Economic

ANALYZED ECONOMIC – 1002 FINAL EXAM The _________ refers to the continually reoccurring periods of expansion and contraction of real GDP - CORRECT ANSWER -business cycle The Business Cycle Reference Dates reported by the NBER keep track of when _________________ in the united states begin and end - CORRECT ANSWER -recessions A _______________ is a very severe and long-lasting recession - CORRECT ANSWER -depression An employed worker is part of the economy's ___________________ - CORR...

EVALUATED ECONOMIC 1002 EXAM QUESTIONS AND ANSWERS The benefits of trade include: I. Higher output due to specialization II. Higher output due to comparative advantage III. Increased welfare when preferences differ - CORRECT ANSWER -I, II, and III If instead of specialized doctors (neurologists, cardiologists, gastroenterologists, etc.) we had doctors who each knew the same thing about all aspects of medicine it would be: - CORRECT ANSWER -Worse because total medical knowledge in so...

EXAMINED ECONOMIC 1002 FINAL EXAM The law of demand states that: - CORRECT ANSWER -The lower the price, the greater the quantity demanded. Which of the following is TRUE about demand curves? A. Demand curves are negatively sloped. B. Demand curves reflect the law of demand. C.Demand curves are plots of quantities demanded at various prices. - CORRECT ANSWER -All of the answers are correct. (Figure: Willingness to Pay) Refer to the figure. What is the maximum amount that buyers are wi...

UPGRADED ECONOMIC 1002 EXAM QUESTIONS AND ANSWERS Which of the following measures the economy's overall performance? - CORRECT ANSWER -National income accounting. Aggregate output is the primary measure of the economy's ______. - CORRECT ANSWER -total output of goods and services. In national income accounts, what does value added refer to? - CORRECT ANSWER -The difference in the market value and cost of inputs purchased from other firms. Including the value of _____ (one word) g...

IMPROVED ECONOMIC 1002 FINAL EXAM Why must an economy's income equal its expenditure (spending) ? - CORRECT ANSWER -Every transaction has a buyer and a seller, therefore Total expenditure must be equal to total income otherwise it doesn't make sense. Expenditure (spending) by the buyers must equal the income of the seller. I paid 20$ for my friends skateboard (Buyer (me) expenditure = 20$ = income of seller (friend)). What is GDP? - CORRECT ANSWER -The Market Value of All Final Good...

ECONOMIC TERMS QUESTIONS AND ANSWER 2023 GRADED A+ UPDATE

Economic Quiz Chapter 1,2,3,4 Questions and Answers Already Passed What is Economics? The study of how peoples need to satisfy their needs and wants by making choices. What are the three factors in every Economic scenario Land, Labor, Capital What is a trade-off? All the alternatives that we give up whenever we choose one course of action over another. What is a production Possibilites curve/What does it show? A graph that shows al alternative ways to use an economy's productive resources. A...

Complete Test Bank (with Questions Answers)

Economic is the study its introduction