Giffen good - Samenvattingen, Aantekeningen en Examens

Sophia Microeconomics Alpha. Key Terms- Unit 1 Questions And Answers All Correct Absolute Advantage - CORRECT ANSWERS The capacity to produce a higher number of goods or services using the same production resources as competitors. Capital - CORRECT ANSWERS Material assets in the form of money or machinery used as a factor of production. Ceteris Paribus - CORRECT ANSWERS Holding all other variables constant. Comparati...

Edexcel A Level Microeconomics 2022|2023 latest updated Factors influencing demand for labour Demand for final product - if rise in output > increase in productivity Relative productivity of labour to capital - substitution effect £3,000 subsidy for hiring unemployed 18-24 y.o. = half UK's youth minimum wage Factors influencing supply of labour Cost of living Cost of gaining skills UK uni fees capped at £9,250 per year Number of workers UK raises state pension age fro...

Microeconomics AS WJEC questions and answers with complete top solutions What are the four factors of production? - Land - Labour - Capital - Entrepreneurship What is the 'basic economic problem'? - Finite resources, infinite wants 00:37 01:40 What is an opportunity cost? - The benefit forgone of the next best alternative What is meant by free goods and economic goods? - Free goods are those of infinite supply (no opportunity cost) - Economic goods are t...

CFA Level 1 Exam 58 Questions with Answers 2023 What are the 4 types of measurement scales? - CORRECT ANSWER 1. Nominal Scales 2. Ordinal Scales (Assigned to a category) 3. Interval Scales (Relative ranking) 4. Ratio Scales (Equal differences between scale values) NOIR When do we use geometric and arithmetic means to analyze investment returns? - CORRECT ANSWER Arithmetic Mean: To estimate next year's return Geometric Mean: Measure of past performance What are the 3 different ty...

Microeconomics AS WJEC questions and answers with complete top solutions What are the four factors of production? - Land - Labour - Capital - Entrepreneurship What is the 'basic economic problem'? - Finite resources, infinite wants What is an opportunity cost? - The benefit forgone of the next best alternative What is meant by free goods and economic goods? - Free goods are those of infinite supply (no opportunity cost) - Economic goods are those in finite supply ...

CFA LEVEL 1 QUESTIONS AND ANSWERS What are the 4 types of measurement scales? - CORRECT ANSWER-1. Nominal Scales 2. Ordinal Scales (Assigned to a category) 3. Interval Scales (Relative ranking) 4. Ratio Scales (Equal differences between scale values) NOIR When do we use geometric and arithmetic means to analyze investment returns? - CORRECT ANSWER-Arithmetic Mean: To estimate next year's return Geometric Mean: Measure of past performance What are the 3 different types of probabilit...

CFA LEVEL 1 QUESTIONS AND ANSWERS What are the 4 types of measurement scales? - CORRECT ANSWER-1. Nominal Scales 2. Ordinal Scales (Assigned to a category) 3. Interval Scales (Relative ranking) 4. Ratio Scales (Equal differences between scale values) NOIR When do we use geometric and arithmetic means to analyze investment returns? - CORRECT ANSWER-Arithmetic Mean: To estimate next year's return Geometric Mean: Measure of past performance What are the 3 different types of probabilit...

CFA LEVEL 1 QUESTIONS AND ANSWERS What are the 4 types of measurement scales? - CORRECT ANSWER-1. Nominal Scales 2. Ordinal Scales (Assigned to a category) 3. Interval Scales (Relative ranking) 4. Ratio Scales (Equal differences between scale values) NOIR When do we use geometric and arithmetic means to analyze investment returns? - CORRECT ANSWER-Arithmetic Mean: To estimate next year's return Geometric Mean: Measure of past performance What are the 3 different types of probabilit...

Scarcity - ANSWERSMoney, time, the capacity of your stomach... Different resources can become scarce in difference scenarios. Coping with scarcity is the essence of the human condition. Microeconomics can simply be defined as the subject about coping with scarcity. More formally: microeconomics is the study of how people choose under conditions of scarcity. - For someone with an infinite lifetime and limitless material resources, hardly a single decision would ever matter. If you made a bad...

What are the 4 types of measurement scales? - Answer- 1. Nominal Scales 2. Ordinal Scales (Assigned to a category) 3. Interval Scales (Relative ranking) 4. Ratio Scales (Equal differences between scale values) NOIR When do we use geometric and arithmetic means to analyze investment returns? - Answer- Arithmetic Mean: To estimate next year's return Geometric Mean: Measure of past performance What are the 3 different types of probabilities? - Answer- 1. Empirical Probability (Past data...