Open Book Midterm Exam ( Weight 110 Points ) Name

EC301 Open-Book Midterm Exam (Weight 110 points) NAME: Washington, Ron Submit your answers in the Dropbox or fax them. You may discuss concepts in the QA thread and where to find answers but do not give specific answers to specific questions. 1. (7 points) How are presidential election outcomes related to the performance of the economy? Usually when the economy is doing well the incumbent party will win the election, due to low unemployment and higher wage increases. The electorate cares about not spending tax dollars on frivolous projects that don’t enhance human lives or the environment in which they live in. An exception would be the 2001 election when the economy was doing well with the current party, but decided to elect the opposing party candidate. 2. (7 points) Discuss the difference between Microeconomics and Macroeconomics. Macroeconomics is the field of economics that studies the behavior of the economy as a whole not certain parts. Gross National Product (GDP) the economy’s total output; how it is affected by changes in unemployment, national income, rate of growth, and price levels. Macroeconomics encompasses an increase or a decrease in net exports would affect a nation s capital account. Government’s role in macroeconomics is to keep the economy in equilibrium; taxes and government spending augment the balance to achieve equilibrium in the economy Microeconomics focuses on individuals and business decisions with limited resources and limitedShow MoreRelatedVarian Solution153645 Words   |  615 PagesChapter 1 NAME The Market Introduction. The problems in this chapter examine some variations on the apartment market described in the text. In most of the problems we work with the true demand curve constructed from the reservation prices of the consumers rather than the â€Å"smoothed† demand curve that we used in the text. Remember that the reservation price of a consumer is that price where he is just indiï ¬â‚¬erent between renting or not renting the apartment. At any price below the reservationRead More_x000C_Introduction to Statistics and Data Analysis355457 Words   |  1422 Pagesof Apple Computer, Inc. Used herein under license. Library of Congress Control Number: 2006933904 Student Edition: ISBN-13: 978-0-495-11873-2 ISBN-10: 0-495-11873-7 ââ€"   To my nephews, Jesse and Luke Smidt, who bet I wouldn’t put their names in this book. R. P. ââ€"   To my wife, Sally, and my daughter, Anna C. O. ââ€"   To Carol, Allie, and Teri. J. D. ââ€"   About the Authors puter Teacher of the Year award in 1988 and received the Siemens Award for Advanced Placement in mathematics inRead MoreFundamentals of Hrm263904 Words   |  1056 PagesSinclair Sandra Dumas Susan McLaughlin Kevin Murphy Laura Ierardi Allison Morris Hilary Newman mb editorial services David Levy  ©Michael Eudenbach/Getty Images, Inc. This book was set in 10/12 ITC Legacy Serif Book by Aptaracorp, Inc. and printed and bound by Courier/Kendallville. The cover was printed by Courier/Kendallville. This book is printed on acid free paper. Copyright  © 2010, 2007, 2005, 2002 John Wiley Sons, Inc. All rights reserved. No part of this publication may be reproduced, stored in