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- 39. Which of the following statements accurately represent ideas proposed by Adam Smith? a) the market system does not require any help from the government to survive. a) government should be weak. b) the government should protect domestic industry against foreign imports. c) the value of money is based on the goods it can buy d) selfishness is a good thing for society and the economy.5) A remote island decides to create its own money using avocados. Considering the five useful benefits of money, why would this be a bad idea?1. The advantages of using credit include a) access to more money than one has. b) immediate access to money. c) more money flows into the economy. d) all of the above. 2. In a command economy, the consumer(s) is/are a) private individuals. b) the family or community. c) the government. d) private corporations. 3. Which of the following countries have a mixed-market economy? a) China, North Korea, and Zaire b) Japan, United States, and Canada c) Aboriginal tribes of Australia d) All of the above
- Tools 1. The opportunity cost of holding money Suppose you've just inherited $5,000 from a relative. You're trying to decide whether to put the $5,000 in a non-interest-bearing account so that you can use it whenever you want (that is, hold it as money) or to use it to buy a U.S. Treasury bond. The opportunity cost of holding the inheritance as money depends on the interest rate on the bond. For each of the interest rates in the following table, compute the opportunity cost of holding the $5,000 as money. Interest Rate on Government Bond Opportunity Cost (Dollars per year) (Percent) What does the previous analysis suggest about the market for money? The quantity of money demanded increases as the interest rate falls. The quantity of money demanded decreases as the interest rate falls. O The supply of money is independent of the interest rate.1. What is opportunity cost and how does it affect the decision-making process for business decisions?2. how does opportunity cost affect the decision-making process for personal decisions? Please give a tangible example.3. Explain horizontal and vertical analysis and when you would use one over the other.4. Discuss a money management challenge in a business setting and how you would overcome it.5. Discuss a money management challenge in a personal setting and how you would overcome it.6. Pick a ratio and explain what it is and how it is used.7. What is fundamental analysis and where and when would it apply to a business decision.B. Imagine that you are a Jeepney driver in a world without money. Explain why it would be tricky to obtain groceries, clothing, and a place to live
- Which of the following areas are addressed in the study of economics? (check all that apply) A. Inflation ratesInflation rates. B. Pollution reduction policiesPollution reduction policies. C. The costs associated with a decisionThe costs associated with a decision. D. Financial marketsFinancial markets.b) Economy can be represented by economic models. One of the models we use to understand economy is a “Circular Flow Diagram”. Sketch a Circular flow model and explain the flow of money and flow of goods and services and factors of production caused by the following activities. i. Kaleem pays a shopkeeper Rs.150 for a liter of milk. ii. Mustaqeem while working at a fast-food restaurant earns Rs.500 per hour. iii. Sana spends Rs.500 on a haircut. iv. Mustafa receives Rs.200,000 from his 10 percent ownership of Salman Chemicals Ltd.1. How does microeconomics relate to macroeconomics? 2. Predict how each of the following economic changes will affect the equilibrium price and quantity in the financial market for home loans. Sketch a demand and supply diagram to support your answers. • The number of people at the most common ages for home-buying increases. • People gain confidence that the economy is growing and that their jobs are secure. • Banks that have made home loans find that a larger number of people than they expected are not repaying those loans. • Because of a threat of war, people become uncertain about their economic future. • The overall level of saving in the economy diminishes. • The federal government changes its bank regulations in a way that makes it cheaper and easier for banks to make home loans.
- 11. Macroeconomics is a study of economics that deals with which 4 major factors A) Households , firms , government and external sector B)Households , firms , government , and demand - supply C) Finns , government , free - market , and regulations D)Nonee) there is no right answer. 20. The behavior of each subject of economic relations is motivated by his personal, egoistic interests in the economic system: a) market economy; b) command economy; c) a mixed economy; d) traditional economy; e) all answers are correct. 33uMM1. Classify the following questions as Microeconomics or Macroeconomics and provide a justification for your choice. (i) How will the market for melons be affected after Hurricane Dean? (ii) How much will the Trinidadian economy grow this year? (iii) What are the factors which determine the choice that a person makes between buying a Honda Accord or a Toyota Corolla? (iv) What will the inflation rate be for Belize?