- Study guides, Class notes & Summaries

ECO 201 - Units #5-8 Exam Questions and Answers Fully Solved UNIT FIVE - Answers Who was planning on climbing Half Dome with your instructor two years ago? - Answers His father. How did the parks handle the fact that too many people were climbing Half Dome for it to be safe? - Answers By requiring permits to climb Half Dome When should you not buy the next latte? - Answers When the marginal cost of another latte is greater than the marginal benefit What is consumer surplus? - Answers The ...

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6 pages

Written in 2024/2025

Grade A+

TutorJosh

ECO 201 - CHAPTER 39 EXAM QUESTIONS AND ANSWERS SOLVED CORRECTLY A trade Blank______ occurs when imports exceed exports. - Answers deficit How do nations benefit from international trade? - Answers -They can acquire more goods and services. -They can specialize their production. -They can enhance their resource productivity. Economizing requires that any particular good be produced by the nation having the Blank______ domestic opportunity cost, or the Blank______ advantage for that good. -...

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5 pages

Written in 2024/2025

Grade A+

TutorJosh

ECO 201 - Chapter 33 Exam Questions and Answers Already Passed The federal government's purposeful manipulation of taxes and spending in order to "stimulate the economy" or "rein in inflation" is known as ____________ policy. - Answers fiscal Discretionary fiscal policy consists of deliberate changes in government spending and taxation designed to do which of the following? - Answers -Control inflation -Achieve full employment -Encourage economic growth An economy's poten...

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4 pages

Written in 2024/2025

Grade A+

TutorJosh

ECO 201 - Chapter 29 Test Questions with Correct Answers Graded A+ what is currency - Answers dollar notes and coins name term: bank deposits that allow account owners to write checks to third parties; atm or debit cards can also access these deposits and transmit them electronically - Answers checkable deposits name term: measures of the economy's money supply - Answers money aggregates name term: narrow measure of the money supply, consisting of currency and coins held by nonbanking ...

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8 pages

Written in 2024/2025

Grade A+

TutorJosh

ECO 201 Chapter 3 Demand and Supply Exam Questions Answered Correctly Graded A+ When any factor that influences buying plans changes, other than the price of the good. - Answers Change in Demand When any factor that influences selling plans other than the price of the good changes. - Answers Change in Supply A point on the demand curve shows the quantity demanded at a given price, so a movement along the demand curve shows a change in the quantity demanded. - Answers Change in the Quantity De...

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2 pages

Written in 2024/2025

Grade A+

TutorJosh

ECO 201 Chapter 23 Economic Growth Rate Exam Questions and Answers Graded A+ Aggregate production function - Answers The relationship that tells us how real GDP changes as the quantity of labor changes when all other influences on production remain the same. Classical growth theory - Answers The view that the growth of real GDP per person is temporary and that when it rises above the subsistence level, a population explosion eventually brings it back the the subsistence level. Economic growth...

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1 pages

Written in 2024/2025

Grade A+

TutorJosh

ECO 201 Chapter 2 The Economic Problem Questions Answered Correctly Absolute Advantage - Answers A person who is more productive than others. Allocative Efficiency - Answers When goods and services are produced at the lowest possible cost and in the quantities that provide the greatest benefit. Capital Accumulation - Answers The growth of capital resources. Comparative Advantage - Answers When a person can perform an activity at a lower opportunity cost than anyone else. Economic Growth - ...

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1 pages

Written in 2024/2025

Grade A+

TutorJosh

ECO 201 Chapter 1 What is Economics? Questions Solved Correctly Benefit - Answers The gain or pleasure that something brings, determined by preferences. Capital - Answers The tools, instruments, machines, buildings, and other constructions that businesses use to produce goods and services. Economic Model - Answers A description of some aspect of the economic world that includes only those features that are needed for the purpose at hand. Economics - Answers The social science that studies t...

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2 pages

Written in 2024/2025

Grade A+

TutorJosh

ECO 201 Chapter 21 Measuring GDP and Economic Growth Questions and Answers Solved Correctly Business Cycle - Answers A periodic but irregular up-and-down movement of total production and other measures of economic activity. Chained-dollar real GDP - Answers Value production in the prices of adjacent years, find the average of two percentage changes, and link (chain) back to the reference base year. Consumption expenditure - Answers Firms sell and households buy consumer goods and services in...

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2 pages

Written in 2024/2025

Grade A+

TutorJosh

ECO 201 Chapter 26 The Exchange Rate and the Balance of Payments Exam Questions and Answers Solved Correctly Balance of payments accounts - Answers A country's balance of payment accounts records its international trading, borrowing, and lending in three accounts: current account, capital and financial account, and official settlements account. Capital and financial account - Answers Records foreign investment in the United States minus U.S. investment abroad. Crawling peg - Answers An ex...

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2 pages

Written in 2024/2025

Grade A+

TutorJosh

ECO 201 Chapter 25 Money, the Price Level, and Inflation Test Questions and Answers Solved Correctly A bank's bank and public authority that regulates a nation's depository institutions and conducts monetary policy, which means that it adjusts the quantity of money in circulation and influences interest rates. - Answers Central bank The notes and coins held by individuals and businesses. - Answers Currency We call the leakage of bank reserves into currency the currency drain, and we ca...

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2 pages

Written in 2024/2025

Grade A+

TutorJosh

ECO 201 Exam (Chapters 25-28) Questions and Answers Fully Solved Latest Version A bank finds itself short of required reserves and therefore borrows from another commercial bank. The interest rate on this loan is - Answers the federal funds rate. A federal budget deficit occurs when - Answers federal government purchases exceed net taxes. A mortgage-backed security is hundreds of mortgages bundled together which represents a claim on the monthly payments made on those mortgages. - Answers T...

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3 pages

Written in 2024/2025

Grade A+

TutorJosh

ECO 201 Chapter 23 Test #2 review Questions and Answers Graded A+ ___ implies that pressure for price increases reaches across _____ markets, not just one. - Answers inflation, most. While once occasionally sees references to inflation over short time periods, the term typically implies a ___ in prices - Answers ongoing rise The effects of inflation are seen in ____ - Answers goods, services, wages and income levels. if the price index moves from 107 to 110, the rate of inflation is__ - Answ...

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1 pages

Written in 2024/2025

Grade A+

TutorJosh

ECO 201 - chap 22 Exam Questions and Answers Fully Solved 1) The world's economies can be divided into four main categories according to their annual per-capita income levels. Which one of the following is NOT one of the categories? A) low-income B) upper middle-income C) high-income D) lower middle-income E) middle-income - Answers E 2) Average per-capita GDP in the richest, most prosperous economies is ________ times that of the average in the ________ economies. A) 95, low (poores...

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18 pages

Written in 2024/2025

Grade A+

TutorJosh

ECO 201 - Chapter 9 Exam Questions and Answers Fully Solved Graded A+ 1) Specific tariffs are A) import taxes stated in specific legal statutes. B) import taxes calculated as a fixed charge for each unit of imported goods. C) import taxes calculated as a fraction of the value of the imported goods. D) the same as import quotas. E) import taxes calculated based solely on the origin country. - Answers B 206-207 Difficulty: Easy 2) Ad valorem tariffs are A) import taxes stated in ads in...

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20 pages

Written in 2024/2025

Grade A+

TutorJosh

ECO 201 Chapter 18 Test Questions and Answers Fully Solved Graded A+ If the U.S. government's budget deficits are increasing aggregate demand, and the economy is producing at a level that is substantially less than potential GDP, then: - Answers the central bank might react with an expansionary monetary policy. A moderate increase in a budget deficit that leads to a _____________________ is not necessarily a cause for concern. - Answers moderate increase in a trade deficit and a moderate ap...

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3 pages

Written in 2024/2025

Grade A+

TutorJosh

ECO201 Chapter 17 Test Questions and Answers Fully Solved Graded A+ Currently, the US government accumulated debt to GDP ratio: - Answers is lower than its historical high point hit in 2020. Which of the following terms is used to describe the set of policies that relate to government spending, taxation, and borrowing? - Answers fiscal policies If a government reduces taxes in order to increase the level of aggregate demand, what type of fiscal policy is being used? - Answers expansionary A ...

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2 pages

Written in 2024/2025

Grade A+

TutorJosh

ECO 201 chapter 15 Exam Questions and Answers Solved Correctly Rated 100% available for work, tried to find employment during the previous 4 weeks - Answers unemployed not employed, not unemployed (i.e. full time students, housemakers, retirees) - Answers not in the labor force the total number of workers, including both the employed and the unemployed - Answers Labor Force the percentage of the labor force that is unemployed (# of unemployed / labor force) x 100 - Answers Unemployment ra...

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6 pages

Written in 2024/2025

Grade A+

TutorJosh

ECO 201 - Chapter 14 Exam Questions and Answers Solved Correctly Rated 100% 14.1 Exchange Rates and International Transactions 1) How many dollars would it cost to buy an Edinburgh Woolen Mill sweater costing 50 British pounds if the exchange rate is 1.25 dollars per one British pound? A) 50 dollars B) 60 dollars C) 70 dollars D) 62.5 dollars E) 40 British pounds - Answers D 342-346 Difficulty: Easy 2) How many dollars would it cost to buy an Edinburgh Woolen Mill sweater costing 5...

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19 pages

Written in 2024/2025

Grade A+

TutorJosh

ECO 201 Chapter 13 Exam Questions and Answers Already Passed A typical Keynesian aggregate supply (AS) curve _______________ and a typical Keynesian Phillips curve _____________. - Answers slopes upward; slopes downward From a neoclassical view, which of the following is a true statement? - Answers The economy cannot sustain production above its potential GDP in the long run. In the neoclassical model, the AS curve shifts to the right over time as_______________________ and potential GDP exp...

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2 pages

Written in 2024/2025

Grade A+

TutorJosh