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
Economics 101-A Pete Hohenhaus
Approach to Class
Our Author Greg Mankiw
Economics is about decision making
Economics is about allocation and management of resources
Economic decision makin
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
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
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
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 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
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
ECN 220 TEST ONE (Retake)
PART I Multiple Choice Questions.
Year 1: 7.2 million
Year 2: 7.38 million
Year 1: 112.8 million
Year 2: 115.62 million
Year 1: 56.4%
Year 2: 56.7%
a) Structural Unemployment
b) Frictional Unemployment
c) Cyclical Unemployment
b) 7.1 million
Chapter 17 Vocabulary
Personal Selling Tasks involved
Role of Sales People
Order Taker vs. Order Getter
Urgency Close vs. Assumptive Close
Stages of Personal Selling Process
Prospect vs. Lead
4 Key Factors in Salesf
Chapter 14 Vocabulary
Integrated Marketing Communication (IMC)
The Communication Process
Advertising vs. Publicity
Push vs. Pull Strategy
How Product Life Cycle impacts promotional
M1 = 1trillion,200million
Required Reserves = 160m
Excess Reserves = 40 billion
increase 200 billion
yes, they do not have any excess to continue to loan out
The money supply would not change
The lending capacity would
Point D to E
Point G to H
c- $5 and $6
Total Revenue Price
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
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.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