Econ 200 Study guides, Class notes & Summaries

Absolute advantage - one producer's ability to make more than another producer with the same quantity of resources accounting profit - profit calculated by subtracting the explicit costs from total revenue adverse selection - phenomenon existing when one party has information about some aspect of product quality that the other party does not have antitrust laws - laws that attempt to prevent oligopolies from behaving like monopolies asymmetric information - an imbalance in information t...

ECON 200 Final Study Guide Rated A+ marginal rise; downward-sloping cyclical money market deposit accounts bank deposits at the Federal Reserve equal $0 $4 million; $40 million federal open market committee banks will have a reserve deficiency federal funds bank's reserves increase buys; Fed; lowers; reserves none of the above purchase; decrease monetarists believe that control of the money supply is very important to the health of the economy can be turned into a theory of the m...

macroeconomicsconveys the overall health of the economy using such measures as unemployment, inflation, and economic growth rates microeconomicsthe study of how individual households and firms make decisions and how they interact in markets fiscal policyusing taxes and government spending to shape economic conditions monetary policyusing the money supply to change interest rates to increase or decrease consumption and investment

Final Exams ECON 1580 Introduction to Economics Question 1 If the price of chocolate-covered peanuts increases and the demand for strawberry licorice twists increases, this indicates that these two goods are: a. unrelated goods. b. superior goods. c. inferior goods. d. substitute goods. Question 2 A decrease in the demand facing a monopoly firm would _______ quantity and _______ price. The demand is inelastic. a. increase; increase b. increase; decrease c. decrease; increase d. decrease; decreas...

Grade Details1.Question: In the Dornbusch-Fischer-Samuelson graph above, a uniform improvement in labor productivity in all the home country's industries would shift the A schedule and would lead to the export of a number of goods by the home country. Your Answer: upward; greater CORRECT upward; smaller downward; greater downward; smaller Points Received:2 of 2 Comments: 2. Question: The following Classical-type table shows the number of days of labor input required to obtain one uni...

Smaller the value of the multiplier, because when people save more, they spend less, and decrease the overall spending multiplier Holding everything else constant in an economy, the larger the MPS, the: A) smaller the value of the multiplier. B) larger the value of the multiplier. 5,000 + .7YD, because Autonomous consumer spending is 5,000; and MPC is .7 (100 dollar increase, spend 70) Assume aggregate consumer spending equals $5,000 when aggregate disposable income is zero, and whe...

Economies of scaleA natural monopoly achieves ____ over the entire range of market supply: the maximum amount of output attainable from a given combination of factor inputsA production function describes: Marginal Physical ProductThe change in total output that results from one additional unit of input is the: Diminishing ReturnsIf more of an input factor is used, while holding other inputs constant, a firm will eventually experience: Total revenue and Total cost (Total revenue - Tot...

Resource - Any item, whether a gift of nature, the result of production, or the result of human effort, that is used to produce goods and services. land - all natural resources used in production labor - all physical and mental activity devoted to producing goods and services capital - the tools, equipment, machinery, and factories used in the production of goods and services entrepreneurial ability - the talent/ability to combine land, labor, and capital to produce goods and services ...

current account- rest of the world to spain an Italian buys a hotel room for a vacation in Spain -interest on a Spanish bank's loan to Greek company current account-spain to rest of the world -profits of a US company operating in spain -Spanish company buys Iranian oil financial account-spain to rest of the world -spanish central bank buys more foreign exchange reserves -spanish company buys Irish IT company

BLS "people who would like to work, but given up looking" out of labor force; if unemployed, unemployment rate would be larger Sectoral shifts in demand for output: increase unemployment due to job search The demand for workers has risen in one region of the U.S. & fallen in another because of: Frictional unemployment created by sectoral shifts What does not help reduce frictional unemployment? unemployment insurance Other things the same, an increase in wages above their equilibrium l...