Econ Exam 2 Scott Flashcards

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psychology

People in different cultures are most likely to differ in their interpretations of a. adults’ facial expressions. b. children’s facial expressions. c. frowns. d. postures and gestures.

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economics

The Asian Development Bank [ADB] reports that China has the largest gap between the rich and the poor in Asia. Ifzal Ali, the ADB’s chief economist, claims it is not that the rich are getting richer and the poor are getting poorer, but that the rich are getting richer faster than the poor. Source: Financial Times, August 9, 2007 Explain how the distribution of personal income in China can be getting more unequal even though the poorest 20 percent are getting richer.

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economics

Explain how a firm’s production function is related to its marginal product of labor, how a firm’s marginal product of labor is related to the value of its marginal product, and how a firm’s value of marginal product is related to its demand for labor..

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business math

Ben Arnold worked 48 hours last week. He earned $11.72 per hour for the first 37.5 hours. For time worked over 37.5 hours, he earned time-and-a-half. Deductions of$172.29 were made from his paycheck.

A truck which originally cost $16,450 is traded in eight years later for$3,290. What was the average annual depreciation on the truck?

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