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principles of microeconomics

Questions and Answers of Principles Of Microeconomics

19. What is globalization? How do you think it might have affected the economy over the past decade?
18. What are the three ways that societies can organize themselves economically?
17. Are firms primarily buyers or sellers in the goods and services market? In the labor market?
16. Are households primarily buyers or sellers in the goods and services market? In the labor market?
15. How did John Maynard Keynes define economics?
14. What are the three main goals of macroeconomics?
13. What are examples of individual economic agents?
12. What is the difference between microeconomics and macroeconomics?
11. What are three reasons to study economics?
10. Give the three reasons that explain why the division of labor increases an economy’s level of production.
9. Why might Belgium, France, Italy, and Sweden have a higher export to GDP ratio than the United States?
8. The chapter defines private enterprise as a characteristic of market-oriented economies. What would public enterprise be? Hint: It is a characteristic of command economies.
7. What is an example of a problem in the world today, not mentioned in the chapter, that has an economic dimension?
6. Suppose we extend the circular flow model to add imports and exports. Copy the circular flow diagram onto a sheet of paper and then add a foreign country as a third agent. Draw a rough sketch of
5. What would be another example of a “system” in the real world that could serve as a metaphor for micro and macroeconomics?
4. A computer systems engineer could paint his house, but it makes more sense for him to hire a painter to do it.Explain why.
3. A consultant works for $200 per hour. She likes to eat vegetables, but is not very good at growing them. Why does it make more economic sense for her to spend her time at the consulting job and
2. Residents of the town of Smithfield like to consume hams, but each ham requires 10 people to produce it and takes a month. If the town has a total of 100 people, what is the maximum amount of ham
1. What is scarcity? Can you think of two causes of scarcity?
Explain the relationship between price, total revenue, and the price elasticity of demand.
Define price elasticity of demand and understand how to measure it.
Define price elasticity of supply and understand how to measure it.
Define cross-price elasticity of demand and income elasticity of demand and understand how to measure them.
Describe and explain the circular flow model.
Define and explain the distinction between positive statements and normative statements
Describe the difference between correlation and causation.
Define and explain economic theories and models.
Describe what economists mean when they say that people engage in rational behavior and respond to incentives in predictable ways.
Define and describe what is meant by the term economics.
What is utility?
What is a value-added tax?
What is the benefits-received principle?
What is the ability-to-pay principle?
What is producer surplus?
What is consumer surplus?
What is price elasticity of demand?
What is a market?
What is efficiency?
What are positive incentives?
Can we predict how people will respond to changes in incentives?
Why do we use the word expected with marginal benefits and costs?
What is the rule of rational choice?
What do we mean by marginal thinking?
What is rational decision making?
What do we give up when we have to choose?
Why do we have to make choices?
What are economic goods?
What are tangible and intangible goods?
What are goods and services?
Why do economists disagree?
What is a normative statement?
What is a positive statement?
What is the fallacy of composition?
If two events usually occur together, does it mean one event caused the other to happen?
What are microeconomics and macroeconomics?
What is the ceteris paribus assumption?
What is empirical analysis?
What is a hypothesis?
Why do we need to abstract?
What can we expect from theories and models?
What are economic theories and models?
What is rational behavior?
Why is self-interest not the same as selfishness?
What is self-interest?
What is the economic problem?
What is scarcity?
What is economics?
What are the three main components of the balance of payments?
What is the balance of payments?
Discuss the various benefits of integrating value and risk management processes.
Discuss the various sources and strategies for integrating cost and value.
Explain the importance of integrating cost and value in projects.
Explain project value chain analysis and briefly discuss the steps involved in performing such an analysis.
Describe the supply chain operations reference (SCOR) model for monitoring project supply chain performance.
Identify the performance metrics used in project supply chain management.
Enumerate the various steps needed to achieve project supply chain integration.
Demonstrate use of the analytic hierarchy process (AHP) tool to select project suppliers.
Describe the approaches to enhance value in the key phases of a project’s supply chain.
Differentiate the cost and value drivers in a project’s supply chain.
Identify the critical areas of a project’s supply chain.
Explain the meaning and importance of supply chain management (SCM).
Discuss the various standards for monitoring project quality.
What is the shape of the supply curve of labor?
Why is the demand curve for labor downward sloping?
What is the marginal resource cost of hiring another worker?
Discuss the essential features of project benefits management.
Discuss how value management can be used in project risk assessment.
Explain the relationship between project value and project risk.
Utilize MS Project 2019 to conduct and report on EVA.
Enumerate the benefits of EVA.
Outline the various methods for technological forecasting.
Discuss the need for technological forecasting.
Describe an S-curve and demonstrate a method for forecasting the S-curve.
Identify the various forecasting methods that can be used in projects.
Describe the reasons for forecasting in projects.
Demonstrate the impact on the project budget when the project schedule is crashed.
Describe the top-down and bottom-up approaches to project budgeting.
Draw learning curves and use associated formulas to estimate costs of project activities.
Discuss the cost estimation process through the project life cycle.
List the various sources and categories of project costs.

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