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Principle of economics week 1 chapter 1 and 2 Homework  - $4.00 Principle of economics week 1 chapter 1 and 2 Homework - $4.00

Date added: 07/18/2013
Date modified: 08/18/2013
Filesize: 14.78 kB
Downloads: 20
Price 4.00 USD

Week 1 Chapter 1

Q1 Which of the following is not a factor of production?

-Money

-Land

-Human Capital

-Entrepreneurship


Q2 Sprockets Inc, a fortune 500 company, wants to enter the over-the-top (OTT) video industry with a new streaming video product. What key economic questions will they need to consider?

-What market demand will exist to pay $15 a month for the service.

-The impact a streaming video service will have on Sprockets Cable TV

-Whether to launch the service in the Summer or the Fall.

-Both A and B

-Both B and C


Q3 When a business asks how much its sales will increase if another employee is hired, it is considering which of the following?

-Making an assumption

-Thinking at the Margin  

-Ceteris Paribus

-Using an incentive


Q4 The manager of a used car dealership is considering adding one new salesperson. In order for this to be profitable, the new salesperson must sell 15 cars per month. Paul applies for this job, but when he worked for ACME used cars he sold 25 cars per month.

Which of the following would not be logical assumption to make?

-ACME used cars has a better located dealership.

-Paul is great at his job.

-ACME Used cars is losing money.

-ACME used cars sold their cars at a lower price

If the price and location of the two dealerships are the same, what would be the rational self-interest for the manager?


 Week 1 Chapter 2


Q1 What is the economic cost of a pair of warships purchased by Malaysia

-Safe drinking water for 5 million people who lack it.

-200 tanks.

-The cost of materials and labor plus interest on loans from the IMF.

-None of the above


Q2 Consider the choice to attend college or work upon graduation from high school. Which of the following is NOT an opportunity cost of attending college?

-The money spent on tuition.

-The money spent on food and living expense.

-The money you would have earned over 4 years working.

-The money spent on books.


Q3 Which of the following can be considered a marginal benefit of raising the standards for automobile emissions?

-Healthcare costs are reduced for those with respiratory ailments.

-Automobiles will drop in price.

-Automobiles will provide a sleeker design.

-Automobiles will experience greater fuel economy.


Q4 Solving a Tree cutting problem- Consider a hilly neighborhood where large trees provide shade but also block views. When a residence announces plans to cut down several trees to improve her view, her neighbors object and announce plans to block the tree cutting. One week later, the trees are gone, but everyone is happy. Use the principle of voluntary exchange to explain what happened.

-The resident bought her neighbors seedlings to plant in their yards.

-The resident paid for a block party for her neighbors.

-The resident paid her neighbors to let her cut down the trees.

-All the above.


Assume that next year Research in Motion sells off its interest in TIP Communications (one of its su - $4.00 Assume that next year Research in Motion sells off its interest in TIP Communications (one of its su - $4.00

Date added: 08/19/2013
Date modified: 08/19/2013
Filesize: 55.5 kB
Downloads: 3
Price 4.00 USD

Assume that next year Research in Motion sells off its interest in TIP Communications (one of its subsidiaries). Forecasted information about the operations for RIM and TIP for that future fiscal year immediately prior to the proposed sale follows:

  

*Does not include TIP results. Includes cost of goods sold
Required:
1.    Compute operating income for RIM and TIP, separately, and the total operating income for both.
2.    If the results in part 1 for TIP are typical, why do you believe RIM decided to sell off its interest in TIP?

Principle of economics week 3 Quiz - $4.00 Principle of economics week 3 Quiz - $4.00

Date added: 07/19/2013
Date modified: 07/19/2013
Filesize: 15.79 kB
Downloads: 3
Price 4.00 USD

1.       If in the market for used bikes only sellers can distinguish between good quality and bad quality used bikes, in that market there exists:

-public information

-asymmetric information

-perfect information

-duopoly information


2. In order to identify their used cars as plums, many used card dealers:

-advertise their prices

-offer money back guarantees

- raise the minimum price of plum

-raise the minimum price of lemon


3. The existence of federal deposit insurance corporation (FDIC)

-reduces the risk that customers of savings and loans will engage in moral hazard, but increases the risk that lenders will engage in moral hazard.

-reduces the risk of moral hazard in the savings and loan industry.

-increases the risk that customers of savings and loans will engage in moral hazard, but reduces the risk that lenders will engage in moral hazard.

-increases the risk of moral hazard in the savings and loan industry.


4. A public good is a good that

-cannot be used by private citizens

-is consumed by single person or household

-is provided by the government

-is available for everyone to consume, regardless of who pays



5. If the marginal benefit from water pollution abatement increases, then it is efficient to:

-allow more water pollution

-let the market determine water pollution

-reduce water pollution to zero

-reduce water pollution further, but maybe not to zero


6. A firm that generates pollution is illustrated. IF the government imposes pollution tax equal to P(3) the firms abatement choice will be

-A(1)

-Less than A(1)

-A(2)

-A(3)


7. Applied to perfectly competitive labor markets, the marginal principle tells firms to hire workers until:

-the price of the product equals the wage of the worker

-marginal revenue product of the last worker hired equals the wage.

-marginal productivity begins to diminish

-average total costs are minimized


8. According to the substitution effect of labor supply, when the wage rate goes up:

-the opportunity cost of enjoying leisure goes down.

-firms will hire more workers since people are more willing to work.

-it becomes more costly to consume leisure, so people will work more.

-it becomes less costly to consume leisure, so people will work more.


9. An increase in the demand of musicians ……the number of musicians employed, and …….the wages paid to musicians.

-increases, increases

- decreases, decreases

- increases, decreases

- decreases, increases


10. IF the government attempts to control pollution with a command and control policy:

-the government will control the firm’s entire production process.

- the government will command each firm to produce no more than a certain level of pollution.

-the government will force the firm to use particular control technologies

-All the above







 
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