Thursday, December 26, 2019

Economics Assessment - 5807 Words

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. Which of the following statements best explains the economic principle at work in Willie’s decision not to buy a third cone? A. Consumers weigh the additional costs and benefits before choosing to buy more goods. B. Consumers†¦show more content†¦Tasha applies for a job as an engineer. D. The city of Upland builds a new nursing home. Answer: B 3. Recently, the hourly wage that parents are willing to pay babysitters increased dramatically. Higher pay will most likely cause which of the following changes in how babysitters divide their out-of-school time between babysitting and other activities? Time Spent Time Spent Babysitting on Other Activities A. No change Decrease B. Increase Decrease C. Decrease No change D. Increase Increase Answer: B 1.2.1 Business structures-Compare and contrast the functions and constraints facing economic institutions including small and large businesses, labor unions, banks, and households. 1. Which is the first step a labor union takes when negotiating contracts with employers? A. Engage in collective bargaining B. Start a plant lockout C. Demand binding arbitration D. Call for a strike Answer: A 2. If one of a firm’s fixed costs rises, A. its profit-maximizing output level will increase. B. its profit-maximizing output level will decrease. C. its profit-maximizing output level will not change. D. it would likely increase its price. Answer: C 3. What is one way to lower the cost of production? A. Hire additional workers B. Create new technologies C. Use more resources D. Cut more resourcesShow MoreRelatedEconomic Assessment : Gdp Size And Growth946 Words   |  4 PagesEconomic Assessment GDP Size and Growth Ireland’s GDP has increased from $218.5 billion in 2010 to $245.9 billion in 2014. Per Capita GDP has also increased over the last five years, from $46,425 to $49,360 (Ireland GDP | 1960-2015, 2015). Despite overall growth, both GDP and per capita GDP experienced low growth from 2011-2013, and even negative growth in 2012. This is explained by the tight fiscal policy maintained by Ireland’s government during this time. In addition to GDP growth, an interestingRead MoreEconomics Assessment Task : The Chinese Economy1836 Words   |  8 PagesHSC Economics Assessment Task One The Chinese economy is one of the biggest economies in the world. It is also the fastest growing economy in the world, with a current growth rate of 7.8%. 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Global Economic Outlook According to the World Economic Forum’s Global Challenge Initiative, there is a generalized slowdown in emerging market economies, a lowering of commodityRead MoreEntrepreneurship Assessment Strategies For Economic Development1615 Words   |  7 PagesEntrepreneurship assessment strategies for Economic Development: Developing an implementation case for Kingdom of Saudi 1.Introduction Entrepreneurship is an extremely important aspect of the modern economy. Entrepreneurship entails improving business and the development of areas that are good for a business, people and the overall economy of a country (Galindo, Mà ©ndez-Picazo, 2013). 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The two sectors: Personal and Household goods and Food and Beverage are also good investmentRead MoreAn Assessment of the Economic Way of Thinking819 Words   |  4 PagesAN ASSESSMENT OF THE ECONOMIC WAY OF THINKING Salah Benkhalaf (Student ID # 30100872) July 23, 2013 BSM407: Business Economics Dr. William Middleton The main goal of economics is to reconcile the unlimited wants of an individual or society and the scarce resources that they have to satisfy these wants and needs.   Whenever resources—categorized into three major groups namely land, labor, and capital—are not efficiently used, economists see this as a problem and they try toRead MoreIb Economics Internal Assessment757 Words   |  4 PagesThe article discusses the effects of a severe flood in the areas of Thailand to the rice production. The rice production falls to 22 from 23 million metric tons. Supply is quantity of goods and services that producers are willing and able to produce at a given price and time period. The decrease in supply of rice in Thailand is shown by the following graph: MARKET OF RICE IN THAILAND The graph above shows that the effect of flood in Thailand decreasedRead MoreLos Angeles County Economic Assessment1691 Words   |  7 PagesLos Angeles County Economic Assessment The modern day society evolves at a rapid pace and these evolutions and quick developments do not tardy to generate a negative impact upon the health of the individuals. More women working outside the home and an increased emphasis on career materializes in a decreased attention to home cooked meals and their replacement with fast food items, which are cost effective, but highly unhealthy. More time spent in front of the computer and the television set translatesRead MoreEssay on Economics Assessment of Brazil2287 Words   |  10 PagesFirstly, Brazil has experienced strong period of economic growth in the past decade, exemplified by the average growth rate of 4.4 per-cent in the five years leading up to 2010 which is much stronger than the average growth rate of 2.2 per-cent in the 1990s. This stronger growth rate as a percentage of GDP is shown in the graph below using data produced by the Brazilian governments Instituto de Pesquisa Econà ´mica Aplicada, (Institute of Applied Ec onomic Research). Secondly, Brazil has also

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