1. What are the four chordate shared characteristics (=synapomorphies) and what is the function of each structure for a chordate animal?

2. The evolution of jaws is considered to be a key innovation in vertebrate evolution. What advantage do jawed vertebrates (gnathostomes) have when compared to jawless fishes (agnathan, hagfish and lamprey)?

3. What groups of vertebrates have an amniotic egg? What advantage do amniotes have over non-amniote vertebrates (e.g. fishes and amphibians)?

4. How did the origin of jaws, lungs, limbs, and the amniotic eggs affect the course of vertebrate evolution?

Fill in the blanks with the following numbers, not the words, for this and all the questions that follow. Jot them down so you won't have to keep scrolling up to the top to see what they are:

• Demand = 1
• Supply = 2
• Right = 3
• Left = 4
• Up = 5
• Down = 6

QUESTION 4

Consider the case where an important technological innovation (e.g., the personal computer, iPhone, Internet, etc.) made labor more productive. This would cause the Aggregate A)___________ curve to shift to the B)___________ , causing output to go C)___________ and the price level to go D)____________-

Answer the following questions with references and citations.

1. Explain, with the use of examples, when it would be appropriate to use trademarks and copyright to protect a firm’s intellectual property. Other than through the use of patents and copyright, how can a firm prevent its competencies from being imitated?

2. How can late entrants win the innovation race? Please give two examples.

3. Considering the case study, discuss some of the wider strategic reasons why firms may wish to enter a strategic alliance. What are some of the risks involved?

1. Provide me the characteristics of a monopolistic competitor. What must they do to be certain of their survival?

2. Technological advance is a 3 step process of intervention, innovation, and diffusion. Explain each step. Why is research and development so vital to the success of any firm?

3. Ologopolist have an interdepent relationship with their competition. Explain what this means. What is collusion and why are the ologoplist most vulnerable to this.

4. A pure monopoly has no competition yet it is not guaranteed a profit, explain this. What is a natural monopoly. Why do they exist ? How are they controlled. Provide an example.

1. Describe the effects of each of the following events on the US economy (i.e. What may happen to the price? To the real output?). Explain briefly what cause these effects (i.e. What happens to determinants of AD or AS or both? Why? ).Illustrate your answers in given AD-AS diagrams. Label your diagrams and changes carefully.

1. Potential middle-east war pushed the price of oil higher.

b. Technology innovation results in a more efficient production method of goods.

c. Stock market crash in the early 2000s wiped out a significant amount of wealth of American households.

a. Mention any four sources of business startup ideas. (1 Mark)
b. State and briefly explain any four habits you would cultivate in developing entrepreneurial mindset.
c. State and briefly explain the four types of innovation.
d. State and briefly explain any two benefits and three drawbacks of owning your own business.
e. State and briefly explain any two criteria you would consider in establishing your own business.
f. Differentiate between a business opportunity and a business environment. (1 Mark)

1. What are the five tests of a good strategy? (name them)
2. How does a Unique Value Proposition contribute to a good strategy?
3. The same question applies to:
4. Tailored Value Chain
5. Trade-offs
6. Competition

7. What is meant by the term “Fit across the value chain?”

8. What is the benefit of continuity over time?

9. How does continuity promote trade-offs and fit?

10. How does continuity help / assist competitive advantage?

11. How does continuity facilitate innovation?

12. How does continuity contribute to a strong company strategy?

13. How are brands strengthened by continuity?

In the market for Iphones the equilibrium price for Iphones is $400, and the quantity of Iphones sold is 20,000.

(f) The Processor used to make Iphones becomes considerably cheaper and innovation raises the incomes of the population. Show the relevant shifts in your diagram

(g) Suppose the government implements a price ceiling of $300. What happens to the market?

(h) Suppose the government implements a price ceiling of $500. What happens to the market?

(i) Suppose the government implements a price floor of $300. What happens to the market?

(j) Suppose the government implements a price floor of $500. What happens to the market

Answer all the following questions with an essay of not more than 300 words each:

A-What is an aggregate supply curve? Explain the circumstances under which the aggregate supply curve is horizontal, upward sloping, and a vertical straight line.

B-

Explain the short-run and long-run effects of the following events on output and price level with the AD-AS diagram:

a.

tax cuts

b.

money supply increases

c.

an increase in the price of key imported inputs

d.

a natural disaster that destroys a significant portion of production capacity

e.

a major technological innovation

Barcelona Machine Tools. Oriol​ D'ez Miguel​ S.R.L., a manufacturer of heavy duty machine tools near​ Barcelona, ships an order to a buyer in Jordan. The purchase price is

€422,000. Jordan imposes a 14% import duty on all products purchased from the European Union. The Jordanian importer then​ re-exports the product to a Saudi Arabian​ importer, but only after imposing its own resale fee of 28%.

Given the following spot exchange rates on April​ 11, 2010, what is the total cost to the Saudi Arabian importer in Saudi Arabian​ riyal, and what is the U.S. dollar equivalent of that​ price?  ​(Click on the

  icon to import the table into a​ spreadsheet.)

The spot​ rate, Saudi Arabian riyal per Jordanian dinar is SRI

__​/JD.

​(Round to five decimal​ places.)