Econ1 Study guides, Class notes & Summaries

Saylor Academy ECON101: Direct Credit Test Questions and Answers

ECON101 LEARN Questions With Correct Answers Rated A+. Economics is best defined as... - correct answer Making choices with unlimited wants but facing a scarcity of resources When an economy produces more houses and fewer typewriters, it is answering the ______ question - correct answer What In the Canadian economy, a recent trend has been that - correct answer Employment in both agriculture and the service industry has been decreasing What are the four categories in which factors of p...

what is the definition of economics?a social science that studies how people, firms, and society make optimal choices under conditions of scarcity normative statementsclaims that attempt to prescribe how the world should be positive statementsclaims that attempt to describe the world as it is (facts) opportunity coststhe cost of giving up one opportunity to take another explicit costsinput costs that require an outlay of money (price of coffee) implicit costsIndirect, non-purchased, foreg...

ECON101 201 Final Solved 201 SOLVED ECON FINAL Exam LATEST VERSION 2023 100% COMPLETE TEST

Saylor Academy ECON101: Direct Credit Exam Questions and Answers Q: Why does scarcity exist? - answerResources are limited. Which of the following is the most fundamental concept in economics? - answerScarcity The Greek word for "economy" is oikonomos, which literally means a person who: - answermanages a household. What does the term "capital" refer to in economics? - answerThe equipment, and buildings used by firms According to the production possibility frontier below, the economy...

In this summary, all work from Unit 9 is included, as well as extra notes made during the lecture, and excercises done in class, e.g., calculating narrow unemployment rate, narrow participation rate, etc...

ECON102 Quiz 2 Questions and Answers 2023 with complete solution

This summary summarises the multiplier process, multiplier model, a household's target wealth, investement spending, aggregate demand, and unemployment, etc... It includes addtional lecture notes from class.

Boston College is doing an alumni donation drive. You are cold calling alumni and offering them a free BC fleece for donations of just $5 or more. The probability of success is 60 percent. (Most of the unsuccessful outcomes are immediate hang ups.) During an hour, you usually call 25 people. Each alumni represents an independent outcome.

You are interning for a political pollster. He is convinced that the proportion of people who will vote for the incumbent Congressman is 51 percent. For the rest of this question we will assume he is correct. If he chooses a sample of 400 people, what is the probability that his poll will show the incumbent Congressman with greater than 50 percent of the votes?