Economics Study guides, Class notes & Summaries

UCI Econ / IS 13 Homework 2 (100 points). 100% Grade

1. Markets sometimes fail to allocate resources efficiently. ANS: T DIF: 2 REF: 10-0 NAT: Analytic LOC: Markets, market failure, and externalities TOP: Market failure MSC: Interpretive 2. When a transaction between a buyer and seller directly affects a third party, the effect is called an externality. ANS: T DIF: 1 REF: 10-0 NAT: Analytic LOC: Markets, market failure, and externalities TOP: Externalities MSC: Definitional 3. Buyers and sellers neglect the external effects of their actions when d...

UNIVERSITY OF ARIZONA ECON 200 Chapter 3,Chapter 4 & Chapter 5 Study Guide Questions & Answers Chapter 3 1. The most expensive private high schools in New York City cost close to $50,000 a year to attend. That is MORE than it costs to attend some elite universities. What explains why the tuition is so high at these schools? A) There is very high demand. B) There is a limited supply of highly prestigious schools. C) The demand is low but supply is large. D) The demand is quite high and the...

UNIVERSITY OF ARIZONA ECON 200 Chapter 1 & Chapter 2 Study Guide Questions & Answers Chapter 1 1. Economics is A) the study of how people make choices B) the study of stock trading C) the study of money D) the study of large corporations 2. If it takes even a small amount of time, energy or money to acquire then a good is A) abundant B) in shortage C) cheap D) scarce 3. An example of a direct negative incentive is: A) providing a commission for sales. B) awarding a promotion for hard wo...

UNIVERSITY OF ARIZONA STUDY GUIDE 2020 ECON SUPPLY & DEMAND FOR UNIT 7 UNIT 7 All of the following are criteria used by the United Nations for determining the world's least developed countries EXCEPT If Country A can produce a good at a lower opportunity cost than Country B then Country A is said to have a(n)__ In May, the exchange rate of $U.S. dollars to Danish krone is $1=4.5 krone. In September of the same year the exchange rate is $1= 4.25 krone. what has happened to the value ...

UNIVERSITY OF ARIZONA STUDY GUIDE 2020 ECON SUPPLY & DEMAND FOR UNIT 3 & UNIT 4 UNIT 3 Not all business people are entrepreneurs. Entrepreneurs are motivated by__ to assume the__ of production. The process of a government taking money, in the form of takes, from wealthier citizens and then using that money to provide for needier citizens is called i Inventions, plants, and non-human mammals can be protected by Products of the mind, such as inventions, are called "From eac...

Capital: Consequence: Cost: Economics: Economize: Entrepreneur: Factors of production. • Monetary Cost: Opportunity Cost: Physical Capital: Production Possibilities Curve (PPC): Production Possibilities Frontier: . Profit Motive: Scarcity: Sunk Cost: Thinking On The Margin: “There Is No Such Thing As A Free Lunch”: Trade-Off: Underutilization: UNIT 2 In a free market, which occurs in the product market? Which of the following is ...

UNIVERSITY OF ARIZONA STUDY GUIDE 2020 ECON SUPPLY & DEMAND FOR UNIT 1,2,3,4,5,6 &7 UNIT 1 Capital: Consequence: A result or effect of an action or decision; may be positive or negative. Cost: What is given up a result of a decision Economics: The study of how people seek to satisfy their needs and wants by making choices. Economize: Choose the alternative that offers the greatest benefit for the least cost. Entrepreneur: One who takes the risk of opening a business with the aim of...

UNIVERSITY OF ARIZONA STUDY GUIDE 2020 ECON SUPPLY & DEMAND FOR UNIT 5 & UNIT 6 UNIT 5 The unemployment rate is the percentage of the The most important monetary tool of the Fed is Another term for the poverty threshold is The U.S. national debt is If I have lost my job because there is a recession, then I am The term relative poverty is Charging higher interest on loans than they pay on depositors' accounts is The economist believed that a capitalist market e...

1. Define economics. 2. Explain how scarcity relates to economics. Limited resources to meet unlimited needs and wants. This situation requires people to make decisions about how to allocate resources efficiently in order to satisfy needs and wants. 3. Differentiate between opportunity costs and trade offs. Opportunity Costs: The second best alternative to a choice that is made. Trade Offs: Giving up some of one thing in order to gain more of something else. 4. Define factors of produ...