Econ 231 Final Exam Study Guide questions
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with correct answers
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Capital |- |CORRECT |ANSWER-final |goods |produced |for |use |in |the |production |of |other |goods, |such |as |
equipment |and |structures
Complements |/ |Complementary |Goods |- |CORRECT |ANSWER-goods |frequently |consumed |in |
combination; |when |the |price |of |good |x |rises, |the |demand |for |good |y |falls.
Consumers |- |CORRECT |ANSWER-the |buyers
Demand |- |CORRECT |ANSWER-the |willingness |and |ability |to |buy |specific |quantities |of |a |good |at |
alternative |prices |in |a |given |time |period
Duopoly |- |CORRECT |ANSWER-two |players
Ecological |Economics |- |CORRECT |ANSWER-study |of |how |environment |interacts |with |economics
Econometrics |- |CORRECT |ANSWER-measurement |of |economics; |models |and |regression
Economics |- |CORRECT |ANSWER-the |study |of |how |best |to |allocate |scarce |resources |among |competing |
uses
Efficiency |- |CORRECT |ANSWER-maximum |output |of |a |good |from |the |resources |used |in |production
Equilibrium |- |CORRECT |ANSWER-the |price |at |which |the |quantity |of |a |good |demanded |in |a |given |time |
period |equals |the |quantity |supplied
, Explicit |Cost |- |CORRECT |ANSWER-direct |costs |on |the |spreadsheet; |a |payment |made |for |the |use |of |a |
resource
Externalities |- |CORRECT |ANSWER-costs |(or |benefits) |of |a |market |activity |borne |by |a |third |party; |the |
difference |between |the |social |and |private |costs |(benefits) |of |a |market |activity
Factors |of |Production |- |CORRECT |ANSWER-resource |inputs |used |to |produce |goods |and |services |- |land,
|labor, |capital |and |entrepreneurship
GDP |- |CORRECT |ANSWER-the |total |market |value |of |all |final |goods |and |services |produced |within |a |
nation's |borders |in |a |given |time |period
Government |Departments |- |CORRECT |ANSWER-few |points |on |each
Implicit |Costs |- |CORRECT |ANSWER-hidden |costs |that |may |not |be |on |spreadsheet; |value |of |resources |
used, |even |when |no |direct |payment |is |made
Income |Effect |(of |higher |wages) |- |CORRECT |ANSWER-an |increased |wage |rate |allows |a |person |to |
reduce |hours |worked |without |losing |income
Inferior |Goods |- |CORRECT |ANSWER-goods |for |which |demand |decreases |when |income |rises
Labor |Unions |- |CORRECT |ANSWER-collective |bargaining, |represent |a |work |force |and |collectively |
bargain |for |wages, |benefits |and |working |conditions
Labor |- |CORRECT |ANSWER-human |activity |that |occurs |in |an |organization
Linear |System: |- |CORRECT |ANSWER-Y |= |MX |+ |B
Macroeconomics |- |CORRECT |ANSWER-the |study |of |aggregate |economic |behavior, |of |the |economy |as |
a |whole
| | | | | | |
with correct answers
| |
Capital |- |CORRECT |ANSWER-final |goods |produced |for |use |in |the |production |of |other |goods, |such |as |
equipment |and |structures
Complements |/ |Complementary |Goods |- |CORRECT |ANSWER-goods |frequently |consumed |in |
combination; |when |the |price |of |good |x |rises, |the |demand |for |good |y |falls.
Consumers |- |CORRECT |ANSWER-the |buyers
Demand |- |CORRECT |ANSWER-the |willingness |and |ability |to |buy |specific |quantities |of |a |good |at |
alternative |prices |in |a |given |time |period
Duopoly |- |CORRECT |ANSWER-two |players
Ecological |Economics |- |CORRECT |ANSWER-study |of |how |environment |interacts |with |economics
Econometrics |- |CORRECT |ANSWER-measurement |of |economics; |models |and |regression
Economics |- |CORRECT |ANSWER-the |study |of |how |best |to |allocate |scarce |resources |among |competing |
uses
Efficiency |- |CORRECT |ANSWER-maximum |output |of |a |good |from |the |resources |used |in |production
Equilibrium |- |CORRECT |ANSWER-the |price |at |which |the |quantity |of |a |good |demanded |in |a |given |time |
period |equals |the |quantity |supplied
, Explicit |Cost |- |CORRECT |ANSWER-direct |costs |on |the |spreadsheet; |a |payment |made |for |the |use |of |a |
resource
Externalities |- |CORRECT |ANSWER-costs |(or |benefits) |of |a |market |activity |borne |by |a |third |party; |the |
difference |between |the |social |and |private |costs |(benefits) |of |a |market |activity
Factors |of |Production |- |CORRECT |ANSWER-resource |inputs |used |to |produce |goods |and |services |- |land,
|labor, |capital |and |entrepreneurship
GDP |- |CORRECT |ANSWER-the |total |market |value |of |all |final |goods |and |services |produced |within |a |
nation's |borders |in |a |given |time |period
Government |Departments |- |CORRECT |ANSWER-few |points |on |each
Implicit |Costs |- |CORRECT |ANSWER-hidden |costs |that |may |not |be |on |spreadsheet; |value |of |resources |
used, |even |when |no |direct |payment |is |made
Income |Effect |(of |higher |wages) |- |CORRECT |ANSWER-an |increased |wage |rate |allows |a |person |to |
reduce |hours |worked |without |losing |income
Inferior |Goods |- |CORRECT |ANSWER-goods |for |which |demand |decreases |when |income |rises
Labor |Unions |- |CORRECT |ANSWER-collective |bargaining, |represent |a |work |force |and |collectively |
bargain |for |wages, |benefits |and |working |conditions
Labor |- |CORRECT |ANSWER-human |activity |that |occurs |in |an |organization
Linear |System: |- |CORRECT |ANSWER-Y |= |MX |+ |B
Macroeconomics |- |CORRECT |ANSWER-the |study |of |aggregate |economic |behavior, |of |the |economy |as |
a |whole
