College econ Study guides, Class notes & Summaries

Econ 104, Goffe, PSU 2024 Exam Graded A+ | Verified & Updated GDP -Answer-the market value of all FINAL goods and services produced in a country during a period of time. GDP equation -Answer-GDP(Y)=C (consumption) + I (investments) +G (gov purchases) +NX (net exports) Consumption -Answer-expenditures made by households (excluding the purchase of a new house) Investment -Answer-Final goods and services purchased by business firms (equipment for production and new buildings), changes in i...

Econ 101 Final Exam Brent Kreider| with full latest solution What is the difference between a positive and normative statement? - A positive statement is based on facts and a normative statement is an opinion. If I have to drop out of college, it will cost me all of the tuition I have paid and the income I could have earned during those years while I was in college. True or false. - False because income should be considered a sunk cost and therefore not relevant to the question. Tonight I...

ECON 252 - Purdue University - Exam 1 Latest Update Graded A The definition of economics states that it is the study of how _________. A. agents choose to allocate scarce resources and the impact of those choices on society. B. money influences the economy in the short run and the long run. C. businesses make decisions and how those decisions impact other firms, the government, and consumers. D. the government determines policies, businesses set prices, and consumers choose how much to ...

ECON 2110 Final Exam Clemson Questions and Answers Already Passed The price of peanuts (an input) falls while the price of jelly (a complement) rises. What will happen to equilibrium price and quantity of peanut butter? a. Equilibrium price and quantity will increase. b. Equilibrium price will increase but the effect on equilibrium quantity is uncertain. c. Equilibrium quantity will decrease but the effect on equilibrium price is uncertain. d. Equilibrium price will decrease but the effect ...

ECON EXAM QUESTIONS & ANSWERS 2023-24 Which of the following is NOT a producer? - ANSWER-An unemployed college student Which of the following is an ethereal added utility to a consumer? - ANSWER-The smell of espresso What is the primary difference between microeconomics and macroeconomics? - ANSWER-Microeconomics looks at scarcity for companies, while macroeconomics looks at it for entire economies. In economics, scarcity means that: - ANSWER-There is a finite amount of resources. ...

Econ Final Exam (Answered) 2023/2024 (T/F) The budgeting process starts with monitoring current spending False (T/F) Most short-term goals are based on activities over the next two or three years False (T/F) A common long-term goal may involve saving for college for parents of a newborn child True (T/F) Rent is considered a fixed expense True (T/F) Flexible expenses stay about the same each month False The final phase of the budgeting process is to: A) set personal and financial go...

ECON 201 Problem Set 10 International Trade and Protectionism. Montgomery College

Econ Final Exam (Answered) 2023/2024 (T/F) The budgeting process starts with monitoring current spending False (T/F) Most short-term goals are based on activities over the next two or three years False (T/F) A common long-term goal may involve saving for college for parents of a newborn child True (T/F) Rent is considered a fixed expense True (T/F) Flexible expenses stay about the same each month False The final phase of the budgeting process is to: A) set personal and financial go...

Econ Final Exam (Answered) 2023/2024 (T/F) The budgeting process starts with monitoring current spending False (T/F) Most short-term goals are based on activities over the next two or three years False (T/F) A common long-term goal may involve saving for college for parents of a newborn child True (T/F) Rent is considered a fixed expense True (T/F) Flexible expenses stay about the same each month False The final phase of the budgeting process is to: A) set personal and financial go...

Econ 102 Midterm 1 Questions and Answers Rated A+ which of the following best describes scarce resources? resources for which the quantity demanded exceeds the quantity that is freely available economics is primarily the study of ____________ how agents choose to allocate scarce resources and how these choices affect society which of the following is an example of a positive economic statement? higher interest rates will encourage more savings ________ is the study of how individuals, househo...