Eco 550 Quiz 1 Chapter 1 & 2

25. In a science fiction movie, an officer is implementing an experimental process to prevent a catastrophic geologic event affecting a primitive indigenous alien population. A crew of a starship vessel is willing to save him; however, environmental conditions prevent simple extraction. The commander refuses to let the crew extract the officer, proclaiming “the needs of the many outweigh the needs of the few, or in this case, one.” The commander’s conclusion is based on which moral theory?

2. The type of “lust murderer” who is usually of above-average intelligence, methodical and cunning, and socially skilled, and who tricks victims into situations in which he can torture and then murder them, is called a(n),

The practical steps they have made in terms of choosing the correct information systems drove their main competitive advantage; which over time, transformed the traditional business to consumer relationship that people were familiar with in the 20th century. This is worth analysing- they were one of the few innovating companies to invest heavily in these progressing technologies, which as a result, generated high amounts of profit. Not only did it

Rapid cultural diffusion which occurs under the influence of a more dominant culture is called:

Formulate a reason why the elasticity of demand is an important consideration when analyzing the impact of a shift in supply and why the elasticity of supply is an important consideration when analyzing the impact of a shift in demand. Include at least one (1) example in each scenario.

The Dutch republic managed to become largely influential and powerful through trade. As previously mentioned, competitiveness was and still is a characteristic of Western Europe. Since the Dutch focused on ship building to support the trade they were beginning to be a part of.

Does this policy clearly provide the policy objectives? If not, develop the Policy Objectives section for this policy.

| require no entry because investee net income has already been recorded at the proper proportion on the investor's books.

If each gains $25 from this transaction, which of the following conclusions can be drawn?

made one of the leading manufacturing countries due to all the trade they were doing around the world.

No worry this quiz won't affect your grade it was just to see what we would get! I completely agree with you on how the questions were set up, they were very tricky to answers. Like for all of them I wanted to answer true or no but then I just went with undetermined because I fully didn't know. I thought maybe if it was worded differently than it wouldn't have been as hard to not assume that the information was this or that. I guess it shows that we can never assume that information is correct.

A global economy emerged, interacting and integrating among the people of different nations, driven by international trade and investment and aided by information technology. Machine made goods, money to invest, and new technology went to the whole world. European countries received new foods natural resources and cheap labor. All the money made in the colonized countries went to Europe, giving them a heavy profit. The main con the Europeans dealt was the constant presence of war.

“Three factors drove economic success and failure between Waterloo and the Second World War- technology, globalization, and state policy.” (Allen, 55) Earlier in the chapter Allen talks about how the east empires were becoming successful because of the manufacturing industries they were successful by using these three tactics. Asia ran out of business because of two reasons, the first one being that Europe technology made them more sufficient in manufacturing which resulted in cutting costs in Asia; the second is that ‘steamships and railways made international competition more intense.’ (Allen, page 55) Comparative Advantage had a role in the above quote because it explains why some countries only exported and imported within each other, so

of Western manufactures to shift their production in Eastern countries, to enlarge from one side

Nаtionаl prоsperity is creаted, not inherited. It does not grоw out of a country’s natural endowments, its lаbor pool, its interest rates, or its currency’s value. A nation’s cоmpetitiveness depends on the capacity of its industry to innоvate and upgrade. Cоmpanies gain advantage against the world’s best cоmpetitors because of pressure and chаllenge. Thеy benefit from having strong domestic rivals, аggressive hоme-based suppliers, and demаnding local custоmers (Harvard Business Review, The Competitive Advantage Of Nations, Michael E. Porter). The Nаtional Competitive Advantage is basically an evaluation of hоw competitively a nation participates in international markets. Porter offers a diamond-shaped diagram to outline the frаmework of 4 key