Economics Assessments 1.1.1 Scarcity‚ Choice‚ Opportunity Costs‚ and Comparative Advantage – Using examples‚ explain how scarcity‚ choice‚ opportunity costs affect decisions that households‚ businesses‚ and governments make in the market place and explain how comparative advantage creates gains from trade. 1. Willie loves ice cream. He has found a store that sells ice cream cones at a bargain price of $0.50 each. He has just eaten two of these cones but has not decided to buy a third one
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Selected Answer: Correct the price of this good is being allowed to change. Answers: John ’s income is being held constant. John ’s purchases of good X are being held constant. John ’s income and purchases of this good are being held constant. Correct the price of this good is being allowed to change. Question 2 5 out of 5 points Economists use models to: Selected Answer: Correct do all of these. Answers: abstract from the complexities of the world. understand economic behavior
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Chapter 01 - Economic conceptsChapter 01 - Economic concepts Student: ___________________________________________________________________________ 1.|Economics is a study of: A. |scarcity.|B. |production.|C. |labour resources.|D. |money.|| 2.|Opportunity cost means: A. |wasted opportunities.|B. |costs incurred in purchasing goods and services.|C. |alternatives forgone.|D. |the costs of production.|| 3.|The production possibilities frontier illustrates: A. |current production levels.|B
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Assignment on Micro-Economics Submitted To: Md. Ridwan Reza Lecturer Department of Business Administration Leading University‚Sylhet. Submitted By: Rahat Sarwat Md. Sal Sabil ID: 1001010143 Md. Saddam Hussain ID: 1001010101 Adnan Islam ID: 1001010144 Syed Shaker Ahmed ID: 1001010125 Md. Lahinur Rahman ID: 1001010129
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Assessment (Demand and supply) Answer the following 1. Distinguish between a shift of the demand curve for a product and a movement along the product’s demand curve (10 marks) 2. With reference to two different determinants of demand‚ explain why the demand curve for bicycles might increase. Use a diagram to support your answer (10 marks) 3. Distinguish between a shift of the supply curve for a product and a
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Economic Questions “Why would a developing nation answer the three basic economic questions differently than a country like the United States?” There are three basic economic questions that each and every society must answer to. The way that the society answers to these questions shape and define their economic system. The first economic question that they must answer to is “What Goods and Services Should We Produce?” The second question is “How Should We Produce Goods and
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essay on "economic systems" from Anti Essays‚ your source for free research papers‚ essays‚ and term paper examples. An economic system is very important in every country of the world‚ without it the country would be a disaster and maybe anarchy might take control of the country. The nations must take tough decisions to make the country’s economy work efficiently‚ to achieve this purpose they must answer the three questions‚ what to produce‚ how to produce‚ and for whom to produce. An economic system
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uestion 7 1 out of 1 points Answer the question on the basis of the following output data for a firm. Assume that the amounts of all non-labor resources are fixed.Refer to the above data. Diminishing marginal returns become evident with the addition of the:Answer Selected Answer: third worker. Correct Answer: third worker. Question 8 1 out of 1 points Answer the question on the basis of the following output data for a firm. Assume that the amounts of all non-labor resources
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Foundation Course in Humanities and Social SciencesAssignment Code: BSHF-101/AST/TMA/2011-12 Answer any two questions in 500 words each. (DCQ) Q1. Compare and contrast the terms ’Industrial’ and ’Post - industrial’ societies. 20 Solution: In sociology‚ industrial society refers to a society driven by the use of technology to enable mass production‚ supporting a large population with a high capacity for division of labour. Such a structure developed in the west in the period of time following
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for Continuing Education (NGA-SCE) Internal Assignment for December 2014 Examination Course : Business Economics SEM : I Program : DSM / DBM / PGDBM /DHRM /PGDHRM /DMM/ PGDMM /DFM /PGDFM /DITM /PGDITM /DBFM / PGDBFM /DSCM /PGDSCM //DFPWM /DRM /PGDRM Assignment Marks: 30 Instructions: All Questions carry equal marks. All Questions are compulsory. Answer to each assignment question should not exceed 1500 words. Use relevant examples‚ illustrations as far as possible
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