Econ Tutorial - 812 Words

UNIVERSITY OF TECHNOLOGY, JAMAICA SCHOOL OF BUSINESS ADMINSTRATION ECO 1001: INTRODUCTION TO MICROECONOMICS TUTORIAL #1 1. Which of the following is the best definition of economics? a) The study of how individuals and societies choose to use the scarce resources that nature and previous generations have provided. b) The study of how consumers spend their income. c) The study of how business firms decide what inputs to hire and what outputs to produce. d) The study of how the Jamaican government allocates tax dollars. 2. Competitive behaviour a) occurs as a reaction to scarcity. b) occurs only in a market system. c) occurs only when the government allocates goods and†¦show more content†¦Briefly describe the three primary methods of resource allocation that have evolved to answer these questions. 7. Discuss three reasons why specialization could lead to a higher standard of living. 8. Differentiate between comparative advantage and absolute advantage. Which is more important from an economic viewpoint? The table below shows the number of computers and aero planes produced by two firms using the same quantities of resources. | |Computers |Aero planes | |Firm A |220 |100 | |Firm B |130 |80 | 9. Firm A has a(an) a) comparative advantage in the production of computers. b) comparative advantage in the production of aeroplanes. c) absolute advantage in production of aeroplanes only. d) absolute advantage in the production of computers only. Use the following information to answer Questions 10 and 11. | |Labour Required | | |1 Window Washed |1 Rug Cleaned | |Mary |2 hours |10 hours | |Peter |3 hours |12 hours | 10. Which of the following statement is true? a) Mary has an absolute advantage in both washing windows and cleaning rugs. b) Peter has an absolute advantage inShow MoreRelatedEcon Tutorial1103 Words   |  5 Pages|ECON1220 |Principles of Macroeconomics |2012-2013 | |Sections 001-004 |Tutorial Exercise 5 |2nd semester | Short-Answer Questions 1. Suppose you deposit $1,000 at your bank, and the required reserve ratio (r) is 10%. Furthermore, assume that banks do not hold any excess reserves, and that the public do not hold any cash. Explain the money creationRead MoreEcon2103 Tutorial Questions1354 Words   |  6 PagesAustralian School of Business School of Economics ECON 2103 BUSINESS AND GOVERNMENT SEMESTER 2, 2013 LECTURE SCHEDULE (WEEKS 7-12) AND TUTORIAL PROGRAM (WEEKS 8-13) 1 Econ 2103 Weeks 7 to 12 Lectures The second half of the course will look at some of the challenges, complex questions and conflicting forces faced by government in designing and implementing policy. The lectures will examine the issues faced by government in the areas of (1) redistribution of income (2) taxation (3) affordableRead MorePrinciples of Economics and How They Played Out in the Real Market Situation1060 Words   |  4 Pages31, 2011 from HYPERLINK http://stats.oecd.org/glossary/detail.asp?ID=3185 http://stats.oecd.org/glossary/detail.asp?ID=3185 Samuel L. B., (2006). Economics Interactive Tutorial; Elasticity. Retrieved January 29, 2011 from HYPERLINK http://hspm.sph.sc.edu/courses/Econ/ELAST/Elast.html http://hspm.sph.sc.edu/courses/Econ/ELAST/Elast.html Wahyudi Soeriaatmadja, (2011). Soaring Chilli Prices Sting Business. Retrieved January 29, 2011 from HYPERLINK http://www.agri-biz.com/Singlenews.aspxRead MoreHow Consumer Price Index and Net Present Value Affect Management Decisions: A Case Study803 Words   |  3 Pagessense to make such an important strategic decision. As of now, the spreadsheet does not reflect full-scale due diligence. Works Cited: Baker, S. (2000). Perils of the internal rate of return. Economics Interactive Tutorial. Retrieved May 5, 2012 from http://hspm.sph.sc.edu/courses/econ/invest/invest.html FAO. (no date). Capital budgeting. FAO Corporate Document Depository. Retrieved May 5, 2012 from http://www.fao.org/docrep/W4343E/w4343e07.htm Read MoreBUS 170 Syllabus1472 Words   |  6 PagesBahram Parineh Office Location: BT 460 Telephone: (408) 924-3482 Email: bahram.parineh@sjsu.edu Office Hours: Tu/Th 9:00am-12:00pm or by appointment Class Days/Time: Tu/Th 7:30-8:45am Classroom: BBC 202 Prerequisites: BUS 21 or BUS 122A, ECON 1A, ECON 1B and BUS 90 Course Description The finance function and its relation to other decision-making areas in the firm; the study of theory and techniques in acquisition and allocation of financial resources from an internal management perspectiveRead MoreDavid Ricardo : Comparative Advantage1397 Words   |  6 Pagespag. SIRS Renaissance. Web. 12 Mar. 2015. Economics 3LL3. N.p., n.d. Web. 12 Mar. 2015. http://socserv2.socsci.mcmaster.ca/~econ/ugcm/3ll3/ricardo/index.html. Comparative Advantage Specialization and Gains from Trade. Khan Academy, n.d. Web. 12 Mar. 2015. https://www.khanacademy.org/economics-finance-domain/microeconomics/choices-opp-cost-tutorial/gains-from-trade-tutorial/v/comparative-advantage-specialization-and-gains-from-trade. ProQuest LLC. Chapter 24: Economic Development. What CitizensRead MoreDemand, Supply, Market Equilibrium and Elasticity1299 Words   |  6 Pagesprice is increased, the quantity demanded is increased and the total revenue is increased. REFERENCES Basics Economics (2011). Retrieved from http://www.basiceconomics.info/ Baker, Ph.D., S.L. (2010) Economics Interactive Tutorials. Retrieved from http://sambaker.com/econ/. McConnell, C., Brue, S., Flynn, S. (2012) Economics (19th ed.). New York, NY: McGraw-Hill. Perfectly Elastic, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2011. [Accessed: November 3, 2011]Read MoreECON103 D100 Midterm1A Summer20131029 Words   |  5 PagesSimon Fraser University ECON 103-D100: Principles of Microeconomics Instructor: Iryna Dudnyk Summer 2013 MIDTERM EXAM 1 Version A FULL NAME: STUDENT ID: Your TA is (circle one) YASER CHUKU TUTORIAL SECTION: INSTRUCTIONS: you have 1 hour 30 minutes to complete the exam. Write all your answers in the space provided; any work on the back pages will be given zero credit. You can write in either pen or pencil. If you write in pencil your exam cannot be regraded. The exam has 6 pages and 2 sections:Read MoreScientific Method and Research2600 Words   |  11 Pageseconomics programmes. Research method is one of the school core subjects. 5. Semester and Year offered: SEM. 2 2012/2013 6. Total Student Learning Time (SLT) Face to Face Total Guided and Independent Learning L = Lecture T = Tutorial P = Practical O= Others L T P O (see Appendix SLT ) 7. Credit Value: 3 8. Prerequisite (if any): Nil 9. Learning outcomes: At the end of the course students should be able to: To explain the underlying research philosophicalRead MoreTutorial Questions3444 Words   |  14 PagesECON 130 tutorial questions Tutorial 1 (week 3): Thinking like an economist. MC1. Suppose Frieda is offered a free voucher that entitles her to one of the following: a movie, dinner at a restaurant, or a concert. Frieda values the movie at $15, dinner at $20 and the concert at $40. Frieda’s opportunity cost of going to dinner is: a) $15. b) $20. c) $40. d) $55. Question 1. What are the essential elements of the basic competitive model? Question 2. Consider a lake in a national