Questions for Review
1. Define natural monopoly. What does the size of a market have to do w/ whether an
industry is a natural monopoly?
-Natural monopoly: a monopoly that arises because a single firm can supply a go
Chapter 4 Problems +Apps
3) a. People deciding to have more children will increase the demand for minivans. The supply
would in theory follow the demand and also increase.
b. A strike by steelworkers will increase the
Chapter 1 Review
1. A) They need to figure out if buying a used car would be more cost effective.
B) The budget for national parks would be a trade off on what else can be paid for. I
think education would be better se
Research Design Paper
18th February 2016
There are businesses from all around the world that have been built from nothing and
have achieved great things. Large companies like Nike and Adidas have become great
heavyweights in the clothing marke