D. use of policy to refute facts and hypotheses. 2. In economics, the pleasure, happiness, or satisfaction received from a product is called: A. marginal cost. B. rational outcome. C. status fulfillment.
PRACTICE TEST – QUIZ 2 ANSWER KEY CHAPTERS 7 - 12 Chapter 7 1. (p. 181) Calculations of pay level include all except _________. a. value of stock options b. benefits c. bonuses D. health care 2. (p. 186) The market pay rate is the _______________ a. rate an employer must pay to hire workers b. pay rate at which applicants will accept a job c. going rate D. point at which supply and demand lines cross 3. (p. 191) ______________ theory is typically associated with greater profits.
When they returned to Asgard he told Idun he found apples in the forest that looked as lovely as her and that she should come and compare her own apples to them. Idun’s eyes sparkled and she set out with Loki to the forest. Deep in the woods the eagle swooped down and took Idun. All the Gods in Asgard knew Idun was missing. Loki acted like he did not know where she was either.
Piyatida Choomchaiyo Business HL Ms. Brennan 12/02/11 Case Study – Bodyline a) Supply and demand is one of the most fundamental concepts of economics that is also very useful to pricing in business. Demand refers to how much (quantity) of a product or service is desired by buyers. The quantity demanded is the amount of a product that people are willing to buy at a certain price. Supply represents how much the market can offer (price). The correlation between price and how much good/service is supplied to the market is known as supply relationship.
Week 1 Quiz (Chapters 1 & 2) Return to Assessment List Part 1 of 1 - | 100.0 Points | Question 1 of 10 | 10.0 Points | The branch of economics that examines the impact of choices on aggregates in the economy is: | | A.positive economics. | | | B.normative economics. | | | C.macroeconomics. | | | D.microeconomics. | | Answer Key: C | | | Question 2 of 10 | 10.0 Points | When we are forced to make choices we are facing the concept of: | | A.ceteris paribus.
Explain the viewpoints of classical and Keynesian economists. How did the economy that existed at the time of these theories influence them? Which theory is more appropriate for the economy today? Why? With classical economists believe that people supply things to the economy so they have income to demand things of value they supplied.
Imani Shakir Period 3 Calhoun 09/11/2009 Chapter 4 Notes Demand What is Demand? Demand- the desire, ability, and willingness to buy a product that can compete with others who have similar demands. Microeconomics-the area of economics that deals with behavior and decision making by small units. The knowledge of demand is essential to understand how a market economy works. Demand Schedule-A listing that shows the various quantities demanded of a particular product at all prices that might prevail in the market at a given time.
c. interviewing skills. d. career paths within the firm. e. company benefits. 3. The effects of economic conditions on consumers' ability and willingness to buy would best be called ____ forces.
Maximizing profit which means total revenue minus total goal is a competitive firm’s goal. The competitive firm takes the market price given and then chooses how much supply is needed so that a sales price can be determined for profit. The monopoly firm determines their price on the quantity of products to sell. The monopoly decides how much of its product to make and what price to charge for it. Individual financial gain determines the price for oligopolies.
Economic incentives are used by businesses and government agencies to influence the behavior of people. These incentives are designed for the overall profitability of the business or agency and can have either a negative or positive impact on the individual. Today economics is largely incentive based. There are work incentives, production incentives, investment incentives and even purchasing incen-tives. To accomplish goals you must provide incentives, without them people have no reason to com-plete tasks (Laffont & Martimort, 2001).