Econ unit 1 answers Study guides, Revision notes & Summaries

Econ 104, Goffe. PSU Exam 2024 Questions and Answers| Verified &Updated. GDP the market value of all FINAL goods and services produced in a country during a period of time. GDP equation GDP(Y)=C (consumption) + I (investments) +G (gov purchases) +NX (net exports) Consumption expenditures made by households (excluding the purchase of a new house) Investment Final goods and services purchased by business firms (equipment for production and new buildings), changes in inventories (which is th...

Econ 104, Goffe. PSU Exam 2024 Questions and Answers| Verified &Updated. GDP the market value of all FINAL goods and services produced in a country during a period of time. GDP equation GDP(Y)=C (consumption) + I (investments) +G (gov purchases) +NX (net exports) Consumption expenditures made by households (excluding the purchase of a new house) Investment Final goods and services purchased by business firms (equipment for production and new buildings), changes in inventories (which is th...

LCA Quiz III Questions and Answers 2023 Coproduct co__ allocation: handling other useful products originating from the same processes in the life cycle of the studied system in an LCA Many processes have multiple products or function. Coproducts with environmental impacts that could be allocated are addressed in the goal & scope stage. functions Many industrial processes are multifunctional. A product system has more f___ than the one investigated in the FU. Decide what fracti...

Econ 103 Exam 1 Questions and Answers 1 Economics - ANSWER-The study of mankind in the ordinary business of life (Alfred Marshall) What is scarcity caused by? - ANSWER-Human wants being unlimited but resources being limited Opportunity Cost - ANSWER-The value of what we give up when we make a choice (Explicit Cost + Implicit Costs) (money + another cost of something like time) marginal benefit - ANSWER-the extra benefit of adding one unit marginal cost - ANSWER-Extra cost of produci...

ECON Exam #1 Questions & Answers 2023-24 Opportunity Cost - ANSWER-the cost of a choice is the value of the opportunities lost Marginal Analysis - ANSWER-An examination of the additional benefits of an activity compared to the additional costs of that activity Microeconomics - ANSWER-The practice of household/firm economics Macroeconomics - ANSWER-The practice of large-scale economics Quantity Demanded - ANSWER-describes the quantity that buyers desire to purchase given the pric...

Econ Unit 1 Questions and Answers Graded A+ Which statement best defines the term economics? Economics is the study of the production and distribution of goods and services. What would an economist say motivates a man who builds chairs and sells them to the public? self-interest Adam Smith is known as the father of economics because he developed a theory that. . . states that when people act in their own self-interests, it results in an efficient use of resources in a free market. While shopp...

Econ 104, Goffe, PSU Exam Questions And Answers 100% Verified GDP - answerthe market value of all FINAL goods and services produced in a country during a period of time. GDP equation - answerGDP(Y)=C (consumption) + I (investments) +G (gov purchases) +NX (net exports) Consumption - answerexpenditures made by households (excluding the purchase of a new house) Investment - answerFinal goods and services purchased by business firms (equipment for production and new buildings), changes in i...

Extra Econ Questions with 100% Correct Answers Extra Econ Questions with 100% Correct Answers Extra Econ Questions with 100% Correct Answers Extra Econ Questions with 100% Correct Answers Mikki decides to work five hours the night before her economics exam. She earns an extra $75, but her exam score is 10 points lower than it would have been had she stayed home and studied. Her opportunity cost is the: - ANSWER-10 points she lost on her exam According to the data given in ex...

Econ 104, Goffe, PSU Exam Questions And Answers 100% Verified GDP - answerthe market value of all FINAL goods and services produced in a country during a period of time. GDP equation - answerGDP(Y)=C (consumption) + I (investments) +G (gov purchases) +NX (net exports) Consumption - answerexpenditures made by households (excluding the purchase of a new house) Investment - answerFinal goods and services purchased by business firms (equipment for production and new buildings), changes in i...

Econ 104 Final – Goffe Exam Questions and Answers | 100% Pass!! Nominal GDP -Answer-the value of final goods and services evaluated at current-year prices How to calculate nominal GDP -Answer-C + I + G +NX Real GDP -Answer-The value of final goods and services evaluated at base-year prices How to calculate real GDP -Answer-P*Q for every good in GDP and add them all together BASE YEAR 2014 - 100M visits at $50 each 2015 - 103M visits at $53 10M cars at $20,000 each 11M cars at $20,500...