Econ 102 quiz chapter 1 3 Study guides, Class notes & Summaries

ECON 102 QUIZ Chapter 1-3 Latest 2023. The study of economics is primarily concerned with: keeping private businesses from losing money. demonstrating that capitalistic economies are superior to socialistic economies. choices that are made in seeking the best use of resources. determining the most equitable distribution of society's output. 2. The saying that "there is no free lunch" means that: there are always trade-offs between economic goals. all production involves the use of scar...

ECON 102 QUIZ Chapter 1-3 Latest 2023. Which of the following will shift the production possibilities curve to the right? An increase in the unemployment rate from 6 to 8 percent. A decline in the efficiency with which the present labor force is allocated. A decrease in the unemployment rate from 8 to 6 percent. A technological advance that allows farmers to produce more output from given inputs. 9. A market: reflects upsloping demand and downsloping supply curves. entails the exchange of...

ECON 102 QUIZ Chapter 1-3 Latest 2023. Microeconomics: is the basis for the "after this, therefore because of this" fallacy. is not concerned with details, but only with the overall big picture of the economy. is concerned with individual economic units and specific markets. describes the aggregate flows of output and income. 4. Normative statements are concerned primarily with: facts and theories. what ought to be. what is. rational choice involving costs and benefits 5. A positive ...

ECON 102 QUIZ 2 QUESTIONS AND ANSWERS 25. When using the economic order quantity model A) ordering costs increase as the level of inventory increases. B) carrying costs decrease as the level of inventory increases. C) costs are minimized when total carrying costs and total ordering costs are equal. D) none of the above Difficulty: Medium Type: Conceptual 26. Hedging A) is a way to protect your accounts receivable position. B) increases risk. C)...

ECON 102 QUIZ 2 QUESTIONS AND ANSWERS 25. When using the economic order quantity model A) ordering costs increase as the level of inventory increases. B) carrying costs decrease as the level of inventory increases. C) costs are minimized when total carrying costs and total ordering costs are equal. D) none of the above Difficulty: Medium Type: Conceptual 26. Hedging A) is a way to protect your accounts receivable position. B) increases risk. C) is a legal agreement to buy or se...

ECON 102 QUIZ 1 QUESTIONS AND ANSWERS 1. What is the primary goal of financial management? A) Increased earnings B) Maximizing cash flow C) Maximizing shareholder wealth D) Minimizing risk of the firm 2. The partnership form of organization A) avoids the double taxation of earnings and dividends found in the corporate form of organization. B) usually provides limited liability to the partners. C) has unlimited life. D) simplifies decision making. 3. Increased productivity due to techn...

ECON 102 QUIZ 1 QUESTIONS AND ANSWERS 1. What is the primary goal of financial management? A) Increased earnings B) Maximizing cash flow C) Maximizing shareholder wealth D) Minimizing risk of the firm 2. The partnership form of organization A) avoids the double taxation of earnings and dividends found in the corporate form of organization. B) usually provides limited liability to the partners. C) has unlimited life. D) simplifies decision making. 3. In...