Econ 205 - Study guides, Class notes & Summaries

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the nursing process. - -a systematic, rational method of planning and providing nursing care. -steps of the nursing process. - -• Assessment • Diagnosing • Planning • Implementing • Evaluating -objective data - -(Signs): observable and measurable, obtained through the senses. -the importance of nursing diagnoses. - -Facilitates individual care • Defines the domain of nursing • Improves communication within the profession • Increases nursing autonomy and accountab...

The concept of guns vs. butter represents the classic societal trade-off between spending on - -military goods vs. consumer goods. -If the Federal Reserve announces it will be decreasing the money supply through its monetary policy tools, it tells us the Federal Reserve is - -concerned about inflation. -The main reason households and societies must make many decisions is because - -resources are scarce. -A record company went out of business because too many of its customers downloaded ...

Econ Resource Questions Correctly Answered. Stephanie produces earrings. She sells each pair of earrings for $5.00. The table below shows how many pairs of earrings can be produced, depending on the number of workers Stephanie hires. Fill in the "Total Revenue" and "Marginal Revenue Product" columns using the information given. Assume this is a perfectly competitive market. - CORRECT ANSWER TR = 40, 100, 140, 170, 190, 200, 205 MRP = 40,60,40,30,20,10,5 Pierre produces wedges of age...

Tradeoffs are required because wants are unlimited and resources are - -Scarce -Suppose you find $20 on the sidewalk and decide to spend it having dinner at Applebees. Your opportunity cost for going to dinner is - -The $20 because you could have spent it on something else, plus the value of your time spent at Applebees -Which is the best example of marginal analysis? - -I decide to study for only 1 more hour because sacrificing one hour of sleep is okay but sacrificing 2 would be too impa...

Because of scarcity: a. we must sacrifice something of value to obtain more of any good or service we desire. b. we can obtain more of any good or service we desire without sacrificing something of value. c. the opportunity cost of any good or service will always be zero. d. we can use more resources for one purpose without sacrificing the amount used for other purposes - -a. we must sacrifice something of value to obtain more of any good or service we desire -If you choose to play tenn...

INTERMEDIATE MACROECONOMICS (ECON 302) 1ST TRIMESTER 2012 Latest Verified Review 2023 Practice Questions and Answers for Exam Preparation, 100% Correct with Explanations, Highly Recommended, Download to Score A+ Question One • Assume two good economy which produces good A and B. 2006 2007 2008 P Q P Q P Q Good A 30 900 31 1000 36 1050 Good B 100 192 102 200 100 205 NB: Prices in US dollars. Required: • Compute nominal GDP in each year. ...

Price X Quantity - -Total Revenue -Total Revenue - Total Cost - -Total Profit -we are going to sell the product - -As long as MR > MC -MR=MC - -Profit Maximization is at what point? -theoretical extreme of competition; market products are perfect subs - -perfect competition -highly differentiated products; think beer, they are all technically substitutes - -monopolistic competition -cell phone providers; a state of limited comp in which market is shared by a small number of ...

Duopoly - -An oligopoly consisting of only two firms is a duopoly. Each firm is a duopolist. With only two firms in the industry, each realizes that by producing more, it would drive down the market price. So each firm, like a monopolist, realizes that profits will be higher if it limits its production. -Collusion - -Sellers engage in collusion when they cooperate to raise each other's profits. -Cartel - -The strongest form of collusion is a cartel, an agreement by several producer...

If the demand for insulin is inelastic, one may conclude that the absolute value of the price elasticity of demand is a. Less than one and a fall in price will cause expenditures on insulin to fall b. Less than one and a fall in price will cause expenditures on insulin to rise c. Greater than one and a fall in price will cause expenditures on insulin to rise d. Greater than one and a fall in price will cause expenditures on insulin to fall e. None of the above - -A