Econ 200 Samenvattingen, Notities en Examens

Economics is best defined as ____________. A.) How people make money and profits in the stock market B.) Making choices from an unlimited supply of goods and services C.) Making choices with unlimited wants but facing a scarcity of resources D.) Controlling a budget for a household Making choices with unlimited wants but facing a scarcity of resources

ECON 200 Final Exam Questions And Answers 100% Verified BLS "people who would like to work, but given up looking" - answerout of labor force; if unemployed, unemployment rate would be larger Sectoral shifts in demand for output: - answerincrease unemployment due to job search The demand for workers has risen in one region of the U.S. & fallen in another because of: - answerFrictional unemployment created by sectoral shifts What does not help reduce frictional unemployment? - answerunemp...

ECON 200 Final Exam Questions And Answers (Updated And Verified) Marginal - answerIf an individual pays an additional $0.30 in taxes as a result of a $1.00 increase in income, that individual has a(n)_____________ tax percent of 30 percent. rise; downward-sloping - answerSuppose that in a certain nation the flat income tax rate of 40 percent is reduced to 35 percent and as a result taxable income rises from $400 billion to $600 billion. Tax revenues _____________, indicating the nation is ...

ctional unemployment union organizes workers in one of the markets, then the wage rates will tend to: - answerrise for union jobs, and fall for the nonunion jobs Efficiency wages: - answerincrease structural unemployment by keeping wages above equilibrium Medium of Exchange - answerAn item buyers give to sellers when they want to purchase g&s Unit of Account - answerThe yardstick people use to post prices & record debts Store of Value - answerAn item people can use to transfer purchasing...

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marginalIf an individual pays an additional $0.30 in taxes as a result of a $1.00 increase in income, that individual has a(n)_____________ tax percent of 30 percent. rise; downward-slopingSuppose that in a certain nation the flat income tax rate of 40 percent is reduced to 35 percent and as a result taxable income rises from $400 billion to $600 billion. Tax revenues _____________, indicating the nation is on the _______________ portion of its Gaffer curve. cyclicalThat part of the de...

Econ 200 Exam Questions And Answers (Updated And Verified) Economies of scale - answerA natural monopoly achieves ____ over the entire range of market supply: the maximum amount of output attainable from a given combination of factor inputs - answerA production function describes: Marginal Physical Product - answerThe change in total output that results from one additional unit of input is the: Diminishing Returns - answerIf more of an input factor is used, while holding other inputs co...

d. - In a perfectly competitive market, when the price is greater than the minimum average total cost for most firms, some will: a. exit until the price drops to equal minimum ATC b. exit until the price increases to equal minimum ATC c. enter until the price increases to equal minimum ATC d. enter until the price drops to equal minimum ATC a. - Perfect price discrimination: a. allows each customer to pay exactly what they are willing and able to pay b. maximizes consumer surplus c. mi...

ECON 200 Final Exam Questions And Answers 100% Verified BLS "people who would like to work, but given up looking" - answerout of labor force; if unemployed, unemployment rate would be larger Sectoral shifts in demand for output: - answerincrease unemployment due to job search The demand for workers has risen in one region of the U.S. & fallen in another because of: - answerFrictional unemployment created by sectoral shifts What does not help reduce frictional unemployment? - answerunemp...