Price - Elastic Products With the question as stated: When would you want to own a business that sells price-elastic products? I think that any time could be a good time to own a price-elastic business. Obviously‚ the most opportune time would be when the economy is in the state that it is in today. The best kind of business to be in would be a store like Wal-Mart. Because the fact that Wal-Mart can offer almost countless products for sale‚ the price point on any one product can cause a great
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In a capitalist system such as the one in the US‚ everything is controlled by supply and demand. When there is a scarcity of a specific object/service‚ the demand for it is higher. A savvy businessperson will recognize the demand and will offer the product/service. Major chain stores are included in this system; they recognize a demand and try to fill it. As a simplistic example: town A has no pizza store. Mr. B realizes that people would like to be able to eat in a local pizzeria‚ so he opens
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document of DEVRY ECON 545 Entire Course consists of: DEVRY ECON 545 Week 1 DQs 1 Supply and Demanв DEVRY ECON 545 Week 1 DQs 2 Elasticity and the Minimum Wage DEVRY ECON 545 Week 2 DQs 1 Marginal Analysis DEVRY ECON 545 Week 2 DQs 2 Controlling Costs DEVRY ECON 545 Week 2 Project Part 1 DEVRY ECON 545 Week 3 DQs 1 Mergers Acquisitions DEVRY ECON 545 Week 3 DQs 2 Anti-Trust Policy and Microsoft DEVRY ECON 545 Week 3 Quiz Imperfect Competition DEVRY ECON 545 Week 4
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CLICK TO DOWNLOAD ECON 312 Week 1 Quiz 1. (TCO 1) The general concern of economics is with the study of the 2. (TCO 1) The term scarcity in economics refers to the fact that 3. (TCO 1) Are the goods that businesses offer for "free" to consumers also free to society? 4. (TCO 1) Which is considered to be an economic resource by economists? 5. (TCO 1) If an economy is producing at a point inside a production possibilities curve‚ then 6. (TCO 1) Which would not be characteristic of a capitalist economy
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Economics 1103 080 - Principles of Macroeconomics PRACTICE Midterm Exam Part A: Multiple Choice (30 marks) Answer the following questions on the scantron sheet. 1. Which of the following goods best meets the definition of scarcity? a) air b) water in the ocean c) water in a city d) wood in a forest 2. When the government attempts to cut the economic pie into more equal slices‚ what happens? a) It is easier to cut the pie‚ and therefore the economy can produce a larger pie. b) The
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Concordia University Department of Economics ECON 303/2BB: Intermediate Macroeconomic Theory I Fall 2013 Midterm exam #1‚ October 15‚ 2013 Instructor: Yves Tehou STUDENT NAME___________________________________________________ STUDENT ID ____________________________ Instructions: There are a total of 25 points. The exam has two sections: multiple-choices and short problems. The multiple-choice section is worth 15 points‚ and the short problems section is worth 10 points. For the multiple-choice
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MID-TERM EXAM: ECON 2123 (Macroeconomics) Professor Yong Wang 10am-12pm‚ November 3‚ 2012 NAME ID# Instructions. There are three parts (12 pages) in this exam. Justify your answers in Part 2 and Part 3. Don’ panic even if you …nd some question di¢ cult; it may be di¢ cult for others t as well. Allocate your time wisely: answer the easy questions …rst and do not dwell on a single question for too long. An important way to please your grader is to write your answers neatly. No electronic
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Economics (Week 1) Opportunity Cost My significant other and I recently made a decision for me to quit my job and go back to school. Our decision was based on my unhappiness at work; however‚ we also started looking at the long-term financial security aspect of it. The alternatives considered were to pursue a health related job where I would be happier or‚ go back to school to acquire a nursing degree. We came to our final decision based on my dream of wanting to be a nurse. The future long-term
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ECON 305 MIDTERM A. Multiple choices 1. __________ Given that air pollution is generated as a byproduct of the production of some goods like chemicals A) GDP is adjusted downward to account for this B) GDP is adjusted upward to account for this. C) GDP tends to understate economic welfare. D) GDP tends to overstate economic welfare. E) None of the above. 2. __________ Suppose hamburgers cost $1.20 last year and $1.32 this year‚ and the overall price index (the GDP
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Review Test Submission: Midterm Exam Part 1 Instructions This midterm exam consist of 25 multiple choice questions and covers the material in Chapters 1 through 4. Question 1 4 out of 4 points The flat-screen plasma TVs are selling extremely well. The originators of this technology are earning higher profits. What theory of profit best reflects the performance of the plasma screen makers? Answer Selected Answer: innovation theory of profit Correct Answer: innovation
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