Econ 1011 Study Guide Opportunity Cost The opportunity cost is the cost of the forgone alternative. (If you have many alternative it is the one which has the highest value) Total opportunity cost / economic cost = Explicit cost + Implicit cost Production Possibilities Frontier - Points inside the PPF vs. outside the PPF - Shape of the PPF - Economic growth and PPF Law of Demand Other things remaining constant‚ the quantity demanded of a good rises when the price of the good
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First Midterm Study Dr. Reza Fazeli Econ.20A 1. The phenomenon of scarcity stems from the fact that a. most economies’ production methods are not very good. b. in most economies‚ wealthy people consume disproportionate quantities of goods and services. c. governments restrict production of too many goods and services. d. resources are limited. 2. Approximately what percentage of the world’s economies experience scarcity? a. 10% b. 40% c. 85% d. 100% 3. The adage‚ "There is no such thing
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Adolescent egocentrism is the heightened self-consciousness of adolescents. Its two components are imaginary audience and personal fable. The imaginary audience is adolescents’ belief that others are as interested in them as they are into themselves‚ as well as attention getting behavior‚ or attempts to be noticed. For example‚ when I was in middle school‚ I had English class with my best friend‚ and she used to "act out" to get attention or laughter from the other students. She would not listen
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1. Compare the absolutist‚ relativist‚ and social power perspectives. Which perspective do you believe would best describe your approach to deviance? Why would you choose this approach? Which of these approaches exhibits the most respect for deviant’s choice of behavior? The absolutist perspective‚ dominated by religious settings‚ hold that deviance is universal and what is wrong in one place‚ is wrong everywhere. This tactic to describing deviance rests on the supposition that all human behavior
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Grading Summary These are the automatically computed results of your exam. Grades for essay questions‚ and comments from your instructor‚ are in the "Details" section below. Date Taken: Time Spent: Points Received: 130 / 140 Question Type: # Of Questions: # Correct: Multiple Choice 16 16 Short 3 N/A Grade Details - All Questions Page: 1 2 3 1. Question : (TCO A) Which answer includes the three major categories of nonprofit organizations? Student Answer:
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Top of Form Maximum number of choices allowed is {0}. 1. India’s economic boom is most likely a result of all of the following EXCEPT ________. A) increasing deregulation B) foreign investment C) educated workers D) government leadership 2. The European Union currently consists of how many nations? A) 46 B) 34 C) 12 D) 27 3. In 2008‚ India joined a free-trade agreement known as ________. A) NAFTA B) SAARC C) MERCOSUR D) ASEAN 4. John Mathis’
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Question 1 3.33 out of 3.33 points Characteristics of a successful supervisor are Answer Selected Answer: having a positive attitude. Correct Answer: having a positive attitude. Question 2 0 out of 3.33 points Higher-level managers‚ middle and top‚ usually spend most of their time on these two management functions: Answer Selected Answer: leading and organizing. Correct Answer: planning and organizing. Question 3
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1. In this essay‚ please fully explain—in your own words and fully cited-- what Mills means by “the sociological imagination” and then discuss how it might be used in escaping from the inequality trap. Please use a standard 5 paragraph essay format. The first paragraph should be devoted to Mills and the following paragraphs should put Mills “in conversation” with Schwalbe. I expect to see both authors fully cited in the body of your text. The sociological imagination is being able to step outside
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Midterm Exam Econ 601-002 Fall 2012 Total points: 100. Please answer all of the following questions. There are 4 multiple choice questions‚ each is worth 5 points. Consider the following diagram where a perfectly competitive firm faces a price of $40. Figure 1 1) Refer to Figure 1. The profit-maximizing output is A) 30. B) 54. C) 60. D) 67. E) 79. 2) Refer to Figure 1. At 67 units of output‚ profit is A) maximized and zero. B) maximized and negative. C) maximized and positive. D) not maximized
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HOW IMPORTANT IS EDUCATION “Education is the single most important factor in the development of a country”. There are people who affirm that education is one of the most valuable factors that are important for a country’s development. But they don’t take into account that there are other important factors in the development of a country‚ such as health. This essay will discuss both positions about education and the development of a country and it will present different ideas that agree and disagree
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