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Flashcard 1428087770380

Tags
#clasificacion-de-las-normas #derecho #introduccion-al-derecho #normas-unilaterales
Question
Las normas unilaterales no prevén la existencia de [...] para [...] el [...] de las obligaciones contenidas en esa norma al destinatario
Answer
un sujeto facultado para exigir el cumplimiento


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l>Unilateralidad: Consiste en que las normas unilaterales no prevén la existencia de un sujeto facultado para exigir el cumplimiento de las obligaciones contenidas en esa norma al destinatario, es decir, o confieren facultades o imponen obligaciones, por ejemplo: un poder notarial, un convenio, un contrato<html>

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1.3.3.1 Clasificación de las normas
Unilateralidad: Consiste en que las normas unilaterales no prevén la existencia de un sujeto facultado para exigir el cumplimiento de las obligaciones contenidas en esa norma al destinatario, es decir, o confieren facultades o imponen obligaciones, por ejemplo: un poder notarial, un convenio, un contrato. Bilateralidad: Estas normas contemplan la existencia de un derecho que es desprendido de una obligación o viceversa y por lo tanto, la de un sujeto autorizado para e







Flashcard 1428918766860

Tags
#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4
Question
When the tax is imposed, the demand curve shifts [...] by the tax per unit, t.
Answer
vertically downward


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When the tax is imposed, the demand curve shifts vertically downward by the tax per unit, t. This shift results in a new equilibrium

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3.13. Market Interference: The Negative Impact on Total Surplus
; Originally, the pre-tax equilibrium is where D and S intersect at (P*, Q*). Consumer surplus is given by triangle a plus rectangle b plus triangle c, and producer surplus consists of triangle f plus rectangle d plus triangle e. <span>When the tax is imposed, the demand curve shifts vertically downward by the tax per unit, t. This shift results in a new equilibrium at the intersection of S and D′. That new equilibrium price is received by sellers (P rec’d ). However, buyers now must pay an additional t per unit to government, resulting in a total







Flashcard 1429238582540

Tags
#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4
Question
Positive income elasticity simply means that as [...] rises, [...] also rises.
Answer
income

Demand for the good


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Positive income elasticity simply means that as income rises, quantity demanded also rises, as is characteristic of most consumption goods.

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4.3. Income Elasticity of Demand: Normal and Inferior Goods
ne percent, the quantity demanded at each price would rise by 0.8 percent. Although own-price elasticity of demand will almost always be negative because of the law of demand, income elasticity can be negative, positive, or zero. <span>Positive income elasticity simply means that as income rises, quantity demanded also rises, as is characteristic of most consumption goods. We define a good with positive income elasticity as a normal good . It is perhaps unfortunate that economists often take perfectly good English words and give them different definition







Flashcard 1429309361420

Tags
#sister-miriam-joseph #trivium
Question
Pleasurable goods are those which are desired for [...] because of [...] they give their possessor. For instance, happiness, an honorable reputation, social prestige, flowers, and savory food are pleasurable goods.
Answer
their own sake

the satisfaction


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Pleasurable goods are those which are desired for their own sake because of the satisfaction they give their possessor. For instance, happiness, an honorable reputation, social prestige, flowers, and savory food are pleasurable goods. They do not

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Flashcard 1430338538764

Tags
#cfa #cfa-level-1 #economics #market-equilibrium #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4
Question
Price and quantity, are variables determined within the model for a particular market and are called [...]


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ity are determined outside of the demand and supply model of this particular market. Because of that, they are called exogenous variables . Price and quantity, however, are determined within the model for this particular market and are called <span>endogenous variables<span><body><html>

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3.6. Market Equilibrium
al gasoline market, the demand function was given by Qdx=f(Px,I,Py) , and the supply function was given by Qsx=f(Px,W) . Those expressions are called behavioral equations because they model the behavior of, respectively, buyers and sellers. <span>Variables other than own price and quantity are determined outside of the demand and supply model of this particular market. Because of that, they are called exogenous variables . Price and quantity, however, are determined within the model for this particular market and are called endogenous variables . In our simple example, there are three exogenous variables (I, P y , and W) and three endogenous variables: P x , Qdx , and Qsx . Hence, we have a system of two equations and three un







Flashcard 1430519418124

Tags
#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4
Question
An example of a common value auction would be bidding on [...]. Each bidder could estimate the value; but until someone buys it, no one knows with certainty the true value.
Answer
a jar containing many coins


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which there is some actual common value that will ultimately be revealed after the auction is settled. Prior to the auction’s settlement, however, bidders must estimate that true value. An example of a common value auction would be bidding on <span>a jar containing many coins. Each bidder could estimate the value; but until someone buys the jar and actually counts the coins, no one knows with certainty the true value.<span><body><html>

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3.8. Auctions as a Way to Find Equilibrium Price
> Sometimes markets really do use auctions to arrive at equilibrium price. Auctions can be categorized into two types depending on whether the value of the item being sold is the same for each bidder or is unique to each bidder. <span>The first case is called a common value auction in which there is some actual common value that will ultimately be revealed after the auction is settled. Prior to the auction’s settlement, however, bidders must estimate that true value. An example of a common value auction would be bidding on a jar containing many coins. Each bidder could estimate the value; but until someone buys the jar and actually counts the coins, no one knows with certainty the true value. In the second case, called a private value auction , each buyer places a subjective value on the item, and in general their values differ. An example might be an auction for a unique p







#italian #italian-grammar
Abstract noun One which refers to a concept or quality rather than a person or object. Examples are: la felicità ‘happiness’; la miseria ‘poverty’.

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#italian #italian-grammar
Active construction An active construction is a sentence in which the subject of the sentence is the person carrying out the action, or the event taking place (as opposed to a passive construction where the subject is the person affected by the action): mio marito fuma troppo ‘my husband smokes too much’; gli ospiti rimangono fino a sabato ‘the guests are staying until Saturday’. A verb can therefore have an active form (chiudiamo la porta a mezzanotte ‘we shut the door at midnight’) or a passive form (la porta viene chiusa a mezzanotte ‘the door is shut at midnight’).

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Adjectives
#italian #italian-grammar
Adjectives describe or give information about a noun. They can be descriptive (such as grande ‘big’, bianco ‘white’, vecchio ‘old’, italiano ‘Italian’), demonstrative (questo ‘this’, quel ‘that’), indefinite (qualche ‘some’, alcuni ‘some, a few’, certo ‘certain’), interrogative (quale ‘which’, quanto ‘how much, many’) or possessive (mio ‘my’, tuo ‘your’, etc.): alcuni nostri amici ‘some friends of ours’; la vecchia casa in campagna ‘the old house in the country’.

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Adverb
#italian #italian-grammar
Adverbs give information about a verb, saying, for example, how something is done: bene ‘well’; male ‘badly’; subito ‘immediately’; cortesemente ‘politely’. They can also add further information about an adjective or another adverb: tanto stanco ‘so tired’; poco bene ‘not very well’; molto male ‘very badly’.

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Agreement
#italian #italian-grammar
In Italian, adjectives, articles and in some cases past participles have to ‘agree’ with the noun or pronoun they accompany or refer to. This means that their form varies according to whether the noun/pronoun is masculine or feminine (gender) and whether it is singular or plural (number): la casa bianca ‘the white house’; i miei sandali sono rotti ‘my sandals are broken’; loro sono andati ‘they went’

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Article
#italian #italian-grammar
Italian has three types of article: the definite article il, lo (etc.) ‘the’; the indefinite article un, una (etc.) ‘a’; and the partitive dei, delle, degli (etc.) ‘some, any’. (For example: il ragazzo ‘the boy’; una lezione ‘a lesson’; dei bambini ‘some children’.)

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Auxiliary verb
#italian #italian-grammar
Auxiliary verbs such as avere, essere are used in combination with the past participle to form compound tenses, both active (Ho mangiato ‘I have eaten’, siamo andati ‘we have gone’) and passive (è stato licenziato ‘he was sacked’). See also modal auxiliaries.

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Clause
#italian #italian-grammar
A clause is a section or part of a sentence that contains a subject and a verb. Complex sentences are made up of a series of clauses. The main clause (or clauses) is the part of a sentence that makes sense on its own and does not depend on any other element in the sentence. A subordinate clause always depends on another clause, and is often introduced by a conjunction such as che. There are different types of subordinate clause, for example: relative clauses, Ho visto il ragazzo che piace a mia sorella ‘I saw the boy that my sister likes’; or purpose clauses, Ha portato la macchina dal meccanico perché controllasse i freni ‘I took the car to the mechanic so that he could check the brakes’.

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Comparative
#italian #italian-grammar
When one person, object or activity is compared with another a comparative form is used: mia figlia nuota meglio della sua ‘my daughter swims better than hers’; la pasta napoletana è migliore di quella siciliana ‘Neapolitan pasta is better than Sicilian pasta’.

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Compound noun
#italian #italian-grammar
A compound noun is a noun formed by joining together one or more words, either nouns or other parts of speech: asciugamano ‘a towel’ (verb asciugare ‘to dry’ + noun mano ‘hand’); capotreno ‘chief guard on train’ (noun capo ‘chief’ + noun treno ‘train’).

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Compound tenses
#italian #italian-grammar
Compound tenses are tenses consisting of more than one element. In Italian, the compound tenses are formed by the auxiliary avere or essere, and the past participle: ho mangiato troppo ‘I have eaten too much’; siamo andati a casa ‘we went home’. See also Simple tenses.

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Conditional
#italian #italian-grammar
The conditional is not strictly a tense, but a verb mood. It can be used on its own, particularly as a polite way of expressing a request: Le dispiacerebbe aprire la finestra? ‘Would you mind opening the window?’. It can also be used in conditional sentences, where the meaning of the main sentence is dependent on some condition being fulfilled: Andrei in vacanza anch’io, se avessi tempo ‘I would go on holiday too if I had the time’.

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Conjugation
#italian #italian-grammar
This refers to the way in which verb forms change according to the person, tense or mood: (io) vado ‘I go’; (noi) andremo ‘we will go’; le ragazze sono andate ‘the girls went’; voleva che io andassi a casa sua ‘he wanted me to go to his house’; etc. The word conjugation is also used to mean the regular patterns of verbs ending in -are, -ere, -ire to which verbs belong.

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Conjunction
#conjunction #italian #italian-grammar
A linking or joining word, usually linking two words, phrases or clauses within a sentence: Marco e Davide ‘Marco and Davide’; con amore ma con disciplina ‘with love but with discipline’; sono andata a letto perché ero stanca ‘I went to bed because I was tired’; i giudici dicono che bisogna cambiare la legge ‘the judges say that the law should be changed’. Conjunctions can either be coordinating, linking two phrases or clauses of equal weight, or subordinating, linking a main clause and subordinate clause.

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Countable
#italian #italian-grammar
A noun is countable if it can normally be used in both singular and plural, and take the indefinite article un, una (etc.): un bicchiere ‘a glass’; una pizza ‘a pizza’. Whereas an uncountable noun is one which is not normally found in the plural (e.g. zucchero ‘sugar’) or an abstract noun (such as tristezza ‘sadness’).

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Declension
#italian #italian-grammar
This means the way in which nouns and adjectives decline (in other words, change their endings according to whether they are singular or plural, masculine or femi- nine): un ragazzo ‘a boy’; una ragazza ‘a girl’; due ragazzi ‘two boys’; due ragazze ‘two girls’. This pattern of endings is known as the declension.

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Demonstrative
#italian #italian-grammar
A demonstrative adjective or a pronoun is one which demonstrates or indicates the person or object being talked about: questo carrello ‘this trolley’; quel professore ‘that teacher’; quelle tagliatelle ‘those tagliatelle’.

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Direct object
#italian #italian-grammar
A direct object, whether noun or pronoun, is one which is directly affected by the action or event. A direct object can be living or inanimate. It is always used with a transitive verb: i miei figli hanno mangiato tutti i cioccolatini ‘my sons ate all the chocolates’; li ho visti in città ieri sera ‘I saw them in town yesterday evening’

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Finite verb
#italian #italian-grammar
A verb that has a subject and is complete in itself, as opposed to infinitives or participles, which have to depend on another verb: ieri siamo andati in piscina ‘yesterday we went to the swimming pool’; domani i ragazzi torneranno a scuola ‘tomorrow the kids will go back to school’.

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Gender
#italian #italian-grammar
All nouns in Italian have a gender: they are either masculine or feminine, even if they are inanimate objects. Even where living beings are concerned, grammatical gender is not always the same as natural gender: una tigre ‘a tiger’ (either sex unless specified); un ippopotamo ‘a hippopotamus’. Gender is important since it determines the form of noun, the article and adjective.

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Gerund
#italian #italian-grammar
A gerund is a verb form ending in -ando or -endo: parlando ‘speaking’; sorridendo ‘smiling’; finendo ‘finishing’. The gerund is most often used in Italian along with the verb stare to express a continuous action or event: sto finendo ‘I’m just finishing’; stavano ancora mangiando ‘they were still eating’. The nearest equivalent in English is the ‘-ing’ form but it is not used in exactly the same way.

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Idiomatic
#italian #italian-grammar
An idiomatic expression is one that cannot normally be translated literally, for exam- ple ubriaco fradicio literally ‘soaking drunk’ but more idiomatically ‘dead drunk’.

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Imperative
#italian #italian-grammar
The imperative mood is the verb mood used to express orders, commands or instructions: state fermi ‘keep still’; si accomodi ‘sit down’; andiamo ‘let’s go’. (See also Subjunctive.)

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Impersonal (verbs, verb forms)
#italian #italian-grammar
Impersonal verbs or verb forms do not refer to any one particular person. They can generally be translated by the English ‘it’ form and use the third person form: occorre pulire prima la casa ‘It is necessary to clean the house first’; non serve protestare ‘it’s no good protesting’. These verbs can be personalised by the addition of a personal pronoun, usually the indirect object: non mi occorre questo maglione ‘I don’t need this thick sweater’.

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Indefinites
#italian #italian-grammar
An adjective or pronoun used to refer to a person or thing in a general way, rather than a definite person or thing. Examples are: alcuni ‘some’; certi ‘certain, some’; qualche ‘some’.

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Indicative (verbs)
#italian #italian-grammar
The verb mood we use most in speaking and writing is the indicative mood. Within this mood is a full range of tenses: present mangio ‘I eat’; past ho mangiato ‘I have eaten’; future mangerò ‘I will eat’; etc. The verb mood used to express uncertainty is the subjunctive, which also has a full range of tenses. See Subjunctive.

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Indirect object
#italian #italian-grammar
An indirect object, whether noun or pronoun, is one that is indirectly affected by the action or event. An indirect object can be found with a transitive verb, which already has one direct object: ho mandato delle cartoline ai miei amici ‘I sent some postcards to my friends’. Or it can be used with an intransitive verb, which does not take a direct object, in which case it may be found together with a preposition such as a, da: Marco telefonava a sua madre ogni sera ‘Marco used to phone his mother every evening’.

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Infinitive
#italian #italian-grammar
The infinitive of a verb is the form always given in a dictionary and is recognised by its endings -are, -ere, -ire: for example chiacchierare ‘to chat’; sorridere ‘to smile’; and partire ‘to leave’. It cannot be used on its own but depends on a finite verb form, often a modal verb: vorrei ringraziare i telespettatori ‘I would like to thank the television audience’; or else is found linked with a preposition: abbiamo fatto un salto in centro per comprare dei regali ‘we took a quick trip into town to buy some presents’.

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Interrogative
#italian #italian-grammar
Interrogative words are used to ask questions or indirect questions. They include chi ‘who’; come ‘how’; cosa ‘what’; dove ‘where’; quale ‘which’; quando ‘when’; perché ‘why’.

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Intransitive (verbs)
#italian #italian-grammar
Intransitive verbs are verbs that cannot be used with a direct object. Some intransitive verbs can be used with an indirect object: ho telefonato a Maria Teresa ‘I telephoned to Maria Teresa’. Some can only be used without any object: siamo arrivati alla stazione con un’ora di ritardo ‘we arrived at the station an hour late’. Many of these verbs take the auxiliary essere, but some take avere: abbiamo camminato molto ‘we walked a lot’. Sometimes a verb that can be used transitively in English (‘to walk the dog’) cannot be used transitively in Italian (camminare). Some verbs can be used both transitively and intransitively.

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Invariable
#italian #italian-grammar
Invariable nouns are nouns that have the same form for both singular and plural, un film, dei film ‘a film, some films’, or for both masculine and feminine, un artista, un’artista ‘an artist’. An invariable adjective is one that does not change form to agree with the noun, whether masculine or feminine, singular or plural: un vestito rosa ‘a pink dress’, una giacca rosa ‘a pink jacket’; dei pantaloni rosa ‘some pink trousers’; delle calze rosa ‘some pink stockings’.

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Irregular (noun or verb)
#italian #italian-grammar
A noun or verb that does not follow one of the standard patterns of forms or endings: un uovo ‘one egg’, due uova ‘two eggs’; andare ‘to go’, vado ‘I go’, vai ‘you go’, va ‘he/she goes’, andiamo ‘we go’, andate ‘you (pl) go’, vanno ‘they go’.

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Modal verb
#italian #italian-grammar
A verb that is used with a verb infinitive to modify what is being said: in Italian the modal verbs are potere ‘to be able to’, dovere ‘to have to’, volere ‘to want to’: posso lavorare domani ‘I can work tomorrow’; devo lavorare domani ‘I have to work tomorrow’; voglio lavorare domani ‘I want to work tomorrow’.

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Mood
#italian #italian-grammar
The seven main ways in which verbs can express actions or events are known as moods. The four finite moods – all of which, except the imperative, have a full range of tenses – are: the indicative (e.g. vado ‘I go’); subjunctive (e.g. che io vada ‘that I may go’); conditional (e.g. andrei ‘I would go’); and imperative (vada! ‘go!’). The other three moods are: infinitive, gerund and participle.

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Negative
#italian #italian-grammar
A statement is negative when it specifies an action or event that has not taken place or will not take place. Negative words or phrases turn a positive statement or ques- tion into a negative one. Examples of negative words in Italian include: nessun ‘no’; nessuno ‘nobody’; niente ‘nothing’; non . . . mai ‘not . . . ever, never’; non . . . ancora ‘not yet’; non . . . più ‘no longer, no more’.

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Noun
#italian #italian-grammar
A noun indicates a person, place, thing or event. For example: Italia ‘Italy’; assis- tente ‘language assistant’; la festa ‘the party’. Nouns are inextricably linked to the articles (il, un, etc.) and to any adjectives that accompany them. All nouns have a gender and this determines the form of the adjectives and articles that go with it.

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Number
#italian #italian-grammar
Number is the distinction between singular and plural. Verb forms alter according to the number of the subject: il ragazzo nuota ‘the boy swims’; i ragazzi nuotano ‘the boys swim’.

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Flashcard 1431897771276

Tags
#sister-miriam-joseph #trivium
Question
the seven fine arts ( architecture, [...], sculpture, painting, literature, [...] , and [...] )
Answer
instrumental music

the dance

the drama


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the seven fine arts (architecture, instrumental music, sculpture, painting, literature, t he drama, and the dance)

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Flashcard 1431900917004

Tags
#discrete-quantity #quadrivium
Question
A discrete quantity can only take on [...] For example, the number of students in a classroom can only be a positive integer and is thus a discrete quantity since the range of possible values is not continuous.
Answer
certain values.


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Flashcard 1431903014156

Tags
#discrete-quantity #quadrivium
Question
The average height of the students in a classroom can take on any real value and is a [...] since its possible range of values is continuous.


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Flashcard 1431907994892

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Question
Does the Law of demand hold in all circumstances.
Answer
Nein


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d><head>In general, economists believe that as the price of a good rises, buyers will choose to buy less of it, and as its price falls, they buy more. This is such a ubiquitous observation that it has come to be called the law of demand , although we shall see that it need not hold in all circumstances.<html>

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3.1. The Demand Function and the Demand Curve
head> We first analyze demand. The quantity consumers are willing to buy clearly depends on a number of different factors called variables. Perhaps the most important of those variables is the item’s own price. In general, economists believe that as the price of a good rises, buyers will choose to buy less of it, and as its price falls, they buy more. This is such a ubiquitous observation that it has come to be called the law of demand , although we shall see that it need not hold in all circumstances. Although a good’s own price is important in determining consumers’ willingness to purchase it, other variables also have influence on that decision, such as consumers’ inco







Article 1431917694220

The 9 types of inteligence
#has-images #types-of-inteligence

Intelligence is broken down into nine different types, also called the nine domains of intelligence.This categorization of intelligence was first theorized by developmental psychologist Howard Gardner in his 1983 book, Frames of Mind: The Theory of Multiple Intelligences. Since then, the Multiple Intelligences theory been used as one of the primary models for research that has gone on concerning human cognition. Gardner argues that there is no one true way to measure intelligence and that the human brain is wired with a wide range of cognitive abilities. Framing intelligence in the way Gardner does disrupts the old mold of thinking in which intelligence was ultimately a measure of (what Gardner would call) logical-mathematical intelligence. The premise of Gardner’s theory is that someone can be extremely bad at math yet be the best of the best in another field, such as music. Thus limiting the definition of intelligence is detrimental to our understanding of how the human brain works. So without further ado,



#cfa #cfa-level-1 #economics #microeconomics #reading-14-demand-and-supply-analysis-consumer-demand #study-session-4-microeconomics-analysis
In the model of demand and supply, we assumed the existence of a demand curve and a supply curve, as well as their respective negative and positive slopes. That simple model yielded some very powerful implications about how markets work, but we can delve even more deeply to explore the underpinnings of demand and supply

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In the model of demand and supply, we assumed the existence of a demand curve and a supply curve, as well as their respective negative and positive slopes. That simple model yielded some very powerful implications about how markets work, but we can delve even more deeply to explore the underpinnings of demand and supply. In this reading, we examine the theory of the consumer as a way of understanding where consumer demand curves originate. In a subsequent reading, the origins of the supply curve are so

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1. INTRODUCTION
r most fundamental models, the model of demand and supply. And as we have seen, models begin with simplifying assumptions and then find the implications that can then be compared to real-world observations as a test of the model’s usefulness. <span>In the model of demand and supply, we assumed the existence of a demand curve and a supply curve, as well as their respective negative and positive slopes. That simple model yielded some very powerful implications about how markets work, but we can delve even more deeply to explore the underpinnings of demand and supply. In this reading, we examine the theory of the consumer as a way of understanding where consumer demand curves originate. In a subsequent reading, the origins of the supply curve are sought in presenting the theory of the firm. This reading is organized as follows: Section 2 describes consumer choice theory in more detail. Section 3 introduces utility theory, a building block of consumer choice th




Flashcard 1432235412748

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#cfa #cfa-level-1 #economics #microeconomics #reading-14-demand-and-supply-analysis-consumer-demand #section-2-consumer-theory-from-preferences-to-demand-function #study-session-4-microeconomics-analysis
Question
The introduction to demand and supply analysis in the previous reading basically [...] that the demand function exists, and focused on understanding its various characteristics and manifestations.
Answer
assumed


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The introduction to demand and supply analysis in the previous reading basically assumed that the demand function exists, and focused on understanding its various characteristics and manifestations.

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2. CONSUMER THEORY: FROM PREFERENCES TO DEMAND FUNCTIONS
The introduction to demand and supply analysis in the previous reading basically assumed that the demand function exists, and focused on understanding its various characteristics and manifestations. In this reading, we address the foundations of demand and supply analysis and seek to understand the sources of consumer demand through the theory of the consumer, also known as consume







Flashcard 1432236985612

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#cfa #cfa-level-1 #economics #microeconomics #reading-14-demand-and-supply-analysis-consumer-demand #section-2-consumer-theory-from-preferences-to-demand-function #study-session-4-microeconomics-analysis
Question
Consumer theory explores consumers’ willingness to [...], both of which the consumer finds beneficial.
Answer
trade off between two goods (or two baskets of goods)


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Consumer theory explores consumers’ willingness to trade off between two goods (or two baskets of goods), both of which the consumer finds beneficial.

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2. CONSUMER THEORY: FROM PREFERENCES TO DEMAND FUNCTIONS
mer choice theory can be defined as the branch of microeconomics that relates consumer demand curves to consumer preferences. Consumer choice theory begins with a fundamental model of how consumer preferences and tastes might be represented. <span>It explores consumers’ willingness to trade off between two goods (or two baskets of goods), both of which the consumer finds beneficial. Consumer choice theory then recognizes that to consume a set of goods and services, consumers must purchase them at given market prices and with a limited income. In effect, consumer ch







Flashcard 1432238558476

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#cfa #cfa-level-1 #economics #microeconomics #reading-14-demand-and-supply-analysis-consumer-demand #section-3-utility-theory #study-session-4
Question
Bundle A might have the same amount of all but one of the goods and services as bundle B but a different amount of that one.

Bundles A and B would be considered two [...]
Answer
distinct bundles.


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Bundle A might have the same amount of all but one of the goods and services as bundle B but a different amount of that one. Bundles A and B would be considered two distinct bundles.

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3. UTILITY THEORY: MODELING PREFERENCES AND TASTES
ave zero of one or more of those goods. A distinctly different consumption bundle would contain all of the same goods but in different quantities, again allowing for the possibility of a zero quantity of one or more of the goods. For example, <span>bundle Amight have the same amount of all but one of the goods and services as bundle B but a different amount of that one. Bundles A and B would be considered two distinct bundles. Given this understanding of consumption bundles, the first assumption we make about a given consumer’s preferences is simply that she is able to make a comparison between a







Segunda Guerra Mundial
A Segunda Guerra Mundial, ocorrida entre [...] , é assim chamada por ter se tratado de um conflito que extrapolou o espaço da Europa, continente dos principais países envolvidos. Além do norte da África e a Ásia, o Havaí, território estadunidense, com o ataque japonês a Pearl Harbor, foi também palco de disputas territoriais e ataques inimigos.

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Segunda Guerra Mundial - História - InfoEscola
Segunda Guerra Mundial Compartilhar no Whatsapp Por Luisa Rita Cardoso Mestre em História (UDESC, 2015) Pós-graduada em Direitos Humanos (Universidade de Coimbra, 2012) Graduada em História (UDESC, 2010) Faça os exercícios! <span>A Segunda Guerra Mundial , ocorrida entre 1939 e 1945, é assim chamada por ter se tratado de um conflito que extrapolou o espaço da Europa, continente dos principais países envolvidos. Além do norte da África e a Ásia, o Havaí, território estadunidense, com o ataque japonês a Pearl Harbor, foi também palco de disputas territoriais e ataques inimigos. Compreender o que levou à eclosão do conflito implica lembrar as consequências da Primeira Guerra Mundial, de 1914 a 1918, culminando com a derrota alemã e a assinatura, entre as potê




Hiroshima e nagasaki
#guerra #mundial #segunda
Só o Japão resistia, mas, em agosto, diante das bombas atômicas jogadas pelos Estados Unidos em Hiroshima e Nagasaki, o imperador Hirohito se rendeu aos Aliados.

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Segunda Guerra Mundial - História - InfoEscola
e. Em 2 de maio de 1945, soviéticos e estadunidenses tomaram Berlim, dois dias depois do suicídio de Hitler e do alto-comando do Partido Nazista. Iniciou-se o processo de rendição das tropas nazistas, colocando, assim, fim à guerra na Europa. <span>Só o Japão resistia, mas, em agosto, diante das bombas atômicas jogadas pelos Estados Unidos em Hiroshima e Nagasaki, o imperador Hirohito se rendeu aos Aliados. Chegava ao fim a Segunda Guerra Mundial, deixando cerca de 50 milhões de mortos e 35 milhões de feridos. Os países vencedores levaram oficiais nazistas a julgamento no Tribunal de Nur




#cfa #cfa-level-1 #economics #microeconomics #reading-14-demand-and-supply-analysis-consumer-demand #section-3-utility-theory #study-session-4
Suppose that the slope of Warren’s indifference curve at point a is equal to −2, and the slope of Smith’s indifference curve at point a is equal to – 1/2 . Warren is willing to give up 2 ounces of wine for 1 slice of bread, and Smith is willing to give up only 1/2 ounce of wine for 1 slice of bread. But that means she would be willing to give up 2 slices of bread for 1 ounce of wine. What would happen if Warren and Smith are allowed to exchange bread for wine? Suppose they are allowed to exchange at the ratio of one ounce of wine for one slice of bread. Would they both agree to an exchange at that ratio? Yes. Warren would be willing to give up two ounces of wine for a slice of bread, so he would certainly be willing to give up only one ounce of wine for one slice of bread. Correspondingly, Smith would be willing to give up two slices of bread for one ounce of wine, so she would certainly be willing to give up only one slice of bread for one ounce of wine. If they actually made such a trade at the one-to-one ratio, then Smith would end up with more wine and less bread than she started with, and Warren would end up with more bread and less wine than he started with.

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3. UTILITY THEORY: MODELING PREFERENCES AND TASTES
ill have different marginal rates of substitution when evaluated at identical bundles. Here, Warren has a relatively strong preference for bread because he is willing to give up more wine for another slice of bread than is Smith. <span>Suppose that the slope of Warren’s indifference curve at point a is equal to −2, and the slope of Smith’s indifference curve at point a is equal to – 1/2 . Warren is willing to give up 2 ounces of wine for 1 slice of bread, and Smith is willing to give up only 1/2 ounce of wine for 1 slice of bread. But that means she would be willing to give up 2 slices of bread for 1 ounce of wine. What would happen if Warren and Smith are allowed to exchange bread for wine? Suppose they are allowed to exchange at the ratio of one ounce of wine for one slice of bread. Would they both agree to an exchange at that ratio? Yes. Warren would be willing to give up two ounces of wine for a slice of bread, so he would certainly be willing to give up only one ounce of wine for one slice of bread. Correspondingly, Smith would be willing to give up two slices of bread for one ounce of wine, so she would certainly be willing to give up only one slice of bread for one ounce of wine. If they actually made such a trade at the one-to-one ratio, then Smith would end up with more wine and less bread than she started with, and Warren would end up with more bread and less wine than he started with. We could say that Warren is better off by the value to him of one ounce of wine because he was willing to give up two ounces but only had to give up one ounce for his slice




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As Smith gives up slices of bread for more ounces of wine, her MRSBW increases; her indifference curve becomes steeper. Simultaneously, as Warren gives up ounces of wine for more slices of bread, his MRSBW decreases; his indifference curve becomes less steep. Eventually, if they continue to trade, their MRSs will reach equality and there will be no further gains to be achieved from additional exchange. Initially, it was the differences in their willingness to trade one good for the other that made trading beneficial to both. But if they trade to a pair of bundles at which their MRSs are equal, then trading will cease.

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3. UTILITY THEORY: MODELING PREFERENCES AND TASTES
There is no more bread or wine than when they began, but there is greater wealth because both are better off than before they traded with each other. Both Smith and Warren ended on higher indifference curves than when they began. <span>As Smith gives up slices of bread for more ounces of wine, her MRS BW increases; her indifference curve becomes steeper. Simultaneously, as Warren gives up ounces of wine for more slices of bread, his MRS BW decreases; his indifference curve becomes less steep. Eventually, if they continue to trade, their MRSs will reach equality and there will be no further gains to be achieved from additional exchange. Initially, it was the differences in their willingness to trade one good for the other that made trading beneficial to both. But if they trade to a pair of bundles at which their MRSs are equal, then trading will cease. EXAMPLE 3 Understanding Voluntary Exchange Helen Smith and Tom Warren have identical baskets containing books (B) and compact discs (D). Smith’s MR