Econ 101 exam 2 Study guides, Class notes & Summaries
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Econ 101 Final Exam Brent Kreider| with full latest solution
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Econ 101 Final Exam Brent Kreider| with full latest solution 
 
What is the difference between a positive and normative statement? - A positive statement is based on facts and a normative statement is an opinion. 
If I have to drop out of college, it will cost me all of the tuition I have paid and the income I could have earned during those years while I was in college. True or false. - False because income should be considered a sunk cost and therefore not relevant to the question. 
Tonight I...
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Corporate Finance ECON 101 Exam 2 |Question and Answers|
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Corporate Finance ECON 101 Exam 2 
|Question and Answers| 
sole proprietorship *Ans* 1 owner, owner receives all the profits, unlimited liab., 2 
parts: 1. initial investment and 2. personal wealth. Taxed based on personal income. 
Transfer of ownership is hard. Must be willing to buy all assets. 
partnership *Ans* 2 or more owners. profit is based on % invested shared. Unlimited 
liab. between owners. Tax based on personal income. hard to transfer ownership. 
limited partnership *Ans* same ...
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Econ 101 Umich Exam 2 Caldwell Questions & Answers 2023/2024
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Econ 101 Umich Exam 2 Caldwell Questions & Answers 2023/2024 
 
 
comparative advantage - ANSWER-when one producer can produce a good at a lower opportunity cost than another producer 
-reason for specialization 
 
absolute advantage - ANSWER-when one producer can produce more of a good than another producer in a certain period of time 
 
Production Possibility Frontier - ANSWER-represents the possible combinations of goods that an economy can produce in a certain period of time 
 
specilaizatio...
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Econ 101 Umich Exam 2 Caldwell Questions & Answers 2023/2024
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Econ 101 Umich Exam 2 Caldwell Questions & Answers 2023/2024 
 
 
comparative advantage - ANSWER-when one producer can produce a good at a lower opportunity cost than another producer 
-reason for specialization 
 
absolute advantage - ANSWER-when one producer can produce more of a good than another producer in a certain period of time 
 
Production Possibility Frontier - ANSWER-represents the possible combinations of goods that an economy can produce in a certain period of time 
 
specilaizatio...
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Econ 101 final exam study. Multiple choice (ch. 1, 2, 3, 4, 6, 8, 9, 10, 12, 13) Question and answers 2023
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Econ 101 final exam study. Multiple choice (ch. 1, 2, 3, 4, 6, 8, 9, 10, 12, 13) Question and answers 2023
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Econ 101 final exam study. Multiple choice (ch. 1, 2, 3, 4, 6, 8, 9, 10, 12, 13) Question And Answers 2023
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Econ 101 final exam study. Multiple choice (ch. 1, 2, 3, 4, 6, 8, 9, 10, 12, 13) Question And Answers 2023
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Econ 101 umich Exam 1 Questions & Answers 2023/2024
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Econ 101 umich Exam 1 Questions & Answers 2023/2024 
 
 
Positive Economics - ANSWER-What is 
 
Normative Economics - ANSWER-What ought to be 
 
4 Keys of Good Decision-Making - ANSWER-1) Cost-benefit 
2) Opportunity cost 
3) Marginal principle 
4) Connectedness principle 
 
Cost-benefit - ANSWER-evaluate full set of cost and benefits, then pursue benefit that is at least as large as the cost 
 
Consumer Surplus - ANSWER-difference between willingness to pay and the price 
 
Producer Surplus - A...
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EPIC CLN 251/252 SOLUTION PACK,CLEARLY SOLVED 2023.
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Econ 101: Exam 2
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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 ____...
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ECON 101 (ECON101) midterm exam review with maximum points
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ECON 101 (ECON101) midterm exam 
Economics is the study of: 
A.increasing the level of productive resources so there is maximum output in society. 
B.increasing the level of productive resources so there is a minimum level of income. 
C.how people, institutions, and society make choices under conditions of scarcity. 
D.the efficient use of scarce resources paid for at the minimum level of cost to consumers and 
businesses. 
Answer Key: C 
Question 2 of 20 4.45 Points 
Which of the following is n...