ECON1002 Guías de estudio, Notas de estudios & Resúmenes

For a given level of inflation, if bright prospects for the future of the economy cause businesses to increase their spending on new capital, then the _____ shifts _____. - aggregate demand curve; right - aggregate demand curve; left - aggregate supply line; upward - aggregate supply line; downward correct answer: - aggregate demand curve; right Policymakers' use of stabilisation policy to eliminate output gaps is more appropriate when an economy self-corrects very _____ and when the ou...

REVISED ECONOMIC 1002 EXAM QUESTIONS AND ANSWERS What are the broad issues that macroeconomists study and the types of data they use and interpret? - CORRECT ANSWER -Macroeconomists study the performance of the national economy as well as the policies used to improve that performance as well as the aggregate impact of individual decisions. They study changes in economic output (GDP), inflation (CPI), interest and foreign exchange rates, and the balance of payments. Poverty reduction, social e...

IMPROVED ECONOMIC 1002 FINAL EXAM Why must an economy's income equal its expenditure (spending) ? - CORRECT ANSWER -Every transaction has a buyer and a seller, therefore Total expenditure must be equal to total income otherwise it doesn't make sense. Expenditure (spending) by the buyers must equal the income of the seller. I paid 20$ for my friends skateboard (Buyer (me) expenditure = 20$ = income of seller (friend)). What is GDP? - CORRECT ANSWER -The Market Value of All Fi...

REVISED ECONOMIC 1002 EXAM QUESTIONS AND ANSWERS What are the broad issues that macroeconomists study and the types of data they use and interpret? - CORRECT ANSWER -Macroeconomists study the performance of the national economy as well as the policies used to improve that performance as well as the aggregate impact of individual decisions. They study changes in economic output (GDP), inflation (CPI), interest and foreign exchange rates, and the balance of payments. Poverty reduction, social e...

EVALUATED ECONOMIC 1002 EXAM QUESTIONS AND ANSWERS The benefits of trade include: I. Higher output due to specialization II. Higher output due to comparative advantage III. Increased welfare when preferences differ - CORRECT ANSWER -I, II, and III If instead of specialized doctors (neurologists, cardiologists, gastroenterologists, etc.) we had doctors who each knew the same thing about all aspects of medicine it would be: - CORRECT ANSWER -Worse because total medical knowledge in s...

EXAMINED ECONOMIC 1002 FINAL EXAM The law of demand states that: - CORRECT ANSWER -The lower the price, the greater the quantity demanded. Which of the following is TRUE about demand curves? A. Demand curves are negatively sloped. B. Demand curves reflect the law of demand. C.Demand curves are plots of quantities demanded at various prices. - CORRECT ANSWER -All of the answers are correct. (Figure: Willingness to Pay) Refer to the figure. What is the maximum amount that buyer...

EVALUATED ECONOMIC 1002 EXAM QUESTIONS AND ANSWERS The benefits of trade include: I. Higher output due to specialization II. Higher output due to comparative advantage III. Increased welfare when preferences differ - CORRECT ANSWER -I, II, and III If instead of specialized doctors (neurologists, cardiologists, gastroenterologists, etc.) we had doctors who each knew the same thing about all aspects of medicine it would be: - CORRECT ANSWER -Worse because total medical knowledge in s...

ECON 1002 Microeconomics Exam 2 Latest 2021 With Complete Solution ECON1002: Microeconomics Instructor: Qingbin Wang Exam2 Instruction: You have 115 minutes to finish the quiz. Please choose the most appropriate answer to each question and mark it in the Scantron answer sheet. Any answer in the problem set will NOT be graded. 1. If many people in a community install fire hydrants, the whole community benefits including those that did not install it. Therefore, not enough people may decid...

The notes explain important economic measures like GDP, and how government policies can influence inflation and unemployment. There's good information on international trade as well. Throughout the summary, there are helpful examples and practice problems to reinforce the key concepts. This comprehensive yet approachable study material should give you the knowledge and confidence you need to perform well on your exams. The clear organization and concise explanations make the content very access...

IMPROVED ECONOMIC 1002 FINAL EXAM Why must an economy's income equal its expenditure (spending) ? - CORRECT ANSWER -Every transaction has a buyer and a seller, therefore Total expenditure must be equal to total income otherwise it doesn't make sense. Expenditure (spending) by the buyers must equal the income of the seller. I paid 20$ for my friends skateboard (Buyer (me) expenditure = 20$ = income of seller (friend)). What is GDP? - CORRECT ANSWER -The Market Value of All Fi...