Economics End-of-Course (Final Exam)

THE UNIVERSITY OF NEW SOUTH WALES SCHOOL OF ECONOMICS ECON1202/2291 QUANTITATIVE MEHODS A FINAL EXAMINATION SESSION 2 2008

d) The economy will spend too much time cutting and loses the ability to produce enough pie for everyone.

Basic economic models assume that all parties have “perfect information.” How does “informational asymmetry” undermine our market economy?

5. (TCO 1) If an economy is producing at a point inside a production possibilities curve, then

* Marginal Cost – The opportunity cost that arises from an increase in that activity

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

For my interview I choose to talk with my Economics Instructor Dr. Jennifer Ball, since I am interested in going into the field of business. Before the interview I took some time to prepare questions that I thought would give me a better idea of what Washburn had to offer in business, as well as, what inspired my professor to become a teacher at Washburn.

The following is a plan on two consecutive lessons in Year 8 Economics. The curriculum covers the ‘participation and influences in the market place’, and the students will learn how resources are allocated through market exchange and the role of consumers, producers and the government in a market economy (School Curriculum and Standards Authority [SCSA], n.d.). The primary goal of these two lessons is to explain why well-defined private property rights and the enforcement of law by the government are key to market exchange.

With the use of examples explain the various barriers to entry to a market and how these barriers might affect market structure

Subsequently, an increase in population increases the demand for haircuts. In the short run, we expect that the typical firm is likely to begin:

i. Why was Dakota’s existing pricing system inadequate for its current operating environment? (Hint: Consider why ABC might be a good idea)

The A-level subjects I am currently studying complement the studies of accounting and Finance I would want to take at your university. A-level economics is one of my three subject I am currently doing, personally I find it very comprehensive and all about critical understanding of the ideas, concepts and issues central to economics. It has improved my skills in Analyse and reason of both deductively and inductively writing

Do you believe that wrong implementation of differentiation could result in hindering pupils’ progress? (Yes/No)

MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Economics is the study of the ________ people make to attain their goals, given their ________ resources. A) decisions; household B) purchases; unlimited C) income; available D) choices; scarce 2) Which of the following is what economically rational people do? A) Respond to economic incentives. B) Weigh the benefits and costs of all possible alternative actions. C) Use all available information as they act to achieve their goals. D) Economically rational individuals do all of these. 3) Which of the following best describes the assumption about human behaviour that economics makes? A) Economics

This research topic is significant to the current property market in Singapore and its sudden increased demand for houses despite the economic downturn, exploring deeper as to whether the government policies were the real influential causes to this boom in property demand. It has relevance to the economic concepts of demand and supply, elasticity, inflation and monopolistic competition. This topic is worthy of investigation because it is a hot media topic in Singapore, and is widely debated in the country because it’s the most expensive household asset.[2]