,STUDY GUIDES,TESTBANKS AND QUALITY EXAMS IS THE KEY TO STUDENTS CAREER EXCELLENCE!!!

Economics - CORRECT ANSWERthe study of how indidivudals and societies make choices about ways to use scarces resources to fulfill their wants. Want - CORRECT ANSWEReverything other than basic survival needs. Scarcity - CORRECT ANSWERcondition of not being able to have all of the goods and services one wants, because wants exceed what can be made from all available resources at any given time. Factors of production - CORRECT ANSWERresources of land, labor, and entrepreneurship used tp pr...

Imagine that the economy is entering a recession. Explain what we would expect to happen to real GDP, inflation, the unemployment rate, and interest rates as the business cycle trends downward. - CORRECT ANSWERIf the economy is entering a recession, unemployment rates would increase, inflation decreases, real GDP would decrease, and interest rates would decrease as the government's attempt to stimulate spending by cutting interest rates. What is "Potential GDP"? How is it different t...

You are looking at the market (supply and demand) for hot dog buns. You see in the paper that the price of hot dogs has increased significantly. As a result, in the market for hot dog buns we would expect to see... - CORRECT ANSWERDemand shift left, producing a lower equilibrium price, and higher equilibrium quantity Consider these three headlines... I. Microsoft Lowers the Price of Windows 10 II. U.S. Economy Enters Recession III. Mergers in the Banking Industry Limit Choices for Customer...

1. What are the three basic questions that every economy must address? (1) - CORRECT ANSWERThe three basic questions that every economy must address are: what is produced, how is it produced, and for whom is it produced. 2. What is the key difference between a market-oriented economy and a command economy? (1) - CORRECT ANSWERThe key difference between market and command economy is that government plays a background role in market-oriented, while govt makes most decisions in command. 3. Wh...

The implicit costs of producing a good are - CORRECT ANSWERthe opportunity costs of producing the good For any type of firm in any market, the profit-maximizing quantity of some good is found when - CORRECT ANSWERmarginal costs equal marginal revenue Which of the following statements about economic profit is true? - CORRECT ANSWERIt takes into account both explicit and implicit costs Which of the following would be considered a fixed cost in the short run? - CORRECT ANSWERrent for a bui...

Economics is about - CORRECT ANSWERChoice people make to satisfy their needs and wants Food, clothing, and shelter are examples of human - CORRECT ANSWERneed A resource is - CORRECT ANSWERmaterials that are needed by a producer to make a good or service the buildings, structures, machinery, and tools used in the production process are called - CORRECT ANSWERcapital resources an entrepreneur is a - CORRECT ANSWERperson who is willingly risk failure to start a new business or introduce...

classical economics - CORRECT ANSWER-focus on the long-run -focus on trends -focus on supply and productivity -don't care about demand -say's law (supply creates its own demand) -labor markets are the same as wheat markets -laissez faire Keynesian economics - CORRECT ANSWER-focus on short-run -demand matters -focus on up and down movement not trends -the labor market is not like the wheat market -unemployment is a problem -laissez fair won't always work -big government ca...

GDP= - CORRECT ANSWERGross Domestic Product GDP is - CORRECT ANSWERShows how large an economy It equals what the consumer pays GDP equation - CORRECT ANSWERC+I+G+NX Consumer spending Business spending government spending and exported Real GDP= - CORRECT ANSWERwhen you keep the price level constant Nominal GDP= - CORRECT ANSWERwhen they do it for the price it was at the time the rule of 70 - CORRECT ANSWER70/growth how long it takes an economy to double Cutting edge growth. - ...

Interest Parity Condition Equation - CORRECT ANSWERln(F) - ln(S) = i(countryA) - i(countryB) Interest Parity Condition Definition - CORRECT ANSWERPercentage difference between the forward and spot exchange rates must equal the difference between the interest rates in the two countries. If the one month interest rate in country A is 3% per month and that in country B is 4% per month, the one-month forward rate must be ____________ than the spot rate for the Interest Parity Condition to hold...

As with goods, when the supply of money increases faster than does the demand, - CORRECT ANSWERthe value of the money falls Bank of North America - CORRECT ANSWERlimited-liability corporation, and could be viewed as the nation's first central bank Commodity money - CORRECT ANSWERmoney which has value as a medium of exchange equal to its value as a commodity- animal skins, whiskey, wheat, gold Fiat money - CORRECT ANSWERmoney which has value as a medium of exchange greater than its va...