Final exam econ 101 2023 Study guides, Revision notes & Summaries

What behavior does the phenomenon known as comparative advantage encourage? specialization in production The government has been trying to encourage the use of fuel-efficient cars. One way it does this is by allowing fuel-efficient cars to use a separate highway lane. This separate lane encourages people to use fuel-efficient cars because those who place a high value on their scarce time may be encouraged to buy a fuel-efficient car to take advantage of the separate highway lane. ...

GBA Final Exam Study Guide Questions & Answers 2023/2024 What are all the pre-requisite courses and lower division - ANSWER-EC 110 (MATH 100) EC 111 (EC 110) MATH 112 (MATH 100) MATH 121/ 125 (MATH 112/115 CS 102 (NONE) LGS 200 (NONE) ST 260 ( MATH 112) AC 210 (EC 110) MGT 300 (EC 110 + 31HRS) MKT 300 (EC 110 +31 HRS) OM 300 (ST 260+ 31 HRS) FI 302 ( EC 110 + EC111 +AC 210 +31 HRS GBA 300 (EN 101 +EN 102 =31 HRS What is the MIN number of earned credit hours it takes to a...

ECON 101 FINAL EXAM PRACTICE QUESTIONS | latest 2023/24 2. Suppose you are forced to take a pay cut of 5% when the economy is experiencing overall deflation of 5%. If in response to your pay cut you also reduce your consumption by 5%, then economists would say: A) the quantity theory of money held. B) you are exhibiting money illusion. C) you made a rational decision. D) your real wage decreased by 5%. - B 3. Continued long-run economic growth requires that economies: A) continue to i...

Which of the following statements correctly identifies a reason why low inflation can have a positive benefit to the economy? A) Inflation increases consumer demand which is necessary for combating slowdowns. B) Inflation increases consumer confidence, which is an absolute necessity to counteract business cycles. C)Inflation reduces money costs and hence stimulates an economy during slowdowns. D) Inflation sometimes increases the demand for workers that increases output a...

Final Exam Econ 101 2023 If a store sells a good at the market price, even though the government authorities have set the minimum price that can be charged, the store is selling the good in a(n) black market for a market price that is lower. Jackie is the owner of a furniture store. Last year, her total revenue was $500,000 and her total labor costs were $200,000. Her overhead expenses, including insurance and legal fees, were $175,000. The rent on the building was $45,000. Jackie coul...

Econ 101 - Final Exam 2023 GRADED A LATEST VERSION 2OO QUESTIONS AND ANSWERS Which of the following is a role played by the Fed in the U.S. economy? A) It acts as a lender of the last resort in case of bank runs. B) It takes political decisions during periods of recessions. C) It determines the import duty on raw materials being imported into the country. D) It acts as a direct source of funds for new businesses and startups. - CORRECT ANSWER A) It acts as a lender of the last resort...