Economics Answers

Consider the following statements:

A. The product of 2 numbers of opposite signs will be a negative number

B. The reciprocal of an improper fraction is a proper fraction

C. The reciprocal of 1 is −1.

If a certain number x is subtracted from 8, it will be equal to two less than four times the same number. The

correct equation for the above sentence is:

[1] x − 8 = 4x − 2

[2] 8 − x = 4 − 2x

[3] 8 − x = 4x − 2

[4] x − 8 = 2x − 4

Match the terms in column B with a statement in column A

A B

1. In equation 7x + 2y − 4 = 45,4 is the a. Base

2. The number in front of a variable b. Product

3. When 2 numbers are multiplied the answer is the c. Coefficient

4. In equation 53 = 125,5 is the d. Constant

[1] 1-d 2-b 3-a 4-c

[2] 1-d 2-c 3-b 4-a

[3] 1-a 2-c 3-b 4-d

[4] 1-c 2-b 3-d 4-a

Carol has 18 fruits in a basket, 3 of them are apples, x of them are pineapples and the rest are oranges. An expression in terms of x for the number of oranges in the basket is... [1] 18 − 3x [2] 18 − 3 + x [3] 15 − x [4] 3x − 18

Match the terms in column B with a statement in column A

A B

1. Natural numbers are also called a. Non-negative integers

2. The most fundamental system of numbers b. Positive integers

3. Counting numbers are also called c. Real numbers

4. All points on a number line represent a set of d. Natural numbers

[1] 1-c 2-d 3-b 4-a

[2] 1-c 2-d 3-a 4-b

[3] 1-b 2-c 3-d 4-a

[4] 1-b 2-d 3-a 4-c

Identify the relevant elasticity concept for the given event. Then, compute the measure of elasticity using average prices and quantities in your calculations. In all cases, assume that these are ceteris paribus changes.

As average household income in Canada increases by 10 percent, annual sales of Toyota Camrys increase from 56,000 to 67,000. The relevant elasticity concept is _________ and the computed elasticity is ___________

Rounding:

a) 34.18371 to three decimal digits,

b) 3.0062 to two decimal digits,

c) 10.395 to one decimal digit, and

d) 19.489 to the nearest integer

Gives the following

[1] a) 34.184 b) 3.00 c) 10.3 d) 18

[2] a) 34.183 b) 3.01 c) 10.4 d) 19

[3] a) 34.184 b) 3.01 c) 10.4 d) 19

[4] a) 34.183 b) 3.00 c) 10.3 d) 20

How can rising oil prices in recent years be explained?

Your flatmate is a better cook than you are, but you

can clean more quickly than your flatmate can. If your

flatmate did all of the cooking and you did all of the

cleaning, would your chores take vou more or less

time than if you divided each task evenly? Give a simi-

lar example of how specialisation and trade can make

two countries both better off.

6.

The pension system provides income for people when

they retire. Recipients with more income from other

sources receive smaller benefits (after taxes) than recipi-

ents with less income from other sources.

a. How does the provision of pensions affect people's

incentive to save while working?