Classical and Keynesian Economic Theories Economics can be defined as a social science concerned primarily with description and analysis of the production‚ distribution‚ and consumption of goods and services. There are two main schools of thought when it comes to economics: Classical and Keynesian economics. Each theory takes a different approach to the economic study‚ but neither approach is flawless. First‚ looking at the Classical economics theory‚ it is based largely on the thought that free
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a) The price of natural gas‚ a resource used by manufacturers throughout the United States‚ doubles. Price increases because‚ the companies that sell the spiral notebooks need to mark up their price in order to keep afloat with the rising cost of natural gas. Demand is not affected. The determinant for demand on the TRIBE chart in this scenario would be related goods and services‚ since the price for a good that is used to produce spiral notebooks is increasing‚ thus leading to an increase in the
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Macroeconomics Exam 1 Instructor: Prof. Phelps Name: Results: Class: Period: Date: Read each question carefully then circle the correct answer. When you are finished transfer the answers to the Scantron sheet. Make sure that you enter your name on both the exam and the scantron sheet. You have 1 hour to complete the exam. 1. For economists‚ the word "utility" means: a) versatility and flexibility. b) rationality. c) pleasure or satisfaction.** d) purposefulness
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1. From the definition of GDP we arrive at the following expression: c + i + g + x-m = y = c + s + t Discuss the three important economic relationships that can be derived from this expression related to the definition of GDP and explain each carefully. The expression above depicts two different ways to come up with real GDP for a country. The left side of the expression explains expenditure side of computing real GDP which can be rewritten as: y = c + i + g +x – m In real terms‚ it could
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What Is A Lesson Plan? There is some confusion about what a lesson plan* is and is not. A worksheet is not a lesson plan. A handout is not a lesson plan. A classroom game or activity is not a lesson plan. In fact‚ there is no need for a lesson plan to ever be seen‚ touched‚ considered or dreamed of by students‚ and nor does it even need to exist on paper or disk‚ though it usually does. A lesson plan is a teacher’s plan for teaching a lesson. It can exist in the teacher’s mind‚ on the back of an
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1. The state of California recently considered passing a tax on the services of doctors in that state in order to raise revenue to pay for universal health coverage for California residents. Suppose the average open heart surgery costs $100‚000‚ and at that price 23‚339 surgeries are performed each year. Fully explain what the most likely outcome would be in this market if a tax on surgeries is implemented. Use a graph if it will help. 2. Price Changes and Responses by Consumers | Price
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Stage 4 - Investigation 5.5.1 Definition of investigation and assessment Investigation and assessment is a process of gathering and analysing information and evidence to determine whether: • abuse has taken place • there is ongoing risk of harm to the adult at risk. 5.5.2 Purpose of investigation and assessment The purpose of investigation and assessment is to establish the facts and contributing factors which led to the referral. Central to this is establishing the views and wishes
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What is the macro gross anatomy? The macro gross anatomy is the study of organisms with the naked eye. What is the skeletal system? The skeletal system is a very important part of the human body this consists of 206 bones‚ which together with different structures make the joints of the system. Within the skeletal system the structures present are the cartilage‚ bone tissues‚ fibrous connective tissues which form the ligaments of the bones Scanlon and Sanders‚ pp.122‚ 2014). The skeletal system
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Introduction The acid-fast stain was developed in 1882 by Paul Ehrlich. Ehrlich was working with Mycobacterium tuberculosis‚ the bacilli responsible for tuberculosis‚ and found a technique that renders M. tuberculosis distinguishable from nearly all other bacteria. Acid-fast staining is‚ therefore‚ known as a differential stain. Mycobacterium and some Nocardia species are considered acid fast because‚ during the acid-fast procedure‚ they are able to retain the primary dye even when decolorized
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Introductory Microeconomics 2008 Exam Solutions Section A 1. C |Hours of tutoring per week|Total Opportunity cost |Marginal Cost |Wage Payment (Marginal | | | | |Benefit) | |0 |0 | | | |1 |$20 |$20 |$50
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