Macro Economic System and its Management. 1. Macro Economic Concerns: • Micro vs Macro Economics. • Major Building Blocks of Macro Economics: 1) AD & AS 2) Four Sectors: HHS‚ BS‚ GS & FTS 3) Two Markets: Commodity Market and Money Market. • Specific issues to be addressed in Macro Economics: o Rising Prices o Rising Unemployment o Falling GDP o Balance of Payments Crisis. • Tools of Macro Economic Policy and Management:
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• Question 1 0 out of 1 points In making a decision about whether to increase its advertising budget the firm management should not consider Answer Selected Answer: the added revenue from increased sales Correct Answer: interest payments on the firm’s loan. Response Feedback: Is this fixed cost that the firm has to pay regardless of advertising? • Question 2 0 out of 1 points If marginal cost is equal to average total cost‚ then Answer Selected Answer: a.
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Differences Between Keynesian Economics and Classical Economics Economics thinking has evolved over time as economists develop new economic theories to fit the realities of a changing world. Monetary and fiscal policies change over time. And so does our understanding of those policies. Some economists argue that policies that lower the unemployment rate tend to raise the rate of inflation. Others insist that only unexpected inflation can influence real GDP and employment. If the latter economists
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As the economy of the Australia was at peak for providing employments but slowly and gradually it started to decrease‚ and the rate of unemployment increases it is due to different reasons. Unemployment is a scourge in countries at all levels of economic development‚ It Brings poverty and despair and exclusion from the mainstream way of life. It stunts the development of children and generates conflict in the home. All market economies have some unemployment arising from the dynamic birth‚ growth
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CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education ECONOMICS Paper 1 Multiple Choice May/June 2003 1 hour Additional Materials: Multiple Choice Answer Sheet Soft clean eraser Soft pencil (type B or HB is recommended) 0455/01 READ THESE INSTRUCTIONS FIRST Write in soft pencil. Do not use staples‚ paper clips‚ highlighters‚ glue or correction fluid. Write your name‚ Centre number and candidate number on the answer sheet in the spaces provided unless
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2012 Labour Economics: Essay topics 1. “A number of factors impacted negatively on the South African labour market between 1900 -1922.” Give a concise outline of those factors. Briefly describe some the conflicts that resulted. 2. Write an essay discussing the motivation and methods for creating the colour bar in the South African labour market during the first half of the 20th century. 3. “The Labour Relations Act of 1995 makes it possible for Employers and Trade Unions to operate
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negative. Question Relative to a competitively organized industry‚ a monopoly produces Answer more output‚ charges higher prices and‚ earns economic profits. less output‚ charges lower prices and‚ earns economic profits. less output‚ charges lower prices and‚ earns only a normal profit. less output‚ charges higher prices and‚ earns economic profits. Question Which of the following is NOT an example of price discrimination? Answer Airlines charging lower prices to travelers who stay
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Module II: Fundamental Concepts of Managerial Economics * Opportunity Costs‚ Incremental Principle‚ Time perspective‚ Discounting and Equi-Marginal principles. * Theory of the Firm: Firm and Industry‚ Forms of Ownership‚ Objectives of the firm‚ alternate objectives of firm. * Managerial theories: Baumol’s Model‚ Marris’s Hypothesis‚ Williamson’s Model. * Behavioral theories: Simon’s Satisficing Model‚ Cyert and March Model. * Agency theory. * Opportunity cost principle
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Role of consumers: - consumers: all individ.s in ec. that consume goods and services to satisfy needs and wants - consumer sovereignty: refers to the fact that patterns of consumers spending determine patterns of production. Through spending dec. consumers express their preferences. Factors influencing individual consumer choice: Income: disposable income – after tax (main determinant on consumer spending) More income‚ more demand for good and services But APS
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Micro Economic Essays These are some suggested micro economic essays. The essays are from different exam boards. In practise they ask similar questions so they will be helpful whatever your exam board. There are different ways to answer questions. But‚ all these answers contain enough material to get the top grade. Whenever the question requires evaluation‚ the essay contains the necessary critical distance. On the last page‚ there are some general tips for evaluation. Note: These essays are for
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