Managerial Economics Q.1.0) For each of the following events‚ assume that either the supply curve or the demand curve (not both shifted). Explain which curve shifted and indicate the direction of the shift. a.From 1950 to 1979 the wages paid to fruit pickers increased while the number of fruit pickers employed decreased. b.During the same period the price of radio sets declined‚ while the number of radio sets purchased increased. c.Housing prices are rising but more houses are sold. d.Australian
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Ch. 5 | Balance of Payments and International Economic Linkages Balance of payments - accounting statement of the international transactions of one nation over a specific period of time (transactions between US residents and residents of all other countries during that year). Divided in different components: Current Account - purchases and sales of goods and services Financial Account - capital transactions Reserves Account - changes in official reserves Debit entry - purchase of domestic
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Chapter 1 41. Which of the following has reduced as a result of globalization? D. Differences in material culture between national economies 42. _____ refers to the shift toward a more integrated and interdependent world economy. A. Forward integration C. Globalization 43. Which of the following statements is true regarding the globalization of markets? C. There still exist significant differences among national markets along many relevant dimensions‚ including distribution
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Turkey International Trade and Economic Development The 2011 population of Turkey is 78.8 million with an annual growth rate of approximately 1.2% and an average age of 28.5 years. The country ranks as the 17th most populous in the world‚ following Germany. Approximately 70% of the population is urban with Istanbul representing the largest of the urban centers‚ followed by the country’s capital of Ankara. Turks are the largest ethnic group‚ representing approximately 75% of the total
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1) Go to the Bureau of Economic Analysis’s Webb site (www.bea.gov) and locate the gross domestic product data. Compare the annual figure for the last four years. What do the figures indicate for the next couple of years? In 2007 it was 4.9%‚ in 2008 it was 1.9%‚ in 2009 it was -2.5%‚ in 2010 it was 4.2%. 2011 is not yet out. These numbers indicated a rapid decrease and a rapid bounce back. I think for the next couple of years‚ the figures will rise again before a decrease comes again. 2) At
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The opportunity cost of producing various goods varies across different countries. This is the reason why international trade exists. A trade balance deficift simply means that the country imported more than it exported. Chapter 4 1. Mceachers explains on pg 72 that the law of demand is "the quantity of a good that consumers are willing and able to buy which
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19/08/2013 ECONOMIC ENVIRONMENT OF BUSINESS ASSIGNMENT WILL BIDDEFORD’S TRAM MAKE A RETURN? Question 1 The central focus of this case is how Biddiford Tram Company‚ under the management of Mary Jo and Marty‚ can increase revenue and become profitable given the business constraints it must operate under‚ namely; (a) Loss of $0.15 subsidy per passenger from the State of Maine (b) Not increase the price of tram fare above $2.00 for two years and subsequently not above the rate of inflation
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Chapter 8 29. The travel-to-work time for residents of the 15 largest cities in the United States is reported in the 2003 Information Please Almanac. Suppose that a preliminary simple random sample of residents of San Francisco is used to develop a planning value of 6.25 minutes for the population standard deviation. If we want to estimate the population mean travel-to-work time for San Francisco residents with a margin of error of 2 minutes‚ what sample size should be used? Assume 95% confidence
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NATURAL RESOURCE AND ENVIRONMENTAL ECONOMICS (3rd Edition) Perman‚ Ma‚ McGilvray and Common SUGGESTED ANSWERS Answers to Questions in Chapter 6 Discussion questions 1 ‘Only the highest standards of environmental purity will do.’ Discuss. The opinion expressed here is not regarded by economists as being valid in general. It suggests that resources should be devoted without limit to cleaning up (or preventing) environmental pollution or degradation‚ irrespective of the magnitude of
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Often companies are led into international and even global markets by burgeoning consumer or customer demands‚ and strategic thinking is secondary to “filling the next order”. But putting strategic thinking on the back burner has resulted in marketing failures for even the largest companies. The consensus of the researchers and authors in the area reveals three relatively distinctive approaches that seem to dominate strategic thinking in firms involved in international markets: 1) Domestic market
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