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Exam (elaborations)

ECN 503 || acknowledged answers 100%.
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12

May 2025

2024/2025

A+
In the production model from the text, which of the following is NOT an exogenous variable or a parameter? a. The supply of capital b. The supply of labor c. The productivity parameter d. The amount of capital correct answers d. The amount of capital Page 74 The amount of capital used in production is an unknown endogenous variable that must be solved for. All of the other three variables are exogenous parameters. Output per person is higher when a. a country is more efficient in...
SirAnton
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ECN 503 – Midterm || with 100% Correct Answers.
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8

April 2025

2024/2025

A+
Big "3" Concepts correct answers 1. Unemployment (goal = low) 2. Inflation (goal = low & stable) 3. Productivity growth aka GDP (goal = to show growth) Long Run v. Short Run correct answers Long Run = economic growth Short Run = ups & downs of business cycle (aka fluctuations) GDP of US Economy () correct answers Trend = upwards, positive Recessions in unpredictable intervals (11 total recessions) Problems Calculating GDP correct answers 1. Quality Changes (we have 3 revisions...
SirAnton
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Exam (elaborations)

ECN 503 - Midterm 2 || A Verified A+ Pass.
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6

April 2025

2024/2025

A+
Non-market institutions correct answers -exist in low income areas -make little use of formal legal system -based on convention, tradition -often not anonymous Advantages of non-market institutions in enforcing contracts correct answers - relies on social norms (kinship and regional ties work as enforcement devices) Examples of non-market institutions correct answers - group lending - credit cooperatives - rotating savings and credit associations How to protect against risk of f...
SirAnton
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Exam (elaborations)

ECN 503 Exam || with 100% Accurate Solutions.
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5

April 2025

2024/2025

A+
Risk Bearing Theory of Profit correct answers profit depends on risk-taking behavior Temporary Disequilibrium Theory of Profit correct answers Firms may find themselves earning a rate of return above or below this long-run normal return. This can occur because of temporary dislocations (shocks) in various sectors of the economy. (oil in 2008 vs. oil in 2015) Monopoly Theory of Profit correct answers In some industries, one firm is effectively able to dominate the market and persistently ea...
SirAnton
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