- 3 - N05/3/ECONO/HP1/ENG/TZ0/XX/M Paper Specific Markscheme In addition to the assessment criteria use the paper-specific markscheme below. Award up to the maximum marks as indicated. Examiners should be aware that candidates may take a different approach‚ which if appropriate should be fully rewarded. 1. (a) Explain the differences between monopolistic competition and oligopoly as market structures. [10 marks] • large number of firms (m.c) versus a few dominant firms (oligopoly) • differentiated
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BEC 1034 MICROECONOMICS TUTORIAL 1 (Chapter 1: Ten Principles of Economics) 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 restricts production of too many goods and services. d. resources are limited. 2. "There is no such thing as a free lunch‚" is used to illustrate the principle that a. goods are scarce. b. people face
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ECO 252 -- HW 9 Questions 1. Which of the following events would cause a decrease in the equilibrium interest rate in the short-run money market? For each event‚ simply state YES or NO. a. The price level increases‚ Ceteris Paribus. b. The FOMC conducts open market sales of existing bonds‚ Ceteris Paribus. c. The aggregate demand shifts to the left‚ Ceteris Paribus. d.The Fed increases the required reserve ratio‚ Ceteris Paribus. e. The Fed increases the money supply‚ Ceteris
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Question 1: Monism versus Pluralism in Economics 4 Introduction 4 Discussion 5 Conclusion 6 References 7 Question 2: Change in Economics 8 Introduction 8 How does change come into existence? 9 Change within Accounting & Control 9 References 12 Question 3: Game theory 13 Introduction 13 Conclusions on Game theory and agency-problems 15 References 16 Question 4: Behavioral Economics 17 Introduction 17 Influences of Behavioral Economics 18 Securities Market (In)efficiency and
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Tiuana Goodfella Essay 3 An American social entrepreneur‚ David Green‚ recently stated the following: “Let’s face it. The market economy is based on a fundamental deception: I (a company) know how much it costs to make something‚ and I’m going to fool you‚ the consumer‚ into paying as much as possible. I find this assertion false and misguided. While some markets are more desirable than others‚ no one is being fooled into paying as much as possible. In the following essay I will evaluate each
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REVIEW: MIDTERM #2 MICROECONOMIC PRINCIPLES-1102‚ section #11 Professor Ardy Lynn Wurtzel SEAEINNSruEB 1. Please use Sarah’s Utility chart below to determine what combination of Clothing and Shoes would maximize her utility (find her consumer eq uilibrium)-10pts. [1lzt: Complete the charl’s (1) MU/$ column‚ the (2) TU (Clothing & Shoes) column and the (3) Income Spent column. This will allow you to solve for consumer equilibrium.] Price (per unit): S1O.0O MU (cr)/s SARAH’STOTAL INEOME P-rjeE@_Ss
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differentiating between perfect competition and all other types of markets? Answer Selected Answer: whether or not firms are price takers Correct Answer: whether or not firms are price takers Question 7 10 out of 10 points In economic analysis‚ any amount of profit earned above zero is considered "above normal" because Answer Selected Answer: this would indicate that the firm ’s revenue exceeded both its accounting and opportunity cost. Correct Answer: this would indicate
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Can money buy happiness? Happiness is a feeling we have for many reasons. Many objects and materials can provide the happiness many humans desire. Money can and have fulfilled that happiness which one lacks for many years. There are many ways I think money does buy happiness. Money increases quality of life in which buys happiness. This is only true if one lives within his means‚ lives a modest lift style and pursues happiness the right way. I think most people believe happiness is bought in
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Society changes at an unprecedented speed. So does people’s views toward their jobs. This has aroused a heated discussion whether people’s jobs own more happiness than their social life dose. From my point of view‚ compared with working‚ my social life means more. To begin with‚ admittedly‚ there exist some people who relish their job and consider it whole part of their life. For instance‚ an honorable professor in my university spends all his lifetime with his students and colleagues. He poses
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hardly live without money. Even buying something small such as sweet will cost you some money. However‚ this does not mean that money can buy happiness‚ unlike the misconception of most people in the world. In fact‚ wealth is a far cry from happiness. If you disagree with me‚ let’s look at the reasons for my stand. Firstly‚ one of the main gates to happiness is to stay healthy. Maybe some people think that when one is rich‚ he can be healthy or it does not matter even if they have diseases because
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