Fundamentals of Economics. 2 September Exam Paper. Time: 2.5 hours
|
|
- Coleen Garrison
- 6 years ago
- Views:
Transcription
1 Fundamentals of Economics September 01 Exam Paper Section A Section B Answer ALL questions from this section. Answer any TWO () questions from this section. Clearly cross out surplus answers. Failure to do this will result in only the first TWO () answers being marked. Time:. hours The maximum mark for this paper is 100. Any reference material brought into the examination room must be handed to the invigilator before the start of the examination.
2 Section A Answer ALL questions from this section Question 1 Explain what is meant by the term scarcity in elementary economic theory. 3 Define briefly what is meant by the term the economic problem. 3 c) What is meant by the term opportunity cost? d) Distinguish briefly between the terms micro-economics and macro-economics. Question i) State FOUR () assumptions necessary for perfectly competitive conditions to hold. ii) Define what is meant by the term monopoly firm. 1 Discuss what the diagram below shows about a perfectly competitive firm. 3 Page of Fundamentals of Economics NCC Education Limited 01
3 Question 3 Draw and label a diagram of the circular flow of income in a simple two sector model of the economy. If one adds the government and international trade sectors to the diagram above identify the different flows of income or economic activity that would need to be added to the diagram. Question Draw and label a version of the simple Phillips Curve. 3 What did the simple Phillips curve suggest about the relationship between aggregate demand and inflation in an economy? c) What happened in the 1970s that cast doubt on the message of the simple Phillips curve? d) Draw and label the long run Phillips Curve. 3 Question Provide the formula by which price elasticity of demand is measured. Identify the main issues which affect a product s price elasticity of demand. c) Explain the difference between price elastic and price inelastic demand Page 3 of Fundamentals of Economics NCC Education Limited 01
4 Section B Answer any TWO () questions from this section Question i) Draw and label a simple supply and demand diagram. ii) In the context of the diagram define the following terms demand supply equilibrium price 1 iii) Identify the main factors that lie behind and determine the position of a demand curve. iv) Identify three factors that lie behind and determine the position of a supply curve. i) Draw and label a diagram showing a short run average cost curve and its corresponding marginal cost curve. 3 3 ii) Explain the relationship between the two curves in the diagram above iii) Define marginal cost. 1 iv) Define average cost. 1 v) Define the short run Total Page of Fundamentals of Economics NCC Education Limited 01
5 Question 7 Draw and label a diagram showing the long run equilibrium position of a monopoly firm. i) Define a monopolistically competitive industry and state two of its features. ii) Draw and label a diagram showing the long run equilibrium position of a monopolistically competitive firm. iii) Comment on and briefly explain the differences between the monopoly firm s long run equilibrium position and that of the monopolistically competitive firm. c) Explain briefly how the kinked demand curve might help explain why prices are relatively stable in an oligopolistic industry. Total Question 8 Identify three different ways in which the overall economic activity of an economy can be recognised and measured in the context of the circular flow model of income. Using an appropriate diagram of the consumption function, explain the determinants of household consumption in a simple Keynesian model of the economy. c) Explain how the simple Keynesian model of the economy understands the relationship between firms planned investment and the current level of income in the economy. 3 d) i) Draw and label a diagram showing macro-economic equilibrium in a simple two sector Keynesian model of the economy. ii) Explain what is meant by macro-economic equilibrium in the diagram above and discuss how the model assumes the economy moves to that equilibrium position. iii) Explain what is meant by the term involuntary unemployment in the context of the above model/diagram. Total Page of Fundamentals of Economics NCC Education Limited 01
6 Question 9 i) Identify the four () main functions of money. ii) Define the term liquidity. iii) Explain how banks are able to create money and thus expand the money supply. Use a numeric example to support your explanation. i) State the formula for the quantity theory of money and define each term within it. 9 ii) Explain how monetarist economists would interpret the formula in terms of causes of inflation. Total Question 10 i) Define fiscal policy. ii) Define monetary policy. iii) Explain in detail how lower interest rates might be expected to lead to a higher level of economic activity. i) Explain the difference between a government s budget deficit and government debt. 10 ii) Describe the major problems or constraints that face fiscal policy. 7 Total End of paper Page of Fundamentals of Economics NCC Education Limited 01
Fundamentals of Economics. 3 June Examination Paper. Time: 2.5 hours
Fundamentals of Economics 3 June 2015 Examination Paper Section A Section B Answer ALL questions from this section. Answer any TWO (2) questions from this section. Clearly cross out surplus answers. Failure
More informationNew syllabus of B.Com Part-1 effective from 2006
New syllabus of B.Com Part-1 effective from 2006 ECONOMIC ANALYSIS AND POLICY MICRO ECONOMICS 2 questions, 40 Marks CHAPTER 1 1NTRODUCTION 1 Basic concepts 2 Definition 3 Micro and macro approach to economic
More informationMicro Economics Review
Micro Economics Review 1. Intro to Economics a. What is Economics? i. Scarcity and the factors of production 1. Explain why scarcity and choice are basic problems of economics 2. Identify the factors of
More informationSpecific Learning Goals/Benchmarks and Student Assessment. AP Macroeconomics
Unit Bartram Trail HS Specific Learning Goals/Benchmarks and Student Assessment AP Macroeconomics # Benchmark Assessment 1 1 1 2 1 3 1 4 2 5 2 6 3 7 3 8 3 9 3 10 3 11 4 12 4 13 4 14 4 15 4 16 4 17 Define
More information1.5 Nov 98 a. Explain the term natural monopolies and why are they considered a danger if left unregulated. [10] b. (not in 2013 syllabus)
Higher Level Essays Microeconomics only 1.5 (old syllabus specimen) a. Explain the main features of an oligopolistic market. [10] b. Discuss whether oligopolies work in favor of, or against the interest
More informationMicro Economics M.A. Economics (Previous) External University of Karachi Micro-Economics
Micro Economics M.A. Economics (Previous) External University of Karachi Micro-Economics Annual Examination 1997 Time allowed: 3 hours Marks: 100 Maximum 1) Attempt any five questions. 2) All questions
More informationPROGRAMME: Interdepartmental Programme of Postgraduate Studies in Business Administration (M.B.A.)
PROGRAMME: Interdepartmental Programme of Postgraduate Studies in Business Administration (M.B.A.) Compulsory Course: Principles of Economic Theory and Policy Semester: 1st Instructors: Velentzas Konstantinos,
More informationECO 162: MICROECONOMICS INTRODUCTION TO ECONOMICS Quiz 1. ECO 162: MICROECONOMICS DEMAND Quiz 2
INTRODUCTION TO ECONOMICS Quiz 1 Answer the entire question You are required to give brief explanation for each of the questions. 1. Explain the basic economic concepts with the help of Production Possibility
More informationfoundations of economics fourth edition Andrew Gillespie OXFORD UNIVERSITY PRESS
foundations of economics fourth edition Andrew Gillespie OXFORD UNIVERSITY PRESS Detailed contents Preface How to use this book About the Online Resource Centre Guided tour of Dashboard Acknowledgements
More informationInstitute of Actuaries of India
Institute of Actuaries of India Subject CT7 Business Economics For 2018 Examinations Aim The aim of the Business Economics subject is to introduce students to the core economic principles and how these
More informationEconomics. Synopsis. 1. Economic Concepts, Issues and Tools. 2. An Overview of Economics. Sections. Learning Summary. Sections
Synopsis Economics 1. Economic Concepts, Issues and Tools 1.1 Introduction 1.2 Scarcity and Choice 1.3 Preferences, Resources and Economic Efficiency 1.4 Marginal Analysis and Opportunity Cost 1.5 Different
More informationAP Economics Final Exam Krugman2014v1
AP Economics Final Exam Krugman2014v1 Multiple Choice Identify the choice that best completes the statement or answers the question. Module 1 1. Scarcity in economics means: 2 2. Suppose people in households
More informationPRINCIPLES OF ECONOMICS IN CONTEXT CONTENTS
PRINCIPLES OF ECONOMICS IN CONTEXT By Neva Goodwin, Jonathan M. Harris, Julie A. Nelson, Brian Roach, and Mariano Torras CONTENTS PART ONE The Context for Economic Analysis Chapter 0: Economics and Well-Being
More informationWallingford Public Schools - HIGH SCHOOL COURSE OUTLINE
Wallingford Public Schools - HIGH SCHOOL COURSE OUTLINE Course Title: Advanced Placement Economics Course Number: 3552 Department: Social Studies Grade(s): 11-12 Level(s): Advanced Placement Credit: 1
More informationFINALTERM EXAMINATION FALL 2006
FINALTERM EXAMINATION FALL 2006 QUESTION NO: 1 (MARKS: 1) - PLEASE CHOOSE ONE Compared to the equilibrium price and quantity sold in a competitive market, a monopolist Will charge a price and sell a quantity.
More informationEducation & Training Plan. Economics Professional Certificate Program with Externship. Economics Professional Certificate Program with Externship
Clemson University - Center for Corporate Learning 1 North Main Street, 7th Floor, Greenville, SC 29601 http://www.clemson.edu/online/ Contact: Juanita Durham 864.656.3984 jdrhm@clemson.edu Education &
More informationGovind Ramnath Kare College of Law, Margao- Goa. F.Y.B.A LL.B (Hons) Semester I Examination, October 2016 ECONOMICS- I: MICROECONOMICS
/ Govind Ramnath Kare College of Law, Margao- Goa FYBA LLB (Hons) Semester I Examination, October 2016 ECONOMICS- I: MICROECONOMICS Duration: 3 Hour Total Marks: " 75 Instructions: 1) Paper consists 14
More informationGCE. Examinations from Economics. First AS Award: Summer 2009 First A Level Award: Summer 2010
GCE Examinations from 2009 First AS Award: Summer 2009 First A Level Award: Summer 2010 Economics GCE AS and A ECONOMICS 1 Contents WJEC AS GCE in Economics WJEC A Level GCE in Economics First AS Award
More informationEducation & Training Plan Economics Professional Certificate Program with Externship. Economics Professional Certificate Program with Externship
C.15.40 (Created 07-17-2017) U RN O FFICE OF P RO FESSIONA L A ND CONTINUING EDU CATIO N Office of Professional & Continuing Education 301 OD Smith Hall Auburn, AL 36849 http://www.auburn.edu/mycaa Contact:
More informationECON 2306 Test #1 PREVIEW SHEET Ten Fundamental Principles of ECONOMICS 1. Scarcity is inescapable. 2. Risk is unavoidable. 3. All persons must make
ECON 2306 Test #1 PREVIEW SHEET Ten Fundamental Principles of ECONOMICS 1. Scarcity is inescapable. 2. Risk is unavoidable. 3. All persons must make choices. 4. Incentives matter. 5. People generally act
More informationGCE Economics. For teaching from 2015
GCE Economics For teaching from 2015 First AS Award: Summer 2016 First A Level Award: Summer 2017 The following pages feature an outline summary and content of new AS and A level specifications that are
More informationGACE Economics Assessment Test at a Glance
GACE Economics Assessment Test at a Glance Updated June 2017 See the GACE Economics Assessment Study Companion for practice questions and preparation resources. Assessment Name Economics Grade Level 6
More informationUnit 55: Business Economics
Unit 55: Business Economics Unit code: Y/506/2409 QCF level: 5 Credit value: 15 credits Aim The aim of this unit is to enable learners to understand the behaviour of domestic firms, transnational organisations
More informationGCE AS and A Level Specification
GCE AS and A Level Specification Economics AS exams 2009 onwards A2 exams 2010 onwards Contents GCE Economics Specification for AS exams 2009 onwards and A2 exams 2010 onwards (version 1.1) 1 Introduction
More informationMARK SCHEME for the October/November 2012 series 9708 ECONOMICS
CAMBRIDGE INTERNATIONAL EXAMINATIONS GCE Advanced Subsidiary Level and GCE Advanced Level MARK SCHEME for the October/November 2012 series 9708 ECONOMICS 9708/42 Paper 4 (Data Response and Essays Supplement),
More informationUNIT 1: WHAT IS ECONOMICS?
Advanced Placement AP Macroeconomics AP* Macroeconomics students learn why and how the world economy can change from month to month, how to identify trends in our economy, and how to use those trends to
More informationTotal Test Questions: 80 Levels: Grades Units of Credit:.50
DESCRIPTION This course focuses on the study of economic problems and the methods by which societies solve them. Characteristics of the market economy of the United States and its function in the world
More informationPearson Edexcel Level 3 Advanced Subsidiary GCE in Economics (8EC01) First examination 2014
Specification GCE Economics Pearson Edexcel Level 3 Advanced Subsidiary GCE in Economics (8EC01) First examination 2014 Pearson Edexcel Level 3 Advanced GCE in Economics (9EC01) First examination 2014
More informationAP ECONOMICS. Student Eligibility: Grades Date Approved: August 24, 2015
PUBLIC SCHOOLS OF EDISON TOWNSHIP DIVISION OF CURRICULUM AND INSTRUCTION AP ECONOMICS Length of Course: Elective/Required: School: Full Year Elective High School Student Eligibility: Grades 11-12 Credit
More informationField 048: Social Studies Economics Assessment Blueprint
Field 048: Social Studies Economics Assessment Blueprint Domain I Economic Concepts and Research Skills 0001 Economic Concepts and Systems (Standard 1) 0002 Economic Research Skills (Standard 7) Domain
More informationAdopted from IB Economics Guide brought to you by 1
UNIT 1 INTRODUCTION TO ECONOMICS Definitions of social science and economics s of microeconomics and macroeconomics s of growth, development, and sustainable development Positive and normative concepts
More informationMicro Semester Review Name:
Micro Semester Review Name: The following review is set up to emphasize certain concepts, graphs and terms. It is the responsibility of the individual teachers to emphasize and review the analysis aspects
More informationCambridge International Advanced Subsidiary and Advanced Level 9708 Economics November 2016 Principal Examiner Report for Teachers
ECONOMICS Cambridge International Advanced Subsidiary and Advanced Level Paper 9708/11 Multiple Choice Question Question Key Number Number Key 1 C 16 C 2 B 17 D 3 D 18 D 4 C 19 B 5 A 20 D 6 C 21 A 7 B
More information9708 ECONOMICS. Mark schemes should be read in conjunction with the question paper and the Principal Examiner Report for Teachers.
CAMBRIDGE INTERNATIONAL EXAMINATIONS Cambridge International Advanced Subsidiary and Advanced Level MARK SCHEME for the March 2016 series 9708 ECONOMICS 9708/22 Paper 2 (AS Level Data Response and Essay),
More informationLevel 4 Certificate in Applied Business Economics
LCCI International Qualifications Level 4 Certificate in Applied Business Economics Syllabus Effective from 1 January 2012 For further information contact us: T: +44 (0) 24 76518951 E: internationalenquiries@ediplc.com
More informationECO 162: MICROECONOMICS
ECO 162: MICROECONOMICS PREPARED BY Dr. V.G.R. CHANDRAN Email: vgrchan@gmail.com Website: www.vgrchandran.com/default.html UNIVERSITI TEKNOLOGI MARA 0 P a g e TUTORIAL QUESTIONS ALL RIGHTS RESERVED 2010
More informationMicroeconomics 2302 Potential questions and study guide for Exam 2. 6 of these will be on your exam.
Microeconomics 2302 Potential questions and study guide for Exam 2 6 of these will be on your exam. Potential questions are in Black Font. Study Guide stuff is in red font. 1. Elasticity question 1 a.
More informationSample. Final Exam Sample Instructor: Jin Luo
Final Exam Instructor: Jin Luo Multiple Choice (2 *30 = 60) Identify the letter of the choice that best completes the statement or answers the question. 1. Price takers refer to buyers and sellers in a.
More informationTheory of Employment
Theory of Employment Types of Unemployment: (a) Structural Unemployment: It is also known as Marxian unemployment or longterm unemployment. It is due to slower growth of capital stock in the country. The
More informationECONOMICS CURRICULUM - STANDARD XII ECONOMIC THEORY
ECONOMICS CURRICULUM - STANDARD XII ECONOMIC THEORY Evaluation. Project Valuation - 50 Marks. Common Examination 50 marks Total - 00 marks * There will be double valuation for the project work () By the
More informationMODEL QUESTION PAPER SECTION A-(1X40)
MODEL QUESTION PAPER SUBJECT CODE : MB0042 SUBJECT : Managerial Economics SECTION A-(1X40) 1. Production cost is concerned with to produce a given quantity of output. a. Demand Forecast b. Estimation of
More informationTotal Test Questions: 80 Levels: Grades Units of Credit:.50
DESCRIPTION This course focuses on the study of economic problems and the methods by which societies solve them. Characteristics of the market economy of the United States and its function in the world
More informationSAMPLE. Table of Contents Higher Altitudes. in Economics. Unit 1: Introduction Chapter 1: What is Economics?
10-15 HIGHER ALTITUDES IN ECONOMICS Table of Contents Higher Altitudes in Economics Unit 1: Introduction Chapter 1: What is Economics? Lesson 1 Lesson 2 Lesson 3 Lesson 4 Lesson 5 Decisions in the Face
More informationThis guide compares the new GCSE Economics qualification to the previous economics qualifications.
Summary of changes This guide compares the new GCSE Economics qualification to the previous economics qualifications. Overview of changes Structure There is now only one GCSE Economics qualification available.
More informationAP Microeconomics. Content Skills Learning Targets Assessment Resources & Technology
St. Michael Albertville High School Teacher: Matthew Rooker AP Microeconomics October 2014 Content Skills Learning Targets Assessment Resources & Technology November 2014 Content Skills Learning Targets
More informationAgenda. The IS-LM/AD-AS Model: A General Framework for Macroeconomic Analysis, Part 3. Disequilibrium in the AD-AS model
Agenda The IS-LM/AD-AS Model: A General Framework for Macroeconomic Analysis, art 3 rice Adjustment and the Attainment of General Equilibrium 23-1 23-2 General equilibrium in the AD-AS model Disequilibrium
More informationEconomic concepts. Economics 2A, 2B, 2C, 2D. Principles and 3A, 3B. Practices 4A, 4B. By 5A, 5B. 3. Opportunity costs
First Six Weeks The student will be able to identify and explain basic economic concepts. Students should be able to understand terms related to individual consumers and businesses. Be able to explain
More informationContents. Concepts of Revenue I-13. About the authors I-5 Preface I-7 Syllabus I-9 Chapter-heads I-11
Contents About the authors I-5 Preface I-7 Syllabus I-9 Chapter-heads I-11 1 Concepts of Revenue 1.1 Introduction 1 1.2 Concepts of Revenue 2 1.3 Revenue curves under perfect competition 3 1.4 Revenue
More informationCREDIT ½ GRADE 12 PREREQUISITE NONE
ECONOMICS CREDIT ½ GRADE 12 PREREQUISITE NONE Students will examine the allocation of scarce resources and the economic reasoning used by government agencies and by people as consumers, producers, savers,
More informationCambridge Assessment International Education Cambridge International Advanced Subsidiary and Advanced Level. Published
Cambridge Assessment International Education Cambridge International Advanced Subsidiary and Advanced Level ECONOMICS 9708/42 Paper 4 Data Response and Essays MARK SCHEME Maximum Mark: 70 Published This
More informationSUBJECT : ECONOMICS MICRO ECONOMICS
SUBJECT : ECONOMICS MICRO ECONOMICS CHAPTER-1 1. What is economic problem? Explain causes of economic problem. 2. Distinguish between Micro and Macro Economics. 3. Distinguish between Normative and Positive
More informationCARIBBEAN EXAMINATIONS COUNCIL. Caribbean Advanced Proficiency Examinations. Economics Syllabus. Effective for examinations from May/June 2010
CARIBBEAN EXAMINATIONS COUNCIL Caribbean Advanced Proficiency Examinations Economics Syllabus Effective for examinations from May/June 2010 Correspondence related to the syllabus should be addressed to:
More informationECONOMICS H460 For first assessment in 2017 ocr.org.uk/aleveleconomics
A LEVEL Specification ECONOMICS H460 For first assessment in 017 ocr.org.uk/aleveleconomics We will inform centres about any changes to the specification. We will also publish changes on our website. The
More informationChapter 7 Consumer/Producers and Market Efficiency
Midterm #2 Exam Study uestions: (A subset of these questions/concepts will be on the exam) Chapter 5 - Elasticity Define rice elasticity of demand. What does it mean to say demand is highly elastic? What
More informationRevision Guide. Economics. to A2 Level. James Keefe and Peter Cramp
Revision Guide to A2 Level Economics James Keefe and Peter Cramp Contents The first pages you will come to offer advice on using this book. After this, you will find revision notes organised as shown below:
More informationCurriculum Standard One: The students will understand common economic terms and concepts and economic reasoning.
Curriculum Standard One: The students will understand common economic terms and concepts and economic reasoning. *1. The students will examine the causal relationship between scarcity and the need for
More informationAP Macroeconomics. You can use whichever format you want. Web view is recommended -- the responsive design works seamlessly on any device.
AP Macroeconomics Instructor Mrs. Crisler Room 428 Office Hours 2:42-3:15 M,T,W,TH 2:00-3:15 F E-mail jcrisler@satsumaschools.com Phone 380-8190 Twitter Joy Crisler @ shsgovteach Economics : Macroeconomics
More informationECONOMICS CLASS - XII ( )
ECONOMICS CLASS - XII (2017-18) Theory: 80 Marks Project: 20 Marks Units Marks Periods Part A Introductory Microeconomics Introduction 4 8 Consumer's Equilibrium and Demand 13 32 Producer Behaviour and
More informationUploaded online by
'%101/+%5 )'0'4#. The aim of the Unified Tertiary Matriculation Examination (UTME) syllabus in is to prepare the candidates for the Board s examination. It is designed to test their achievement of the
More informationEconomics B.A./B.Sc.: Elective and Optional Outlines of Tests
Outlines of Tests and Courses of Reading BA/B Sc Pass Course 1 Economics B.A./B.Sc.: Elective and Optional Outlines of Tests Part- I Paper Title of Course Marks A : Basic Mathematics and Microeconomics
More informationEcon Alive Study Guide
Econ Alive Study Guide Directions: After you put your Final Portfolio in order, go through it and using this Study Guide as a map, answer these questions to the best of your ability. If you find that you
More informationECONOMICS (856) CLASS XI
ECONOMICS (856) Aims: 1. To enable candidates to acquire knowledge (information) and develop an understanding of facts, terms, concepts, conventions, trends, principles, generalisations, assumptions, hypotheses,
More information(AA13) ECONOMICS FOR BUSINESS AND ACCOUNTING
All Rights Reserved ASSOCIATION OF ACCOUNTING TECHNICIANS OF SRI LANKA AA1 EXAMINATION - JULY 2017 (AA13) ECONOMICS FOR BUSINESS AND ACCOUNTING Instructions to candidates (Please Read Carefully): (1) Time
More informationCaribbean Advanced Proficiency Examination SYLLABUS ECONOMICS CXC A20/U2/09
Caribbean Advanced Proficiency Examination SYLLABUS ECONOMICS CXC A20/U2/09 Effective for examinations from May June 2010 Published by the Caribbean Examinations Council. Correspondence related to the
More informationSocial Science Department Advanced Placement Macroeconomics Syllabus Course Objective and Overview
Social Science Department Advanced Placement Macroeconomics Syllabus 2007 2008 Course Objective and Overview This Advanced Placement course is designed to improve and enhance student understanding and
More informationSocial Studies Curriculum Guide GRADE 12 ECONOMICS
Social Studies Curriculum Guide GRADE 12 ECONOMICS It is the policy of the Fulton County School System not to discriminate on the basis of race, color, sex, religion, national origin, age, or disability
More informationThe above Figure 1 shows the demand and cost curves facing a monopolist.
Practice 13&14 1) The key characteristics of a monopolistically competitive market structure include A) few sellers. B) sellers selling similar but differentiated products. C) high barriers to entry. D)
More informationECONOMIC ANALYSIS PART-A
ECONOMIC ANALYSIS TWO MARK QUESTIONS: PART-A 1. State Alfred Marshall s definition of economics? Alfred Marshall defines economics as, A study of mankind in the ordinary business of life. An altered form
More informationFinal Exam Study Questions:
Final Exam Study Questions: Practice Multiple-Choice Questions 1. If a consumer purchases only two goods (X and Y ) and the demand for X is elastic, then a rise in the price of X a. will cause total spending
More informationCome & Join Us at VUSTUDENTS.net
Come & Join Us at VUSTUDENTS.net For Assignment Solution, GDB, Online Quizzes, Helping Study material, Past Solved Papers, Solved MCQs, Current Papers, E-Books & more. Go to http://www.vustudents.net and
More informationPractice Exam 3: S201 Walker Fall with answers to MC
Practice Exam 3: S201 Walker Fall 2007 - with answers to MC Print Your Name: I. Multiple Choice (3 points each) 1. If marginal utility is falling then A. total utility must be falling. B. marginal utility
More informationUNIT 4 PRACTICE EXAM
UNIT 4 PRACTICE EXAM 1. The prices paid for resources affect A. the money incomes of households in the economy B. the allocation of resources among different firms and industries in the economy C. the
More informationGOVERNMENT OF KARNATAKA SCHEME OF VALUATION. Subject Code : 22 ENGLISH VERSION Subject : ECONOMICS
GOVERNMENT OF KARNATAKA KARNATAKA STATE PRE-UNIVERSITY EUDCATION EXAMINATION BOARD II YEAR PUC EXAMINATION MARCH 27 SCHEME OF VALUATION Subject Code : 22 ENGLISH VERSION Subject : ECONOMICS Qn.No PART
More information2.2 Aggregate Demand and Aggregate Supply
2.2 Aggregate Demand and Aggregate Supply Aggregate Demand (AD): the total spending on all goods and services in an economy at a given price level over a period of time. The macroeconomic concept of aggregate
More information24TECO 202 COURSE OUTLINE. Prerequisites: None. Course Description:
Lecture 24TECO 202 24TPrinciples of Microeconomics COURSE OUTLINE Revised: Fall 2015 Prerequisites: None Course Description: Introduces the basic concepts of microeconomics. Explores the free market concepts
More informationMICRO EXAM REVIEW SHEET
MICRO EXAM REVIEW SHEET 1. Firm in Perfect Competition (Long-Run Equilibrium) 2. Monopoly Industry with comparison of price & output of a Perfectly Competitive Industry 3. Natural Monopoly with Fair-Return
More informationADVANCED SUBSIDIARY (AS) General Certificate of Education Economics Assessment Unit AS 2. The National Economy [AE121]
ADVANCED SUBSIDIARY (AS) General Certificate of Education 2012 Economics Assessment Unit AS 2 The National Economy [AE121] WEDNESDAY 20 JUNE, MORNING MARK SCHEME 7402.01 General Marking Instructions This
More informationVANCOUVER ISLAND UNIVERSITY. ECON100: Principles of Economics, Spring 2013 MIDTERM EXAM I
VANCOUVER ISLAND UNIVERSITY ECON100: Principles of Economics, MIDTERM EXAM I Name (Last, First): ID #: Signature: THIS EXAM HAS TOTAL 10 PAGES INCLUDING THE COVER PAGE Instructions: Total marks 65 and
More informationAP Microeconomics Review With Answers
AP Microeconomics Review With Answers 1. Firm in Perfect Competition (Long-Run Equilibrium) 2. Monopoly Industry with comparison of price & output of a Perfectly Competitive Industry (which means show
More informationJEFFERSON COLLEGE COURSE SYLLABUS ECO102 MICROECONOMICS. 3 Credit Hours. Prepared by: James Watson. Revised Date: February 2007 by James Watson
JEFFERSON COLLEGE COURSE SYLLABUS ECO102 MICROECONOMICS 3 Credit Hours Prepared by: James Watson Revised Date: February 2007 by James Watson Arts & Science Education Dr. Mindy Selsor, Dean ECO102 Microeconomics
More informationM.Sc. Agril. Economics
M.Sc. Agril. Economics Sl. Course Name Course Credit Semester No. Code 1. Micro & Macro Economics Theory ECON-701 3 (3+0+0) I 2. Research Methodology ECON-705 4 (2+0+4) I 3. Farm Management ECON-703 4
More informationDownloaded from
17. ECONOMICS (Code No. 030) (2017-18) Rationale Economics is one of the social sciences, which has great influence on every human being. As economic life and the economy go through changes, the need to
More informationCHAPTER 3. Economic Challenges Facing Contemporary Business
CHAPTER 3 Economic Challenges Facing Contemporary Business Chapter Summary: Key Concepts Opening Overview Economics Microeconomics Macroeconomics A social science that analyzes the choices people and governments
More informationName. Department of Economics Ohio Wesleyan University Delaware, Ohio. Economics 110 Principles of Economics Fall, 2007 Robert J. Gitter.
~ PLEASE LABEL ALL CURVES AND THE AXES ON ALL GRAPHS, FORM A," "..1., Name 1:10 --2:10 Circle one Department of Economics Ohio Wesleyan University Delaware, Ohio Economics 110 Principles of Economics Fall,
More informationEconomics Challenge Online State Qualification Practice Test. 1. An increase in aggregate demand would tend to result from
1. An increase in aggregate demand would tend to result from A. an increase in tax rates. B. a decrease in consumer spending. C. a decrease in net export spending. D. an increase in business investment.
More informationShort run and long run price and output decisions of a monopoly firm,
1 Chapter 1-Theory of Monopoly Syllabus-Concept of imperfect competition, Short run and long run price and output decisions of a monopoly firm, Concept of a supply curve under monopoly, comparison of perfect
More informationCambridge International Examinations Cambridge International Advanced Subsidiary and Advanced Level
*49674314* ambridge International Examinations ambridge International dvanced Subsidiary and dvanced Level EONOMIS 978/11 Paper 1 Multiple hoice May/June 217 dditional Materials: Multiple hoice nswer Sheet
More informationCh. 7 outline. 5 principles that underlie consumer behavior
Ch. 7 outline The Fundamentals of Consumer Choice The focus of this chapter is on how consumers allocate (distribute) their income. Prices of goods, relative to one another, have an important role in how
More informationnot to be republished NCERT Chapter 6 Non-competitive Markets 6.1 SIMPLE MONOPOLY IN THE COMMODITY MARKET
Chapter 6 We recall that perfect competition was theorised as a market structure where both consumers and firms were price takers. The behaviour of the firm in such circumstances was described in the Chapter
More informationa. Sells a product differentiated from that of its competitors d. produces at the minimum of average total cost in the long run
I. From Seminar Slides: 3, 4, 5, 6. 3. For each of the following characteristics, say whether it describes a perfectly competitive firm (PC), a monopolistically competitive firm (MC), both, or neither.
More informationCONTENTS PART ONE -BASIC CONCEPTSCONCEPTS
CONTENTS PART ONE -BASIC CONCEPTSCONCEPTS Chapter-1 The Scope and Nature of Economics Introduction; The subject matter of Economics; Robbins Definition of Economics; Superiority of Robbins Definition;
More informationGACE. Study Companion Economics Assessment. For the most up-to-date information, visit the ETS GACE website at gace.ets.org.
GACE Study Companion Economics Assessment For the most up-to-date information, visit the ETS GACE website at gace.ets.org. Last Updated: January 2016 Copyright 2016 by Educational Testing Service. All
More informationPOLITICAL ECONOMY. Law Degree Academic year Group: AR. Professor: Miguel Puchades Navarro. Office:1A04 Edifici Departamental Occidental
POLITICAL ECONOMY Law Degree Academic year 2012-2013 Group: AR Professor: Miguel Puchades Navarro Office:1A04 Edifici Departamental Occidental Email: Miguel.Puchades@uv.es 1. IDENTIFICATION Subjet Degree
More informationCase: An Increase in the Demand for the Product
1 Appendix to Chapter 22 Connecting Product Markets and Labor Markets It should be obvious that what happens in the product market affects what happens in the labor market. The connection is that the seller
More informationAssessment Report for the Department of Economics. Program: Bachelor of Economics
Assessment Report for the Department of Economics Program: Bachelor of Economics Section I: Program objectives, program strategies and assessment strategies The Economics Department has two main goals
More informationDEPARTMENT OF ECONOMICS
DEPARTMENT OF ECONOMICS ECIOO: INTRODUCTION TO ECONOMICS FINAL EXAMINATION - SEMESTER 2, 2008 Time Allowed 3 hours plus 10 minutes reading 100 marks (60% offinal grade) INSTRUCTIONS 1. This exam has three
More informationLabour Demand Lecturer: Dr. Priscilla T. Baffour
Lecture 3 Labour Demand Lecturer: Dr. Priscilla T. Baffour Determinants of Short Run Demand for Labour The wage rate: The wage rate is a very important determinant of labour demand. Thus the higher the
More informationGlossary of Economics By
Glossary of Economics By http://vustudents.ning.com Question: Differentiate between inflation and unemployment. Answer: Inflation is a rise in the general price level that results in a decline in the purchasing
More informationAS Economics. Economics of the National Minimum Wage. tutor2u Supporting Teachers: Inspiring Students. Economics Revision Focus: 2004
Supporting Teachers: Inspiring Students Economics Revision Focus: 2004 AS Economics Economics of the National Minimum tutor2u (www.tutor2u.net) is the leading free online resource for Economics, Business
More informationECONOMICS ECONOMICS EDEXCEL INTERNATIONAL GCSE INTERNATIONAL ADVANCED LEVEL SPECIFICATION
INTERNATIONAL ADVANCED LEVEL EDEXCEL INTERNATIONAL GCSE ECONOMICS ECONOMICS SPECIFICATION Edexcel International GCSE in Economics (9-1) (4ET0) Pearson Edexcel International Advanced Subsidiary in Economics
More information