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His 204 New Ver Week 1 Quiz

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This work of HIS 204 New Ver Week 1 Quiz shows the solutions to the following problems:

1. In what year did the United States reach a milestone in which more people lived in urban areas than farms?

2. The Dawes Act was significant because it demanded what from Native Americans?

3. One of the most significant examples of corrupt business practices during the Gilded Age occurred in which industry?

4. Gilded is a term that means something that is golden or beautiful on the outside, but often has nothing of value on the inside. Which literary figure termed late-19th-century America the Economics - General Economics Circular Flow Diagram . Explain how the circular flow diagram relates to the current economic situation. Using the circular flow diagram, explain a way that your family interacts in the factor market and a way that it interacts in the products market.

Supply and Demand . Analyze how the law of demand applies to a recent purchase that you made. Describe how the product has changed in price and explain whether the price change is due to supply or demand. Did the change in price affect your decision to purchase the item?

Elasticity . Analyze the determinants of the price elasticity of demand and determine if each of the following products are elastic or inelastic:

a. bottled water

b. toothpaste

c. cookie dough ice cream

d. fresh green beans

e. gasoline

In your analysis, please make sure to explain your reasoning and relate your answers to the characteristics of the determinants of the price elasticity of demand.

Externalities . Explain the difference between a positive and negative externality. In your analysis, make sure to provide an example of each type of externality. Why does the government need to get involved with externalities to bring about market efficiency? What solutions nee

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