Econ 212 Study guides, Class notes & Summaries

Chapter 1 ECON 212 Exam Questions and Answers 100% CorrectChapter 1 ECON 212 Exam Questions and Answers 100% CorrectChapter 1 ECON 212 Exam Questions and Answers 100% CorrectChapter 1 ECON 212 Exam Questions and Answers 100% CorrectChapter 1 ECON 212 Exam Questions and Answers 100% Correctwhen economists say scarcity, they mean: a. there are only a limited number of consumers who would be interested in purchasing goods b. human wants exceed the available supply of time, goods and resources...

TRS correct answers-w1/w2 Cost Function correct answersC(w1,w2,y) = w1x1 + w2x2 Output (y) correct answersSub in x1 and x2 into Production Function Isoprofit Slope correct answersw1/p Isoprofit Y-int correct answersy = π/p + w1/p (x1) + w2/p (x2) Profit Function correct answersπ = Py - w1x1 - w2x2 Gov Instituted Tax correct answersCosts Increase Gov Instituted Subsidy correct answersCosts Decrease Isoprofit Line correct answersProduction Function = f(x1,x2) = s.t. one o...

ECON 2120 Exam 1 review Questions and answers, rated A+ Economists think that people are self-interested: - -because they respond to incentives in predictable ways Which types of incentives do economists believe people respond to? - -Moral, Monetary, and Personal You are considering going Fort Lauderdale from spring break and you are choosing between flying from Greenville to Miami and taking a bus. The flight costs $600 and takes three hours; a bus ticket between the cities costs $...

Principles of Macroeconomics - Test Item File 1 Ninth Edition by Case / Fair / OsterContents Chapter 1 The Scope and Method of Economics ...........................................................................1 Chapter 2 The Economic Problem: Scarcity and Choice.............................................................28 Chapter 3 Demand, Supply, and Market Equilibrium................................................................55 Chapter 4 Demand and Supply Applications ..................

10) Deflation occurs when A) the average price level declines. B) economic activity declines. C) the economic growth rate declines. D) the unemployment rate declines. Answer: A Diff: 2 Topic: Macroeconomic Concerns Skill: Definition 11) A period of very rapid increase in the overall price level is known as A) stagnation. B) hyperinflation. C) stagflation. D) depression. Answer: B Diff: 1 Topic: Macroeconomic Concerns Skill: Definition 12) The trend of the economy is A) the long ru...

Economists claim that markets A. provide stable employment for citizens. B. guarantees a fair income distribution. C. produces goods and services as efficiently as possible. D. provides safe neighborhoods. 2. Which of the following statements illustrate the concept of efficiency? A. The production of the good generates very little pollution. B. At equilibrium, all mutually beneficial transactions have taken place. C. The production of the good generates very few byproducts. D. The consu...

You need to answer all three questions, which carry equal weight. This is an open-book exam. For each question, you should provide a concise summary of the corresponding lecture, demonstrating your understanding of the content. You may incorporate your own opinions in your answers.

The rural-urban divide is an entrenched gap in productivity, income and living standards It is further aggravated by the village ownership of rural land It is frozen by the hukou system, in effect, one country with two two social insurance systems and two classes of people It is a fundamental source of poverty and social injustice It constrains household consumption and leads to a ridiculously high national saving rate And it is also the root of cheap labor and the Chinese advantage