©BRIGHTSTARS EXAM SOLUTIONS
11/15/2024 11:57 AM
Macroeconomics ECO 202 Exam Questions
And Answers 100% Pass
Economy - answer✔Economic value of all activities within the society.
2 types of economics - answer✔microeconomics and macroeconomics
Microeconomics - answer✔About businesses and individuals in a particular society and
working together to produce goods and services.
Macroeconomics - answer✔Includes not only businesses and individuals involvement but
also government involvement in producing goods and services globally.
5 resources needed to produce goods and services - answer✔Natural, Human, Capital,
Entrepreneurship, and Knowledge
Two types of Economic Systems - answer✔Free Market (Capitalism) , and Planned
(Socialism, and Communism)
Communism (planned) - answer✔Uses all resources
Socialism (planned) - answer✔"a little give and take", give a little to get a little.
What defines a rich country vs, a poor country? - answer✔- Gross Domestic Product, and
how the country determines how to their resources are used.
-Economic Freedom/ Ownership- gives countries incentives to work and improve their
private properties ( if you own something take care of it).
Gross Domestic Product - answer✔puts a dollar amount on all economic activities within
country.
Per Capita - answer✔Take the "GDP" of the country and divide it by the population
Private property rights - answer✔- do whatever you want with what you own so long as
you don't harm others.
- gives you the incentive to increase the value of what you own
1|Page
11/15/2024 11:57 AM
Macroeconomics ECO 202 Exam Questions
And Answers 100% Pass
Economy - answer✔Economic value of all activities within the society.
2 types of economics - answer✔microeconomics and macroeconomics
Microeconomics - answer✔About businesses and individuals in a particular society and
working together to produce goods and services.
Macroeconomics - answer✔Includes not only businesses and individuals involvement but
also government involvement in producing goods and services globally.
5 resources needed to produce goods and services - answer✔Natural, Human, Capital,
Entrepreneurship, and Knowledge
Two types of Economic Systems - answer✔Free Market (Capitalism) , and Planned
(Socialism, and Communism)
Communism (planned) - answer✔Uses all resources
Socialism (planned) - answer✔"a little give and take", give a little to get a little.
What defines a rich country vs, a poor country? - answer✔- Gross Domestic Product, and
how the country determines how to their resources are used.
-Economic Freedom/ Ownership- gives countries incentives to work and improve their
private properties ( if you own something take care of it).
Gross Domestic Product - answer✔puts a dollar amount on all economic activities within
country.
Per Capita - answer✔Take the "GDP" of the country and divide it by the population
Private property rights - answer✔- do whatever you want with what you own so long as
you don't harm others.
- gives you the incentive to increase the value of what you own
1|Page
