Econ 2200 Midterm #1 fall 2011 Section I Answer Four of the following six questions. Each question is worth 5 points. a. What is the difference between the Income Effect and a Change in Income? b. True or False: The slope of the budget line represents the rate at which the consumer is willing to trade one good for another at any given bundle. Explain. c. An Engel curve can be both positively and negatively sloped‚ why does this happen? d. What do we mean by the term “Consumer Surplus”? e
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Opportunity cost of an activity (or goods) is equal to the best next alternative foregone. Although opportunity cost can be hard to quantify‚ the effect of opportunity cost is universal and very real on the individual level. In fact‚ this principle applies to all decisions‚ not just economic ones. Since the work of the Austrian economist Friedrich von Wieser‚ opportunity cost has been seen as the foundation of the marginal theory of value[citation needed]. Opportunity cost is one way to measure
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QUESTION 1 a. A downward-sloping demand curve shows in both graphs when the quantity at each price is doubled what it was. However‚ the curve in demand for pharmaceutical drugs is drawn with a relatively steep slope as inelastic products. Equilibrium price down-sloping along the demand curve while quantity in both market increased to some extent. b. In inelastic demand of pharmaceutical drugs‚ the percentage change in price is greater than the percentage change in quantity demanded. While in elastic
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The rationale reasons behind safeguarding: protecting children from maltreatment preventing impairment of children’s health and development ensuring that children grow up in circumstances consistent with the provision of safe and effective care and taking action to enable all children to have the best outcomes. This is to keep children safe and to make sure they are receiving the correct care‚ in childcare it is important to hold a food hygiene certificate so that children are kept healthy and well
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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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needed for handwashing according to task at hand or degree of spoilage. Rationale The longer the washing‚ the more microorganisms are removed Planning Step 2 Action Check that the soap and towels are at hand before beginning. Rationale Saves time Step 3 Action Crank out towels from dispenser so they are ready to tear off when needed before beginning if the towels are on a roll. Push wristwatch up the arm. Rationale Prevents contamination of clean‚ wet hands by touching crank after washing
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* WHY TEACH MUSIC ON MY OWN PERSPECTIVE We have seen from the first part of this assignment some reasons on why teachers (or we‚ MAPEH major‚ because will also be a future educator someday) need to teach music. Actually‚ the first part came from the internet‚ which I researched to help me give some information and ideas on why teachers or we need to teach music. But if talking about my OWN POINT OF VIEW about it‚ for me‚ we need to teach music first of all because music is an essential part of the
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Background Communication can be a tricky business‚ especially when the listener and speaker are from different linguistic backgrounds. There are pitfalls aplenty with poor word choice and improper inflection‚ and there are numerous reasons a student has difficulty reproducing the sounds of English correctly. Perhaps pronunciation had little focus in previous classes‚ or maybe the student has never had any formal language instruction. Even students with significant educational experience can have
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off‚ of‚ on‚ over Yankee Doodle dandy through‚ to‚ toward‚ under‚ up‚ with Mind the music and the steps above‚ about‚ across‚ after And with the girls be handy. against‚ among‚ around‚ at b) Intermediate Level The most effective way to teach prepositions is by using the actions or pictures. Teacher could call a student to come in front of the classroom and also prepare two desks. Teacher introduces the preposition while the student will do the actions. For example‚ teacher says “Mat sits
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Why People Teach When sitting with my former mentor teacher Amy Bergstrom she asked me‚ “why do you want to be a teacher?” I responded with a list of qualities and traits I have that could be applied to the teaching profession. I then asked her the same question and she responded with a very answer different than mine. She explained to me how in the profession you might now always want to be a teacher because it really is one of the hardest carriers‚ but the reason that people teach is that the
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