World Class Education
|
|
- Winfred Johns
- 5 years ago
- Views:
Transcription
1 World Class Education
2 By Paul Suozzo Assistant Professor of Bus. Studies Ocean County College
3 1. Introduction 2. Markets 3. Consumer Theory 4. Costs of Production 5. Competition 6. Monopoly 7. Game Theory 8. Inflation 9. Economic Accounting 10. Business Cycle & Unemployment 11. Income & Expenditure 12. Fiscal & Monetary Policy 13. Taxation 14. Trade 15. The Future & Growth
4 Fertilizer Tomatoes Avg. per Bag Marg. Prod. / /
5 A B C D E Shovels Beach Chairs
6 Opportunity Cost: the forfeited benefit of the next best activity Marginal Analysis: making decisions considering only what can be changed Ceteris Paribus: while all other factors proceed as usual Factors of Production: Land, Labor, Capital & Entrepreneurship Law of Increasing Opp. Costs: extra units are only available at an increasing cost Cost/Benefit Analysis: to be worthwhile, an effort s benefits must outweigh its costs Command Econ.: a system where government makes most production decisions and owns most means of production (communism, socialism) Market Econ.: a system guided by markets where most means of production are owned privately (capitalism) Scarcity: when wants outnumber resources (opposite of abundance)
7
8
9 Supply: a group of organizations providing a good or service for a fee Quantity Supplied: a particular quantity of a good or service made available by a specific price Supply Determinants: factors causing Supply to grow or shrink (counterparts for above three exist for Demand) Shortage: when a lower than equilibrium price causes Quantity demanded to surpass Quantity supplied (caused by P ceiling) Surplus: when a higher than equilibrium price causes Quantity supplied to surpass Quantity demanded (caused by P floor) Equilibrium: when there is no pressure for change, the P/Q combination that equate Qs to Qd Consumer Surplus: extra money consumers are willing to pay for a good Producer Surplus: extra discounts suppliers are willing to concede to sell a good Deadweight Loss: loss of surplus caused by market interference
10 Coefficient of Elasticity: change in Qd relative to a corresponding P change Normal Good: a good whose demand increases with income Inferior Good: a good whose demand decreases with income
11 Item Price Hot dog $ soda
12 Welfare: a person s level of physical comfort Utils: unit in which personal satisfaction is measured Indifferent: when a consumer has no preference between two options totals represent one s preferences while trade-off s must always reflect prices Utility Maximization Rule: the last unit from each category brings the same utils per dollar or else a more satisfying combination exists
13 FC=240 TC MC VC ATC AVC AFC
14 Stage Output Input Prdtvty
15 Profit: proceeds remaining once all costs (both direct & indirect) are deducted Fixed Costs: costs that remain constant despite level of production Variable Costs: costs varying directly with production Efficiency:being able to complete the same task with less resources Marginal Cost: cost brought about by another unit of production Long Run: frame of time in which all resources can be modified Scale Economies: change in efficiency brought about by changing scale of production Productivity: output/input
16
17 Short-run: frame of time where at least one factor of production cannot be varied Shut-down: when a firm opts to make no output and incur a loss equal to fixed costs Q*: output quantity that maximizes profit or minimizes loss Price taker: when a firm has no influence over price Pure Competition: a market where many firms produce a standard product at the same price Invisible Hand: Adam Smith s metaphor for market allocation
18
19 Market Power: ability to influence price Monopoly: when a market is supplied by a single firm Allocative Efficiency: pursuing a goal until marginal benefit (P) falls to equal marginal cost Productive Efficiency: minimizing per unit cost via mass production Fair Return: producing until costs = revenues P Discrimination: offering customers same or similar product for different prices based on willingness to pay Natural Monopoly: where cost per unit can only be minimized if all production is handled by a single firm (usually utility co s)
20
21 Symmetrical: when two parties pose one another with the same circumstances Dominant Strategy: when a best course of action offers better outcomes Probable Outcome: outcome resulting from all parties pursuing their best course of action Nash Outcome: when no party would opt to deviate from the probable outcome Collusion Opportunity: when an alternative to the probable outcome exists to the benefit both parties
22 Year Quant. Q ch. Price Rev. Rev. ch. P. Index Real 1 10 / 1 10 / / Real ch
23 Inflation: sustained increase in prices Real Growth: increase in units of goods & services Price Index: composite number representing the state of prices
24 Gross Domestic Product: Market value of all new final goods and services produced within a country during a year Consumption: spending by households Durable Consumption: household investments, household spending on items not quickly exhausted (cars, appliances) Non-Durable Consumption: household spending on quickly expendable items (food, fuel, clothing) Investment: purchases by business not intended for resale Government Purchases: items purchased by government- not transfers Net Exports = Export Imports
25 Long-run GDP: level of GDP needed to fully employ all resources Current GDP: current level of output regardless of sustainability Recession: 2 or more successive quarters without growth GDP Gap: current long-run GDP Unemployment Rate: unemployed/(unemployed + employed) Labor Force: unemployed + employed Discouraged: jobless persons wanting but not looking for work Frictional: unemployed persons between employers Structural: the unemployed between occupations and/or locales Cyclical: employment caused by dips in industries Natural Unemployment: all unemployment excluding cyclical
26
27 Autonomous Consumption: basic consumption regardless of income MPC = new consumption / new income MPS = new savings / new income APC = consumption / income APS = savings / income Injection: new expenditures introduced in an economy Leakage: lost expenditures and new taxes and savings Expenditure Multiplier = 1/MPS
28 Tax Multiplier = MPC/MPS Federal Reserve System: US central bank system that divorces gov. from money supply control Discount Rate: rate of interest banks borrow from Fed Reserve Ratio: portion of deposits kept as vault cash (reserves) Federal Funds Rate: interest rate banks borrow from each other Term Auction Facility: Fed s policy of making anonymous loans to banks at a rate based on demand Easy Money Policy: lower Disc. Rate and Reserve Ratio, selling of Treasuries and more lending via the Term Auction Facility
29 Flat Tax: rate of tax that remains constant despite taxable amount Progressive Tax: tax rate that intensifies as taxed amount increases Effective Tax Rate: tax/taxable amount Lump Sum Tax: tax that remains the same regardless of income Subsidy: when gov. helps pay for certain activity (negative tax)
30 Compute r C I A L F O R I N I A ID A H O Potato
31 Comparative Advantage: when a country can make a product with a lesser opportunity cost Tariff: port toll charged on imports Reciprocal Trade Agreement Act: a simplified and more favorable set of trade rules, most favored nation status, the US extends to nations who engage in bi-lateral trade talks with US Gen. Agree. On Tariffs & Trade: international convention to simplify trade and reduce barriers World Trade Organization: international organization to remedy trade disputes and foster world trade
32 Growth Compounding: when growth portions are added to the initial principal to further perpetuate future growth Rule of 70: number of periods to double = 70/growth rate orgrowth rate = 70/number of periods to double
G.C.E. (A.L.) Support Seminar- 2016
G.C.E. (A.L.) Support Seminar- 2016 Economics I Two hours Instructions : Answer all the questions. In each of the questions 1 to 50, pick one of the alternatives from (1), (2), (3), (4) and (5), which
More informationDeterminants of Price Elasticity of Demand... Error! Bookmark not defined. Cross-Price Elasticity of Demand... Error! Bookmark not defined.
ECON1101 Summary I Intro to Microeconomics... 5 Supply and Demand... 6 Price Controls... Error! Bookmark not Price Elasticity of Demand... Error! Bookmark not εd = % QD% P = 1slope PQD... Error! Bookmark
More informationFinal Term Papers. Fall 2009 (Session 04) ECO401. (Group is not responsible for any solved content) Subscribe to VU SMS Alert Service
Fall 2009 (Session 04) ECO401 (Group is not responsible for any solved content) Subscribe to VU SMS Alert Service To Join Simply send following detail to bilal.zaheem@gmail.com Full Name Master Program
More informationAnswer Key Unit 1: Microeconomics
Answer Key Unit 1: Microeconomics Module 1: Methodology: Demand and Supply 1.1.1 The Central Problem of Economics 1 C 2 B For every 3 windows made, 15 gates are given up. This means that when 1 window
More informationWORKSHEET. 1. Define micro economics. (1) 2. What do you mean by scarcity of resources? (1) 3. Define MRT. (1) 4. Define opportunity cost.
Marks : 30 WORKSHEET 1. Define micro economics. (1) 2. What do you mean by scarcity of resources? (1) 3. Define MRT. (1) 4. Define opportunity cost. (1) 5. Define PPF. (1) 1 [XII Economics] 6. Explain
More informationEcon 170: Contemporary Economics Spring 2008 Final Exam / Section F: Solutions 120 points total
Econ 170: Contemporary Economics Spring 2008 Final Exam / Section F: Solutions 120 points total 1. Markets (2 points each) S 0 S 0 PRICE PER UNIT S 1 D 1 PRICE PER UNIT S 1 D 0 D 0 Quantity (A) D 1 Quantity
More informationINDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT Social Studies Curriculum - May 2009 AP Economics
Course Description: This full-year college-level course begins with basic economic concepts and proceeds to examine both microeconomics and macroeconomics in greater detail. There are five units which
More informationFinal Exam. Figure 1
ECONOMICS 10-008 Final Exam Dr. John Stewart December 11, 2001 Instructions: Mark the letter for your chosen answer for each question on the computer readable answer sheet using a No.2 pencil. Note a)=1,
More informationNorthridge Local Schools 9 12 Social Studies Course of Study. Length: ½ year Credit: ½
Northridge Local Schools 9 12 Social Studies Course of Study Course: Economics and Financial Literacy Grade Level: 10 12 Course Description: Length: ½ year Credit: ½ This course explores the fundamentals
More informationCouncil for Economic Education
Council for Economic Education Council for Economic Education Teaching Opportunity The Council for Economic Education (CEE) is an organization dedicated to promoting financial and economic literacy. CEE
More informationEveryone Loves Econ Notes
Unit 1: Economic Fundamentals Everyone Loves Econ Notes Scarcity - the lack of resources for our unlimited wants. Ceteris Paribus Economists hold factors constant, except for what s being considered Goods
More informationFinal Term Papers. Fall 2009 ECO401. (Group is not responsible for any solved content) Subscribe to VU SMS Alert Service
Fall 2009 ECO401 (Group is not responsible for any solved content) Subscribe to VU SMS Alert Service To Join Simply send following detail to bilal.zaheem@gmail.com Full Name Master Program (MBA, MIT or
More informationMARKING SCHEME Section A: Microeconomics
MARKING SCHEME Section A: Microeconomics 1. c) 2. - Give subsidies to reduce price. - Undertake health campaigns to promote the positive effects of milk consumption. (Any 1) 3. c) 4. If the river Kosi
More informationDownloaded from
XII ECONOMICS SURE SHOT SHORT ANSWER QUESTIONS MICROECONOMICS UNIT - INTRODUCTION Q. Distinguish between microeconomics and macroeconomics. 3 Q.2 Discuss the central problems of an economy. Why do they
More informationPre-Test Chapter 9 ed17
Pre-Test Chapter 9 ed17 Multiple Choice Questions 1. Which of the following statements is incorrect? A. Given the economy's MPS, a $15 billion reduction in government spending will reduce the equilibrium
More informationECON 120 -ESSENTIALS OF ECONOMICS
Name ECON 120 -ESSENTIALS OF ECONOMICS CH 24 THE GOVERNMENT AND FISCAL POLICY MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Fiscal policy refers
More informationFoundations of Economics 5 th Edition, AP Edition 2011
A Correlation of 5 th Edition, AP Edition 2011 Advanced Placement Microeconomics and Macroeconomics Topics AP is a trademark registered and/or owned by the College Board, which was not involved in the
More informationFORMULA SHEET. Microeconomics. Allocative Efficiency Condition. P = MC, or more precisely, Marginal Social Benefit (MSB) = Marginal Social Cost (MSC)
FORMULA SHEET Microeconomics Allocative Efficiency Condition P = MC, or more precisely, Marginal Social Benefit (MSB) = Marginal Social Cost (MSC) Average Fixed Cost Total Fixed Cost (TFC) AFC= Quantity
More informationMETHODS OF CALCULATING NATIONAL INCOME
1) What is meant by circular flow of income? 1 2) What are the two types of circular flow of income? 1 3) What do you mean by real flow? 1 4) What do you mean by money flow? 1 5) Differentiate between
More informationQUICK REVISION. CFA level 1
ECONOMICS QUICK REVISION NOTES CFA level 1 Edited By Sam Economics Keynes: Sticky prices, so if Demand falls, Supply will fall, and employment falls Expenditures GDP: Consumer Spending, Private Investment,
More informationFoundations of Economics 5 th Edition, AP*Edition 2011
A Correlation of 5 th Edition, AP*Edition 2011 To the Advanced Placement Topics Microeconomics and Macroeconomics *Advanced Placement, Advanced Placement Program, AP, and Pre-AP are registered trademarks
More informationINTI COLLEGE MALAYSIA UNIVERSITY FOUNDATION PROGRAMME ECO 183 : FOUNDATION ECONOMICS (MACROECONOMICS) RESIT EXAMINATION : AUGUST 2002 SESSION
ECO 183 (R) / Page 1 of 9 INTI COLLEGE MALAYSIA UNIVERSITY FOUNDATION PROGRAMME ECO 183 : FOUNDATION ECONOMICS (MACROECONOMICS) RESIT EXAMINATION : AUGUST 2002 SESSION Section A : Answer ALL questions.
More informationEcon 323 Microeconomic Theory. Practice Exam 2 with Solutions
Econ 323 Microeconomic Theory Practice Exam 2 with Solutions Chapter 10, Question 1 Which of the following is not a condition for perfect competition? Firms a. take prices as given b. sell a standardized
More informationVHS AP Economics Syllabus Microeconomics and Macroeconomics Syllabus 33 week course
VHS AP Economics Syllabus Microeconomics and Macroeconomics Syllabus 33 week course Textbook: Krugman, P., & Wells, R., (2006). Economics. NY: Worth Publishers Recommended Reading: Buccholz,, Todd, New
More informationEcon 323 Microeconomic Theory. Chapter 10, Question 1
Econ 323 Microeconomic Theory Practice Exam 2 with Solutions Chapter 10, Question 1 Which of the following is not a condition for perfect competition? Firms a. take prices as given b. sell a standardized
More informationECONOMICS. Time allowed : 3 hours Maximum Marks : 100 QUESTION PAPER CODE 58/1/1 SECTION - A. 1. Define an indifference curve. 1
ECONOMICS Time allowed : 3 hours Maximum Marks : 100 General Instructions: (i) (ii) (iii) (iv) (v) (vi) All questions in both the sections are compulsory. Marks for questions are indicated against each.
More informationFinal Term Papers. Fall 2009 (Session 03) ECO401. (Group is not responsible for any solved content) Subscribe to VU SMS Alert Service
Fall 2009 (Session 03) ECO401 (Group is not responsible for any solved content) Subscribe to VU SMS Alert Service To Join Simply send following detail to bilal.zaheem@gmail.com Full Name Master Program
More informationEcon Principles of Microeconomics - Assignment 2
Econ 2302 - Principles of Microeconomics - Assignment 2 Multiple Choice Identify the choice that best completes the statement or answers the question. 1. If a nonbinding price ceiling is imposed on a market,
More informationECONOMICS EXAMINATION OBJECTIVES
ECONOMICS EXAMINATION OBJECTIVES The following objectives of the examination are to test whether the candidates have acquired a basic understanding of economics with special emphasis on Hong Kong conditions
More informationFigure 1 MC ATC. Demand. Dr. John Stewart April 2, 2002 ECONOMICS Exam 2
ECONOMICS 10-007 Exam 2 Dr. John Stewart April 2, 2002 Instructions: Mark the letter for the best answer for each question on the computer readable answer sheet. Please note that some questions have four
More informationECON 102 Boyle Final Exam New Material Practice Exam Solutions
www.liontutors.com ECON 102 Boyle Final Exam New Material Practice Exam Solutions 1. B Please note that these first four problems are likely much easier than problems you will see on the exam. These problems
More informationPrinciple of Macroeconomics, Summer B Practice Exam
Principle of Macroeconomics, Summer B 2017 Practice Exam 1) If real GDP in a small country in 2015 is $8 billion and real GDP in the same country in 2016 is $8.3 billion, the growth rate of real GDP between
More informationBasic Concepts. MICROECONOMICS: deals with specific economic units and a detailed consideration of these individual units.
Basic Concepts ECONOMICS: The study of how limited productive resources are efficiently allocated in a world of unlimited wants. SCARCITY: WANTS EXCEED RESOURCES We want more than we are capable of getting.
More informationThe Aggregate Expenditures Model. A continuing look at Macroeconomics
The Aggregate Expenditures Model A continuing look at Macroeconomics The first macroeconomic model The Aggregate Expenditures Model What determines the demand for real domestic output (GDP) and how an
More informationAP Macroeconomics - Mega Macro Review Sheet Answers
AP Macroeconomics - Mega Macro Review Sheet Answers 1. The business cycle. 2. Aggregate supply curve (with breakdown of sections). 3. Expansionary ( easy ) monetary policy (Buy bonds, discount rate, reserve
More informationAdvanced Placement Macroeconomics
Advanced Placement Macroeconomics Introduction Welcome to AP Macroeconomics! This is a challenging course; taught at the college level, this course requires that you operate at a level higher than what
More informationECON Intermediate Macroeconomics (Professor Gordon) First Midterm Examination: Fall 2011 Answer sheet
ECON 311 - Intermediate Macroeconomics (Professor Gordon) First Midterm Examination: Fall 2011 Answer sheet YOUR NAME: Circle the TA session you attend: Ofer 9AM 4PM Nuri 4PM Juan 9AM INSTRUCTIONS: 1.
More informationECONlllO PPF 2. Use the graph below to answer the next two questions. Radios. ' Computers
ECONlllO Exam 1 1. The study of economics arises because: a. resources are abundant relative to the uses for those resources. b. resources are limited relative to the wants and needs for those resources.
More informationSubject: Economics. Grade / Group: 1201/1202. Teacher s Name: Ana Isabel Almeida L. Semester Examination or Guide: Date:
Westhill Institute Vestigia Nulla Retrorsum Department of Curriculum and Academic Programs Subject: Economics Grade / Group: 1201/1202 Teacher s Name: Ana Isabel Almeida L. Semester Examination or Guide:
More informationAP Macroeconomics Graphical Overview
AP Macroeconomics Graphical Overview 1. The business cycle. 2. Aggregate supply curve (with breakdown of sections). 3. Expansionary ( easy ) monetary policy (Buy bonds, discount rate, reserve requirement).
More informationDEMAND AND SUPPLY ANALYSIS: THE FIRM
DEMAND AND SUPPLY ANALYSIS: THE FIRM 1 2. OBJECTIVES OF THE FIRM Profit = Total revenue Total cost Total Revenue: Amount received by a firm from sale of its output. Total Cost: Market value of the inputs
More informationFinal Exam. Figure 1
ECONOMICS 10-008 Final Exam Dr. John Stewart December 11, 2001 Instructions: Mark the letter for your chosen answer for each question on the computer readable answer sheet using a No.2 pencil. Note a)=1,
More informationPostgraduate Diploma in Marketing June 2012 Examination Specimen Paper Economic and Legal Impact Paper I (Econ)
Postgraduate Diploma in Marketing June 2012 Examination Specimen Paper Economic and Legal Impact Paper I (Econ) Date: ** ** **** Time: 1400 Hrs 1700 Hrs Duration: Three (03) Hrs Total marks for this paper
More informationSecond Edition ROBERT H. FRANK BEN S. BERNANKE LOUIS D. JOHNSTON. Cornell University
Second Edition ROBERT H. FRANK Cornell University BEN S. BERNANKE Princeton University [affiliated] Chairman, Board of Governors of the Federal Reserve System with special contribution by LOUIS D. JOHNSTON
More informationMULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
Econ 330 Spring 2017: FINAL EXAM Name ID Section Number MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Tobin's q theory suggests that monetary
More informationG.C.E. (A/L) Support Seminar Economics - I Guide for the Answer
Question No. G.C.E. (A/L) Support Seminar - 2014 21 - Economics - I Guide for the Answer Answer No. Question No. Answer No. 1 5 26 2 2 3 27 5 3 4 28 2 4 1 29 5 5 3 30 2 6 3 31 2 7 3 32 4 8 3 33 3 9 5 34
More informationEconomics 111 Exam 1 Fall 2005 Prof Montgomery
Economics 111 Exam 1 Fall 2005 Prof Montgomery Answer all questions. 100 points possible. 1. [20 points] Policymakers are concerned that Americans save too little. To encourage more saving, some policymakers
More informationPrinciples of Macroeconomics
Principles of Macroeconomics Academic Program: MSc in Banking and Finance Semester: Spring 2012/13 Instructor: Dr. Nikolaos I. Papanikolaou Office: Luxembourg School of Finance, KB2-E02-21 Phone: (00352)
More informationQuestion Paper Economics (MB141) : October 2004
Question Paper Economics (MB141) : October 2004 Answer all questions. Marks are indicated against each question. 1. Which of the following circumstances refers to a mixed economy? (a) Prices are fixed
More informationCompetitive Firms in the Long-Run
Competitive Firms in the Long-Run EC 311 - Selby May 18, 2014 EC 311 - Selby Competitive Firms in the Long-Run May 18, 2014 1 / 20 Recap So far we have been discussing the short-run for competitive firms
More informationEcon 302 Fall Don t forget to download a copy of the Homework Cover Sheet. Mark the location where you handed in your work.
Econ 302 Fall 2005 Don t forget to download a copy of the Homework Cover Sheet. Mark the location where you handed in your work. Homework #3; Chapter 9. This homework has three parts (A, B, C). Each part
More informationSET-1 Subject Code: 030 COMMON PRE-BOARD EXAMINATION ECONOMICS Marking Scheme CLASS: XII Time Allowed: 3 hours Maximum Marks: 80
SET- Subject Code: 030 COMMON PRE-BOARD EXAMINATION 207-208 ECONOMICS Marking Scheme CLASS: XII Time Allowed: 3 hours Maximum Marks: 80 SECTION: A A firm is operating with a Total Variable Cost of 000
More informationExam 2. Revenue. Figure The total economic profits of the monopolist in Figure 1 would be approximately: (P-AC) x Q (cross hatched area)
ECONOMICS 10-007 Exam 2 Dr. John Stewart November 11, 2003 Instructions: Mark the letter for the best answer for each question on the computer readable answer sheet. Please note that some questions have
More informationSample Question Paper Class XII ( ) Economics (030)
MM. 80 Sample Question Paper Class XII (07-8) Economics (00) Time: Hours Q.No. SECTION A : MICROECONOMICS Marks Which of the following is a statement of normative nature in economics? a) Economics is study
More informationFinal Term Papers. Fall 2009 (Session 03a) ECO401. (Group is not responsible for any solved content) Subscribe to VU SMS Alert Service
Fall 2009 (Session 03a) ECO401 (Group is not responsible for any solved content) Subscribe to VU SMS Alert Service To Join Simply send following detail to bilal.zaheem@gmail.com Full Name Master Program
More informationNorthwestern Economics Tournament
Northwestern Economics Tournament Individual Exam April 7, 2018 NAME: SCHOOL: TEAM NAME: There are 60 questions in this packet and 1 challenge question that is optional. You have 1 hour to complete the
More informationMULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
Questions of this SAMPLE exam were randomly chosen and may NOT be representative of the difficulty or focus of the actual examination. The professor did NOT review these questions. MULTIPLE CHOICE. Choose
More informationSample Question Paper Economics (030) Class XII ( ) Time : 3 Hours Maximum Marks : 100 Instructions: 1. All questions in both sections are
Sample Question Paper Economics (030) Class XII (2014-15) Time : 3 Hours Maximum Marks : 100 Instructions: 1. All questions in both sections are compulsory. However, there is internal choice in some questions.
More informationECONOMICS-2015 (Annual) CLASS-XII
ECONOMICS-2015 (Annual) CLASS-XII Q.1. Define indifference curve. 1 Ans. An indifferent curve is the locus of point particularly by consumption of goods which yield the same utility to the consumer, so
More informationECS ExtraClasses Helping you succeed. Page 1
Page 1 ECS 1501 Oct/Nov 2014 Exam Recommended Answers 1. 2 2. 2 3. 2 4. 4 5. 1, a movement along the PPC involves an opportunity cost, to produce more of one good the firm has to produce less of the other
More informationSET-2 Subject Code: 030 COMMON PRE-BOARD EXAMINATION ECONOMICS Marking Scheme CLASS: XII Time Allowed: 3 hours Maximum Marks: 80
SET-2 Subject Code: 030 COMMON PRE-BOARD EXAMINATION 207-208 ECONOMICS Marking Scheme CLASS: XII Time Allowed: 3 hours Maximum Marks: 80 SECTION:A A firm is operating with a Total Variable Cost of 2000
More informationATC. Dr. John Stewart April 7, 2005 ECONOMICS Exam 2
ECONOMICS 10-008 Dr. John Stewart April 7, 2005 Exam 2 Instructions: Mark the letter for the best answer for each question on the computer readable answer sheet. Please note that some questions have four
More informationECON-140 Midterm 2 Spring, 2011
ECON-140 Midterm 2 Spring, 2011 Name_Answer Key Student ID Please answer each question fully, with a complete explanation (the reasoning). INDICATE YOUR FINAL NUMERICAL ANSWER WITH A BOX AROUND IT. Part
More informationTWO BONUS POINTS FOR GETTING YOUR TA AND SECTION RIGHT
TWO BONUS POINTS FOR GETTING YOUR TA AND SECTION RIGHT COURSE 180.101 EXAM #1 (Two Hours) October 3, 2016 1 MACROECONOMICS NAME TA Section# Section 1 (20 points) Fill in the item from the list below that
More informationCIE Economics A-level
CIE Economics A-level Topic 4: The Macroeconomy e) The circular flow of income Notes Closed and open economies A closed economy is entirely self-sufficient, so it has no need to import anything, and it
More informationEconomics Online Instructional Materials Correlation to the 2009 Economics and Personal Finance Standards of Learning and Curriculum Framework
and Curriculum Framework Provider York County School Division Course Syllabus URL http://yorkcountyschools.org/virtuallearning/coursecatalog.aspx Course Title Economics & Personal Finace Last Updated 2010-11
More informationAP Macroeconomics Syllabus Course Outline Required text: Economics: Principles, Problems, and Policies McConnel and Brue 15 th edition
AP Macroeconomics Mrs. Cook 1 st Period Room 210 AP Macroeconomics Syllabus Course Outline Required text: Economics: Principles, Problems, and Policies McConnel and Brue 15 th edition Unit One: Basic Economic
More informationLearning Objectives. 1. Describe how the government budget surplus is related to national income.
Learning Objectives 1of 28 1. Describe how the government budget surplus is related to national income. 2. Explain how net exports are related to national income. 3. Distinguish between the marginal propensity
More informationUnit 3: Costs of Production and Perfect Competition
Unit 3: Costs of Production and Perfect Competition 1 Inputs and Outputs To earn profit, firms must make products (output) Inputs are the resources used to make outputs. Input resources are also called
More informationMidterm #2, version A, given Spring 2002 Note question #50 is from Chapter 11, which students are not responsible for on Exam 2 - Summer 02.
Midterm #2, version A, given Spring 2002 Note question #50 is from Chapter 11, which students are not responsible for on Exam 2 - Summer 02. Answers (if you think you see an error, please contact me ASAP.
More informationCircular Flow of Economic Activity
Business Income Circular Flow of Economic Activity Product Market Consumer Spending Firms Goods and Services Goods and Services Households Taxes Taxes Businesses Individuals Productive Resources Physical
More informationMarking Scheme Economics (030) Cass XII ( ) SECTION A : MICROECONOMICS 1 b) Government should be concerned with how to reduce unemployment 1
Marking Scheme Economics (00) Cass XII (2017-18) SECTION A : MICROECONOMICS 1 b) Government should be concerned with how to reduce unemployment 1 2 Marginal Physical Product is the change in output produced
More informationFINAL EXAM STUDY GUIDE
AP MACROECONOMICS-2018 Name: FINAL EXAM STUDY GUIDE Instructions: DUE: Day of FINAL EXAM => Friday 12/21 st (1 st & 2 nd Periods) Thursday 12/20 th (4 th period) Section 1: PRODUCTION POSSIBLITIES FRONTIER
More informationMacroeconomics
Macroeconomics 978-1-63545-006-4 To learn more about all our offerings Visit Knewtonalta.com Source Author(s) (Text or Video) Title(s) Link (where applicable) OpenStax Senior Contributing Authors: Steve
More informationECO -401 FINAL TERM PAPERS 2008, 2009 & 2010 FILE # 2 FINAL FILE. PAPER # 05
ECO -401 FINAL TERM PAPERS 2008, 2009 & 2010 FILE # 2 FINAL FILE PAPER # 05 Question No: 1 ( Marks: 1 ) A good for which income and quantity demanded are inversely related is known as: Inferior good. Complementary
More informationSAMPLE QUESTION PAPER II ECONOMICS Class - XII BLUE PRINT
SAMPLE QUESTION PAPER II ECONOMICS Class - XII Maximum Marks 100 Time : 3 hrs. BLUE PRINT Sl. No. Form of Very Short Short Answer Long Answer Total Questions (1 Mark) (3, 4 Marks) (6 Marks) Content Unit
More informationFiscal policy. Macroeconomics 5th lecture
Fiscal policy Macroeconomics 5th lecture Reminder Transactions by the government Firms Commodity market transfer payments taxes Government transfer payments taxes Households Financial markets 2 Fiscal
More informationAP Macroeconomics review. By: Maria Villasmil. Economis: The study of how people, firms, and government make decisions when faced with scarcity.
AP Macroeconomics review By: Maria Villasmil Economis: The study of how people, firms, and government make decisions when faced with scarcity. Factors of Production: 1)Land: natural resources 2) Labor:
More informationAdvanced Placement Macro Economics
Advanced Placement Macro Economics Economics is a study of mankind in the ordinary business of life. Alfred Marshall Through the AP Macroeconomics course, students will have a better understanding of the
More informationSample Question Paper Economics. Class XII. Time : 3 Hours Maximum Marks : 100 General Instructions: Section A: Microeconomics
Sample Question Paper Economics Class XII Time : 3 Hours Maximum Marks : 100 General Instructions: 1. All questions in both sections are compulsory. However, there is internal choice in some questions.
More informationCHAPTERWISE ECONOMICS ASSIGNMENT CLASS :- XII
UNIT 1:-Introduction CHAPTERWISE ECONOMICS ASSIGNMENT Q1. Why is PPF concave to the point of origin? CLASS :- XII Q2. Differentiate between Micro and Macro Economics. Q. E plai the e t al p o le of Fo
More informationIMPORTANT INFORMATION:
Economics 1B ECS1601 Semester 1 Department of Economics IMPORTANT INFORMATION: This tutorial letter contains solutions to assignment 03 BARCODE SOLUTIONS TO ASSIGNMENT 03 QUESTIONS SEMESTER 1, 2017 3.1
More informationPractice Test 2: Multiple Choice
Practice Test 2: Multiple Choice 1. The expenditure multiplier equals A. 1/(slope of APE curve). B. APC-APS where APC is the average propensity to consume and APS is the average propensity to save. C.
More informationINTERMEDIATE MICROECONOMICS LECTURE 9 THE COSTS OF PRODUCTION
9-1 INTERMEDIATE MICROECONOMICS LECTURE 9 THE COSTS OF PRODUCTION The opportunity cost of an asset (or, more generally, of a choice) is the highest valued opportunity that must be passed up to allow current
More informationCourse Map Economics
Course Title: Economics Course Map Text: Thinking Economics (National Council on Economic Education) Duration: one semester Frequency: one class period daily Year: 2013-2014 Other materials: Areas to be
More informationFluctuations of Investment Durability Irregularity of Innovation Variability of Profits Variability of Expectations
Shifts in the Invest Demand Curve Acquisition, Maintenance and Operating Costs Business Taxes Technological Change Stock of Capital Goods on Hand Expectations Fluctuations of Investment Durability Irregularity
More informationPractice Exam 2 Questions
Questions 1 and 2 refer to the table below: Practice Exam 2 Questions Price Qd Qs $1 1500 500 $2 1000 700 $3 900 900 $4 600 1100 $5 400 1300 $6 300 1400 1. At equilibrium: a) the market price is $5 per
More informationTest 1 Econ 5000 Spring 2002 Dr. Rupp (Keep your answers covered. Bubble in name and id#)
Test 1 Econ 5000 Spring 2002 Dr. Rupp (Keep your answers covered. Bubble in name and id#) Name 1.The profit maximizing output level for a perfectly competitive firm is where A) P = MC. B) P = AVC. C) MC
More informationModel Question Paper Economics - I (MSF1A3)
Model Question Paper Economics - I (MSF1A3) Answer all 7 questions. Marks are indicated against each question. 1. Which of the following statements is/are not correct? I. The rationality on the part of
More informationKENDRIYA VIDYALAYA SANGATHAN ERNAKULAM REGION SECOND PRE-BOARD EXAMINATION CLASS XII ECONOMICS (30) Time Allowed- 3 Hours
KENDRIYA VIDYALAYA SANGATHAN ERNAKULAM REGION SECOND PRE-BOARD EXAMINATION 208-9 CLASS XII ECONOMICS (0) MM-80 Time Allowed- Hours General Instructions: i. All questions in both sections are compulsory.
More informationA. Regular attendance is crucial to success in this class. Poor attendance will harm your participation grade. Grade categories are as follows:
AP Macroeconomics JOHNSON Spring 11 AP Macroeconomics is a one-semester, college-level course. Each student is expected to take the AP Macroeconomics Exam that is administered in May. Successful achievement
More informationDESIGN OF QUESTION PAPER ECONOMICS Class - XII. 1. Weightage by types of questions Type Number of Marks Total Estimated
DESIGN OF QUESTION PAPER ECONOMICS Class - XII Marks - 100 Duration - 3 hrs. 1. Weightage by types of questions Type Number of Marks Total Estimated questions time a candidate is expected to take to answer
More informationPrinciples of Macroeconomics December 15th, 2005 name: Final Exam (100 points)
EC132.01 Serge Kasyanenko Principles of Macroeconomics December 15th, 2005 name: Final Exam (100 points) This is a closed-book exam - you may not use your notes and textbooks. Calculators are not allowed.
More informationPubPol 201. Module 3: International Trade Policy. Class 2 The Gains and Losses from Trade
PubPol 201 Module 3: International Trade Policy Class 2 The Gains and Losses from Trade Class 2 Outline The Gains and Losses from Trade Comparative advantage Other sources of gain from trade Who gains
More informationECO401 - Economics Glossary By
ECO401 - Economics Glossary By Absolute Advantage : Exists when a country can produce more of a product per resource unit than another country. It is a basis for trade. A country with an absolute advantage
More informationPrinciples of Macroeconomics
Principles of Macroeconomics 978-1-63545-094-1 To learn more about all our offerings Visit Knewton.com Source Author(s) (Text or Video) Title(s) Link (where applicable) OpenStax Senior Contributing Authors:
More informationADVANCED PLACEMENT MACROECONOMICS
ADVANCED PLACEMENT MACROECONOMICS Maple Grove Senior High School Jeff Rush rushj@district279.org, rushsocialstudies.weebly.com, aplia.com Social Studies Department Required textbook Economics, McConnell
More informationECO401 Quiz # 5 February 15, 2010 Total questions: 15
ECO401 Quiz # 5 February 15, 2010 Total questions: 15 Question # 1 of 15 ( Start time: 09:37:50 PM ) Total Marks: 1 Economic activity moves from a trough into a period of until it reaches a and then into
More informationAssumptions of the Classical Model
Meridian Notes By Tim Qi, Amy Young, Willy Zhang Economics AP Unit 4: Keynes, the Multiplier, and Fiscal Policy Covers Ch 11-13 Classical and Keynesian Macro Analysis The Classic Model the old economic
More informationCome and join us at WebLyceum
Come and join us at WebLyceum For Past Papers, Quiz, Assignments, GDBs, Video Lectures etc Go to http://www.weblyceum.com and click Register In Case of any Problem Contact Administrators Rana Muhammad
More information