Study guides, Class notes & Summaries

ECON Final Economists typically define money as: A. anything in which its value can be inflated. B. a means of payment that lacks intrinsic value. C. currency that is issued by a central bank. D. a widely accepted means of payment. - ANSWERS D Are checking accounts money? A. No, because checking accounts cannot be traded for goods and services. B. Yes, because checking accounts can be used to buy goods and services. C. No, because checking accounts are not physical money. D. Yes,...

Econ Chapter 14 CORRECT ANSWERS 100% When reference is made to the ____________, it means the specific amount of income needed for a basic standard of living. A. poverty trap B. income line C. income gap D. poverty line - ANSWER D A situation of __________ arises when one group receives a higher share of total income or wealth than others. A. poverty B. inequality C. poverty entrapment D. quintiles - ANSWER B Antipoverty programs that are set up so that the amount of government...

ECON 1040 CH 12 QUESTION AND CORRECT ANSWER . 1. Suppose an economy produces only ice cream cones. If the price level rises, the value of currency a. rises, because one unit of currency buys more ice cream cones. b. rises, because one unit of currency buys fewer ice cream cones. c. falls, because one unit of currency buys more ice cream cones. d. falls, because one unit of currency buys fewer ice cream cones. - ANSWER 1. ANSWER: D 2. If P denotes the price of goods and services ...

Econ 112 CORRECT ANSWER 100% 2023//2024 The short run is a period of time in which... a) The amount of output is fixed. b) Nothing the firm does can be altered. c) Prices and wages are fixed. d) The quantities of some resources the firm uses are fixed. - ANSWER D The Short Run is a period of time in which? a) Nothing the firm does can be altered b) The quantities of some resources the firm uses are fixed c) Prices and wages are fixed d) the amount of output is fixed - ANSWER B Th...

Econ 101: Exam 2 When the price goes down, the quantity demanded goes up. The price elasticity of demand measures: A) how much the price goes down. B) how much the equilibrium price goes up. C) the responsiveness of the price change to an income change. D) the responsiveness of the quantity change to the price change. - ANSWER D The price of gasoline rises 5% and the quantity of gasoline purchased falls 1%. The price elasticity of demand is equal to _____, and demand is described as ____...

ECON 101: Chapter 14 QUESTION AND CORRECT ANSWER 2023//2024 A 1) Which of the following is NOT a characteristic of the market structure for monopolistic competition? A) Firms are price takers. B) There are a large number of firms. C) Firms are free to enter and exit. D) Firms compete on product quality, price, and marketing. C 2) Brand names are an example of A) economies of scale. B) illegal barriers to entry. C) product differentiation. D) oligopoly. C 3) Monopolistic comp...

Econ week 12 QUICK PASS 2023//2024 When the central bank decides it will sell bonds using open market operations - ANSWER the money supply decreases When the central bank decides to increase the discount rate, the interest rates - ANSWER increase Atlantic Bank is required to hold 10% of deposits as reserves. if the central bank increases the discount rate, how would atlantic bank respond? - ANSWER by increasing its reserves _____ will often cause monetary policy to be considered c...

ECO 251CLT TEST SOLUTIONS QUESTIONS AND CORRECT ANSWERS Sampling without replacement means that once a member of a population is chosen for a sample, it cannot be chosen again for the same sample. - ANSWER TRUE Cluster sampling is often used to test market new products. - ANSWER TRUE A convenience sample is an example of a nonprobability sample. - ANSWER TRUE An Internet poll, where individuals may respond to a survey as many times as they choose to, is an example of a nonprobabil...

ECON 4200 Exam 2

ECON EXAM 3 Review Questions and answers, rated A+ Of the following, the most often used measure of changing living standards is A) the growth rate of nominal GDP. B) the growth rate of real GDP. C) the growth rate of nominal GDP per capita. D) the growth rate of real GDP per capita .E) unemployment per capita - -Answer D Over the last hundred years ,A) movements in output due to recessions and recoveries dominate the movement caused bylong-run growth. B) output has decreased in as ...