Economics 4130 SP13 Midterm 1 Review The exam will have 5, 10-point questions on it from the questions below. 1. List 2 data sources researchers use to estimate historical standards of living and explain what they can infer from these sources. List three indicators of economic development other than National Income measures (NI, GDP, or GNP, level, growth rate, or per capita) that are of interest to economists and explain what can be inferred from each of these indicators. 2 data sources: Censuses, surveys (population, demographic information, occupational distributions)&Tax records (production information, shipping information, exports and imports, wealth). 3 indicators: a. Average annual rate of inflation: …show more content…
After this intersection, the returns from hunting become lower than agriculture which VMP of agriculture is still constant. a. Extinction of mammoths—implications for returns to hunting. Ice age is exogenous shock. Climate change also decreases yield of hunt. b. Trial and error in agriculture (Returns to scale). Best practices were learned and passed down. Returns to agriculture increased. c. Establishments in the fertile crescents. Civilizations that can support large populations form independently in Mesopotamia, N.China, Meso-America (Central America). Areas best suited to primitive agriculture 4. List 4 contributions of the earliest civilizations (those that eventually formed the Babylonian Empire) and explain how each was important to continued economic growth. Pick any favorite 4 of 5 contributions a. Writing. (Bureaucratic necessity: state needed to keep records of tax collections and tributes. Script used to set down other languages besides Sumerian. Phonetic symbols allowed script to be used to write other ancient languages.) b. Arithmetic—necessary for keeping track of accounts. c. Weights and measures—Standard units of trade. d. Geometry—necessary for measurements of fields and architecture. e. Codes of Law • Civilization required the development o law – codified rules to regulate interactions. • Many laws dealt with Economic life. Regulation of contracts, specifying
The economy of Brazil is in the top ten largest economies along with the United States. It is the biggest in Latin America. Actually it is the seventh largest in the world. Brazil has used its newly found economic mechanism to syndicate its outcome in South America and show more of a role in the Global Businesses. The Obama Administration’s National Security Strategy recognizes Brazil as a developing center of effect, and greets the management of the country’s joint and global issues. The United States and Brazil associations mostly have been good in the recent years. But Brazil has other strengthening relations with neighboring countries and expanding ties with nontraditional partners in the South that’s developing.
Imagine that you have decided to open a small ice cream stand on campus called "Ice-Campusades." You are very excited because you love ice cream (delicious!) and this is a fun way for you to apply your business and economics skills! Here is the first month's scenario--you order the same number (and the same variety) of ice creams each day from the ice cream suppliers, and your ice creams are always marked at $1.50 each. However, you notice that there are days when ice creams remain unsold but other days when there are not enough ice creams for the number of customers.
Beginning with Mesopotamia, according to McKay Mesopotamia was part of the Fertile Crescent, which was where the first agriculture developed (McKay, 35). Moving from Mesopotamia to the city-state Sumer, many farmers brought with them their farming tools and trade abilities so that they could successfully farm in warmer, more arid climates (McKay, 35). Irrigation was a major part of the process and was needed for them to succeed. As the civilization grew, people built temples in Mesopotamia, where farmers would use them to store food items and animals. To the Mesopotamian people, the belief of Polytheism, which is that of many Gods controlling the earth and world, brought a distinct outlook on life (McKay, 36). Sumerian
Apple Incorporation is one of the biggest high technology company that operates worldwide. Is was established on April 1, 1976 in California by Steve Wozniak, Steve Jobs and Ronald Wayne.The company is known for designing and manufacturing several technology devices include Smart Phones (iPhone), Tablets, iPods, iPads, Mac, Apple TV, Apple watches as known as smart watches, it also produce software’s like the OS X and iOS operating systems, and offers several online services such as iCloud, Apple Pay, Apple Care. The company strategy is to designee and enhances its own operating systems, software, hardware and other services by providing customers with new developed technology.
Using the data and your own economic knowledge, assess the case for financing universities mainly through charging fees to their students.
Answer the next question on the basis of the following production possibilities tables for countries Alpha and Beta:
Mesopotamia, Egypt, India, and China all are the four main ones that brought hope to establishment. They all share their areas of discovers in common, as they were all discovered by a river. The four are not the only cradles of civilizations either, as new discoveries emerge, so do signs of settlers in new societies. Military and religions are prime examples of characteristics of complex societies or civilizations. They are both hard to maintain and control under a land of people, especially as they make advancements and discover new types to improve the previous one. Cradles of civilization are not the easiest task or title to
Which of the following is not a requirement to become registered in PEO (Professional Engineers of Ontario)
You have been working as an economic consultant, and you have seen a significant number of firms needing outside help to assist in business policy and formulation. Because of your strong reputation, you have just been hired as a consultant for one of the following organizations:
SABMiller and Diageo are two largest beer producer in Africa. ”SABMiller, if combined with its partnership with France's Castel Group, sells roughly 60% Africa’s beer by volume. Diageo’s also expands its operation successfully that Senator Keg, its supercheap beer, is also now number two most popular beers in Kenya. As these giant brewers monopolized Africa’s beer market, it can be said that the market has an oligopoly market structure, and both pursue identic operations, so the market can be labeled as competitive. The interdependence that is happening between both brewers makes the competition happens. As SABMiller produces Impala that is half price from its previous beer Manica, Diageo produces Senator Keg to balance it. Diageo
The first civilizations and the rise of empires began with small groups or villages existing with the use of hunting, fishing, and foraging. (William J. Duiker and Jackson J. Spielvogel, World History, vol. 1, 1) Within a few thousand years, people learned how to cultivate food crops and this led to an increase in population. Increased food production resulted in larger communities. The cities began to expand their cultural and religious developments leading to the beginnings of civilization. (Duiker, World History, 1) The first civilizations emerged in Mesopotamia and Egypt during the fourth and third millennia B.C.E and had various components in common. Each of these civilizations was established in a river valley so they were able to provide and produce the agricultural resources needed to survive and uphold the population. (Duiker, World History, 1) Mesopotamia developed in the valley between the Tigris and Euphrates River known as “the land between the rivers.” These rivers provided irregular and catastrophic flooding for the city-state. They created an intensive irrigation system to improve their agriculture. The first people to create Mesopotamian civilization were known as the Sumerians. These people were the first city builders and created the major city’s named Eridu, Ur, Uruk, Umma, and Lagash. These cities were built with surrounding walls and defense towers. A six-mile-long wall enclosed the city of Uruk. Mesopotamia lacked
Your paper should be between 1750 and 2500 words, in APA format and structured as follows:
Since the beginning of recorded time there have been many societies who have evolved and shaped the culture of our world. Civilizations such as Mesopotamia or Egypt have recorded epics and writings from which we may draw conclusions about world as it was. Certain ancient civilizations have always been topics of discussion and are even on present day television because those ancient civilizations such as Mesopotamia, Egypt, Persia, Greece, and many more captivate audiences in an educational way. Many of the ancient texts from these ancient civilizations have withstood the test of time and are now available to any who wish to research them. I am one such student, and I would
identify historical factors and explain their significance in contributing to change and continuity in the ancient world
They also had a list of magical stones to develop their knowledge of mineralogy. Map mating was a very known science to the Babylonians most of them were experienced in it which made them more aware of there surrounding. Babylonians drew maps of local areas such as field plans, estates plans, grounds plants of temples and houses as well as maps of more distant regions such as larger areas: districts and towns. Their maps were drawn mostly in straight lines, with little attention to scale, angles and orientation. Most of the sciences they began to study and explore are the same sciences that we are going into today. The Babylonians have built the foundation for us and we used that and are building the rest. <br><br>Mathematics was just as important to the Babylonian as it is to us. They however calculated things entirely different from us. A prime example of this is their number system which had two disadvantages: (1) it was confusing and, therefore, not used in many daily economic activities (2) there was no special sign for zero, to separate the different units, so they would leave two blank spaces for zero or by using a special sign that indicated a space between two words. Babylonian mathematicians developed a mastery of algebraic skill, even though there was no graphic symbol for the unknown. Instead they invented a method called false value. Babylonians also