ECON

Econ RETAKE: Questions & Answers

econ exam/50 Answered Questions/A+ Graded

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 Final Exam | Questions & Answers

ECON EXAM 1 QUESTIONS & ANSWERS 2023-24 Economics is the study of - ANSWER-scarcity and choice What type of economics is "used to answer questions about the way the world works, questions that have definite right and wrong answers?" - ANSWER-positive What type of economics "involves saying how the world should work?" - ANSWER-normative What are the four factors of production? - ANSWER-land, labor, capital, entrepreneurship opportunity cost - ANSWER-whatever must be given up ...

ECON Test 4 Questions and Answers 2023 with complete solution

Econ Final Exam Review: Nisha Aroskar Questions and Answer 100% Pass What is economics? -Answer-Science of making choices, science of scarcity What is scarcity? -Answer-Limited resources to satisfy unlimited human wants What are the factors of production and their rewards? -Answer-Land = rent Labor = wages Capital = interest Entrepreneur = profit What is opportunity cost? -Answer-The value of the next best alternative given up What is Production Possibilities Frontier? -Answer-Graph tha...

ECON Exam #1 Questions & Answers 2023-24 Opportunity Cost - ANSWER-the cost of a choice is the value of the opportunities lost Marginal Analysis - ANSWER-An examination of the additional benefits of an activity compared to the additional costs of that activity Microeconomics - ANSWER-The practice of household/firm economics Macroeconomics - ANSWER-The practice of large-scale economics Quantity Demanded - ANSWER-describes the quantity that buyers desire to purchase given the pric...

Test Bank for Economics Today 20e 20th Edition by Roger LeRoy Miller. Micro 20e and Macro 20e parts test bank included. Full chapters test bank 7083 The Nature of Economics Scarcity and the World of Trade-Offs Demand and Supply Extensions of Demand and Supply Analysis Public Spending and Public Choice Funding the Public Sector PART 2: INTRODUCTION TO MACROECONOMICS AND ECONOMIC GROWTH The Macroeconomy: Unemployment, Inflation, and Deflation Measuring the Economys Performance Glob...