Samenvattingen, Aantekeningen en Examens

Economics 101 Exam Study Set |100% Correct Answers| economics *Ans* the study of how people make choices under conditions of scarcity and of the results of those choices for society rational person *Ans* someone with well-defined goals who tries to fulfill those goals as best as he or she can economic surplus *Ans* the benefit of taking any action minus its cost opportunity cost *Ans* the value of the next-best alternative that must be foregone in order to undertake the activity posi...

CIE A level Economics Practice Test |100% Correct Answers| LATEST Economic problem *Ans* limited resources and unlimited wants marginal cost *Ans* the increase in total cost that arises from an extra unit of production Ceteris parabus *Ans* All this held consant Opportunity Cost *Ans* The cost expressed in terms of the benefits of the next best thing forgone Positive statments *Ans* Objective statements that can be backed with evidence Normative statements *Ans* Subjective statements...

|UPDATED| Economics Final Exam Review 100% Correct Economics *Ans* the study of how people seek to satisfy their needs and wants by making choices Horizontal Merger *Ans* the combination of two or more firms competing in the same market with the same good or service Vertical Merger *Ans* the combination of two or more firms involved in different stages of producing the same good or service Shortage *Ans* a situation in which a good or service is unavailable Scarcity *Ans* limited qua...

The Three Questions of Economics Exam Question |UPDATED| The three questions of economics best help in making decisions about __________. *Ans* Production Which of the following best illustrates the importance of addressing the three questions of economics? People's desires and needs are always changing. Businesses need to use limited resources wisely. Traditional methods of production are outdated. Businesses need to limit production. *Ans* Businesses need to use limited resources ...

Economics GDP Practice Exam Questions 100% Correct Gross Domestic Product *Ans* -The total market value of all final goods and services produced within the borders of a country during one year -A basic measure of a country's output and income real GDP *Ans* -adjusted for inflation and price changes measures economic growth Real GDP per capita *Ans* A measure that permits comparison of material living standards over time and among people in different nations (real GDP/population) pot...

Latest Economics Exam Prep |Updated| 100% Correct Answers Any item that can be traded for goods or services *Ans* Money Anything that has value that can be touched *Ans* Goods Job done for money *Ans* Services When there is too much money and it becomes worthless *Ans* Inflation The way goods and services are produced, bought, and sold *Ans* Economy How much is available *Ans* Supply How much people want *Ans* Demand An economic system in which people choose freely what to buy and sell ...

IB Economics Diagrams for Exam Prep |UPDATED| Negative Externalities The government will increase MPC to match MSC. Effects of indirect taxes on consumer and producer surplus Market Demand Movement on curve vs. shift of curve (demand/supply same concept) Market supply Market equilibrium Consumer/producer surplus in competitive market How does a change in demand single price change? Inelastic PEDcurve Elastic PED curve Unit elasticity (PED=1) Varying PED along a demand curve As yo...

ECON-100 Exam Study Set [100% Correct Answers] What is economics? *Ans* A study of how people make choices to achieve goals with resource constraints. What is meant by "the invisible hand?" *Ans* The "invisible hand" means that the division of labor and exchange occur naturally among people without being directed by anyone. What is the root of exchange behavior? *Ans* Human natural tendency toward division of labor to gain efficiency. Division of labor and exchange are human te...

Edexcel A-Level Economics A: Definitions Exam Guide |Graded A+| 100% Correct Answers Absolute advantage *Ans* When a country's output of a product per unit of input is greater than that of any other country. Absolute poverty *Ans* When a person does not have the income or wealth to fulfil their basic needs. Aggregate Demand (AD) *Ans* The total demand/spending in an economy at a given price level over a given period of time. Made up of consumption, investment, government spending a...

International Economics Exam Study Set 100% Correct Answers absolute advantage *Ans* Where a country is able to produce more output than other countries using the same input of factors of production. administrative barriers (in the context of trade) *Ans* Any administrative requirement that might prevent or reduce the amount of imports. anti-dumping *Ans* Legislation to protect an economy against the importing of a good at a price below its unit cost of production. appreciation *Ans*...