Principles of Economics – ECO11 Chapter 1 – The General Principles of Economics Review Exercises Fill-In Questions 1. The basis of the economising problem is that society’s wants are unlimited and its economic resources are scarce or limited. This gives rise to the idea of opportunity cost which is defined as the amount of other products that must be forgone to obtain a unit of a product. 2. We study economics so that we can make well informed conclusions about public policies. Knowledge of economics
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Multiple Choice Questions 1. The trend from distinct national economic units and toward one huge global market is commonly referred to as: C. globalization. 2. The merging of historically distinct and separate national markets into one huge global marketplace is referred to as the: D. globalization of markets. 3. Globalization results in a greater degree of _____ across markets than would be present otherwise. B. diversity 4. The globalization of _____ refers to the sourcing
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NATIONAL INSTITUTE OF BUSINESS MANAGEMENT Assignment on PRINCIPLES OF ECONOMICS Master in Business Administration Q. Suppose the price elasticity of demand for text books is two and the price of the text book is increased by 10%. By how much does the quantity demand fall? Inter the result and discuss reasons for the fall in quantity demand? INTRODUCTION Elasticity is the ratio of the percent change in one variable to the percent
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Mankiw’s 10 Principles of Economics: How People Make Decisions 1. People face tradeoffs: To get one thing‚ you have to give up something else. You may have heard economists say “there is no such thing as a free lunch”. What they mean by this is that‚ for example‚ you might get a free bowl of soup at the student co-op‚ but the soup is not free because you have to give up 35-minutes waiting in line to be served. 2. The cost of something is what you give up to get it: Making a decision requires
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_____________________________________________________________ BEO1105 Economic Principles Assignment: Semester 2‚ 2012 DUE: Week beginning the 10th of September‚ 2012 Value: 20% of Total Assessment * Since the assignment forms a part of the final assessment for the subject‚ no assistance will be provided by the staff in relation to answers to the questions. However‚ if you need any clarifications in regard to the questions‚ you may contact the lecturer/tutor. * You should attach the
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Chapter 23 Multiple Choice Questions Name: ____________________________________________________________ 1) The term sustainability refers to ________. A) maintaining resource use at current or higher levels B) keeping the natural environment and human society in a happy‚ healthy and functional state C) holding or increasing the current quality of human life D) always focusing on fulfilling short‑term needs E) opposing change from current
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1. Explain the advantages of Socialist Economy? In socialist economic system means of production are owned and managed by the State. Ownership of means of production is not allowed. In socialism economic activities are carried on mainly for social gains and personal interest is of less significance. In this economic system the anti social activities like smuggling and hoarding find no place. Economic activities are planned with the motive of social benefit by a central planning authority. The
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First Examination Multiple Choice Questions: 1. According to your text‚ what two issues lay at the heart of Reconstruction? A. whether the federal or state government was ultimately sovereign‚ and whether African Americans or Native Americans were the most oppressed minority group B. which party would gain the ascendancy‚ and how the government could regulate the economy C. the future of political and economic power for African Americans‚ and the future of North-South economic and political relations
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helpyoustudy.info Chapter 1 Test A MULTIPLE CHOICE INSTRUCTIONS: The following selections relate to distinguishing arguments from nonarguments and identifying conclusions. Select the best answer for each. 1. There appears to be a growing happiness gap between men and women. Women today are working more and relaxing less‚ while men are working less and relaxing more. Forty years ago a typical woman spent 40 minutes more per week than the typical man performing an activity considered unpleasant
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