Economic

ECONOMIC CONCEPTS QUIZ WITH COMPLETE ANSWERS { GRADED A+ } Real Interest Rate - Nominal interest rate minus expected inflation rate GDP Deflator - Nominal GDP divided by Real GDP, multiplied by 100 Loanable Funds Framework - Impact on interest rates due to business investments Not in the Labor Force - Category for full-time students not seeking employment Liquidity Preference Theory - Relationship between money supply and interest rates

Economic Final Exam With Real Updated Solutions 2024

Economic Indicators Questions and Answers 100% Solved Consider the formula GDP = C+I+G+(X-M). A country is undergoing a boom in consumption of domestic and foreign luxury goods. In one year, the dollar growth in imports is greater than the dollar growth in domestic consumption. Assuming nothing else has changed, what happened to GDP? ️️It went down. As imports act as a drag on GDP, the larger growth in imports offsets the growth in consumption, thereby causing GDP to dec...

Textual notes of economics chp 2 utility analysis cover imp points and can be used as revesion during or before exams

economics - answer-the study of how people choose to se their limited resources to satisfy their unlimited wants economy - answer-a system used to manage limited resources for the production, distribution, and consumption of goods and services positive economics - answer-the branch of economics that uses objective analysis to find out how the world works; the goal is to describe how things are normative economics - answer-the branch of economics that applies value judgments to data in o...

Which of the following is NOT a producer? - answer-An unemployed college student Which of the following is an ethereal added utility to a consumer? - answer-The smell of espresso What is the primary difference between microeconomics and macroeconomics? - answer-Microeconomics looks at scarcity for companies, while macroeconomics looks at it for entire economies. In economics, scarcity means that: - answer-There is a finite amount of resources. Economy A has a comparative advantage ov...

Should a competitive firm ever produce when it is losing money? Why or why not? - answer-Yes, as long as revenue can cover total variable costs plus any portion of fixed costs. Suppose a competitive firm has cost, C = (0.002q3) + (22q) + 750, marginal cost, MC = 0.006q2 + 22, and revenue, R = 80q. 1) If the firm produces 150 units of output then what is true about MR and MC? 2)At this output level (150 units).... 3) The firm's profit maximizing level of output is - answer...

which statement best explains why countries must make tradeoffs - answer-National production is limited by the availability of scarce natural resources What is the primary incentive for business owners in a market economy - answer-Earning profits Suppose a new federal budget raises health care spending by 15 million what is the opportunity cost of that change - answer-The alternative uses of the additional money spent Zoe is deciding which of two posters to buy one is regularly priced a...

Economics is about - answer-Choice people make to satisfy their needs and wants Food, clothing, and shelter are examples of human - answer-need A resource is - answer-materials that are needed by a producer to make a good or service the buildings, structures, machinery, and tools used in the production process are called - answer-capital resources an entrepreneur is a - answer-person who is willingly risk failure to start a new business or introduce a new product The basic fact of...