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Examen
ECON 103: Microeconomics (Rustici) Test #1
ECON 103: Microeconomics (Rustici) Test #1
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ECON 103 Exam Bundle Questions and Answers 100% Solved
ECON 103 Exam Bundle Questions and Answers 100% Solved
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ECON 103 Final Exam 2023-2024 Questions and Answers 100% accurate
which of the following characteristics is least unique to a market system? - ANSWER-the widespread use of money if competitive industry z is making substantial economic profit, output will: - ANSWER-expand in industry z as more resources will move to that industry from societys point of view, the economic function of profits and losses is to: - ANSWER-reallocate resources from less desired to more desired uses economic profits in an industry suggest the industry: - ANSWER-should be larg...
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Econ 103- Exam 1 (Chapters 1-4) with Complete Solutions
the opportunity cost of an item is - ANSWER-what you give up to get that item ellie decides to spend two hours taking a nap rather than attending her classes. her opportunity cost of napping is - ANSWER-the value of the knowledge she would have received had she attended class when you calculate your true costs of going to college, what portion of your room and board expenses should be included - ANSWER-you should include only the amount by which your room and board expenses exceed the expe...
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ECON 103- First Exam Questions and Answers 100% accurate
John buys a used car for 5,400 and spends 600 on new parts, made in the US, to fix his car. The end result of theses two transactions is - ANSWER-US consumption purchases increase by 600 and US GDP increases by 600 When the consumer price fix index rises, the typical family - ANSWER-has to spend more dollars to maintain the same standard of living If in a closed economy the national savings are equal to 70,000 and the public savings are equal to 35,000, then how much is the private savings...
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ECON 103 Exam 1 Questions and Answers 100% accurate
What are the four assumptions of microeconomics? - ANSWER-1. Scarcity 2. Only individuals choose 3. Rational Choice 4. Unlimited wants Is labor a source of value? - ANSWER-No What is the phenomenon of the subjective mind? - ANSWER-Value is in the mind of the valuer Scarcity imposes a margin (T/F) - ANSWER-True What are Mengers requirements to be considered a good? - ANSWER-1. Must be a human need 2. Properties that allow the object to satisfy a need 3. Knowledge of a connection ...
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ECON 103 - Exam #1 Questions and Answers 100% accurate
Microeconomics - ANSWER. Macroeconomics - ANSWER-The study of economy world wide phenomena. Opportunity Cost - ANSWER-What is given up to get an item; what is given up to gain/do something. Capitalism - ANSWER-Market system where means of production can be owned privately. Socialism - ANSWER-Market system where means of production are controlled by the government. Communism - ANSWER-Market system where means of production are owned by everyone. Religious System - ANSWER-System ...
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ECON 103 Final Exam 2023-2024 Questions & Answers (rated A+)
Melody decides to spend three hours working overtime rather than going to the park with her friends. She earns $20 per hour for overtime work. Her opportunity cost of working is - ANSWER-the enjoyment she would have received had she gone to the park If a tax is levied on the buyers of a product, then the demand curve will - ANSWER-shift down Which of the following is not an example of a graph of a single variable a) a pie chart b) bar graph c) time-series graph d) a scatterplot - ANSW...
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Econ 103 Final Exam Study Guide with Complete Solutions!!
Gross Domestic Product (GDP) - ANSWER-the total dollar amount of all final goods and services produced in a country in one year Microeconomics - ANSWER-the branch of economics that studies the economy of consumers or households or individual firms Macroeconomics - ANSWER-the branch of economics that studies the overall working of a national economy - growth, unemployment, inflation Monetary Policy - ANSWER-economic policies conducted by the countries' central bank, which manipulates th...
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Econ 103 Exam 1 Study Guide with Complete Solutions!!
Economics is a - ANSWER-science difficult to make predictions a search for understanding normative statements - ANSWER-opinion, expression of opinions not right or wrong positive analysis - ANSWER-pertaining to verifiable reality/facts/not opinions econonomis has what kind of statments? - ANSWER-positive! ceteris paribus - ANSWER-all things equal, all else unchanged what are the logical fallacies for economics? - ANSWER-ad hominem, post hoc, naturalistic, composition, fallacy o...
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Econ 103 Exam 1 Questions and Answers 100% accurate
Opportunity Cost - ANSWER-The value of what we give up when we make a choice (Explicit Cost + Implicit Costs) (money + another cost of something like time) marginal benefit - ANSWER-the extra benefit of adding one unit marginal cost - ANSWER-Extra cost of producing one additional unit of production. actors in economic terms - ANSWER-Consumers, workers, businesses, bureaucrats, etc. They are assumed to to maximize something Rational Behavior - ANSWER-Rational actors in the economy res...
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Econ 103 Test 2023-2024 Questions and Answers 100% accurate
The most commonly used metric for measuring the value of a national economy is: A. gross national income, or GNI B. gross national product, or GNP. C. gross domestic product, or GDP. D. gross domestic income, or GDI. - ANSWER-C. Gross domestic product, or GDP 3. Gross domestic product is the sum of: A. the market values of all final goods and services produced within a country in a given period of time. B. the market values of all intermediate goods and services produced within a count...
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Econ 103 Exam 1 Questions and Answers (rated A+)
First Principle of Economics - ANSWER-People try to optimize; they try to choose the best available option Second Principle of Economics - ANSWER-Economic systems tend to be in equilibrium, a situation in which nobody would benefit by changing his or her behavior Third Principle of Economics - ANSWER-Empiricism-analysis that uses data. Economicsts use data to test theories and to determine what is causing thhings to happen in the world Scarcity - ANSWER-the situation of having unlimited...
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Econ 103 Past Exam Questions and Answers 100% accuratess
The interest rate that banks are charged when they borrow from Fed - ANSWER-discount rate Simultaneous increase in the money supply and reduction in government spending. - ANSWER-r will decrease Expansionary Fiscal policy - ANSWER-AE ^, Y ^, Md ^, r ^, I v, AE v Increase in the money supply will cause planned investment to ______ and consumption to _____ - ANSWER-Increase, increase Demand-Pull inflation is characterized by - ANSWER-AD curve shifting right Factors that lad to incre...
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Econ 103 Final Exam Questions & Answers 100% Correct!
Characteristics of a market economy - ANSWER-- Self-interest - Capitalism - Private Property Competitions requires what two things? - ANSWER-- Two or more buyers and sellers - The freedom to enter or leave markets Human-specialization is referred to as... - ANSWER-Division of Labor Characteristics of a Command Economy - ANSWER-- Socialism - Communism - Government owned resources A business owned and operated by a single individual is a... - ANSWER-Sole Proprietorship A busine...
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Econ 103: Exam 1 Study Guide with Complete Solutions
automatic stabilizers - ANSWER-revenue and expenditure items in the federal budget that automatically change with the state of the economy in such a way as to stabilize the economy. multiplier effect - ANSWER-- the increase in final income arising from any new injection of spending. - the size of the multiplier depends upon household's marginal decisions to spend, called the marginal propensity to consume (mpc), or to save, called the marginal propensity to save (mps). marginal propensi...
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ECON 103 Final Exam 2023-2024 Questions and Answers 100% accurate!
ECON 103 Final Exam Questions and Answers 100% accurate! economic systems differ according to which two main characteristics - ANSWER-who owns the factors of production and the methods used to coordinate economic activity private property: - ANSWER-encourages owners to maintain or improve their property so as to preserve or enhance value the regulatory mechanism of the market system is: - ANSWER-competition which of the following characteristics is least unique to a market system? -...
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Econ 103- Exam 1 (Chapters 1-4) with Complete Solutions!!
Econ 103- Exam 1 (Chapters 1-4) with Complete Solutions!! what percent of the worlds economics experience scarcity - ANSWER-100% economics is the study of - ANSWER-how society manages its scarce resources the principle that "people face tradeoffs" applies to - ANSWER-individuals, families, societies the opportunity cost of an item is - ANSWER-what you give up to get that item ellie decides to spend two hours taking a nap rather than attending her classes. her opportunity cost ...
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ECON 103- First Exam Questions and Answers 100% accurate!
ECON 103- First Exam Questions and Answers 10 GDP is defined as - ANSWER-value of all final goods and services produced within a country in a given period of time Over time, people have come to rely more on market produced goods and services and less on goods and services they produce for themselves. For example, busy people with high incomes, rather than cleaning their own homes, hire people to clean their houses. By itself, this change has - ANSWER-caused measured GDP to rise John buys ...
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ECON 103 Exam 1 Questions and Answers 100% accurate!
ECON 103 Exam 1 Questions and Answers 100% accurate! What is economics? - ANSWER-the science of purposeful human actions and the unintended consequences of that action What are some spontaneous orders? (6) - ANSWER-The Price System, Money, Banks, Stock and Bonds, Future Markets, and Accounting Systems What is the difference of Normative and Positive questions? - ANSWER-N: "what should be..?" P: "What is..?" (Science cannot answer normative questions) What are the four assumptio...
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