Econ 2305 Study guides, Class notes & Summaries
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ECON 2305 TOP Study Guide Exam Questions and CORRECT Answers
- Exam (elaborations) • 15 pages • 2024
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GDP - The market value of all final goods and services produced within a country in a 
given period of time 
Circular Flow Diagram - Households buy goods and sevices from firms, and firms' use 
their revenue from sales to pay wages to workers, rent to landowners, and profit to firm 
owners. GDP equals the total amount spent by households in the market for goods and 
services. It also equals the total wages, rent and profit paid by firms in the markets for the 
factors of production 
Includ...
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ECON 2305 UPDATED Exam Questions and CORRECT Answers
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Scarcity? - fundamental problem of economics. Finite. Limited 
Opportunity cost? - Best foregone alternative 
Formula for economics? - W Upward arrow infinite (unlimited wants) 
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R (resources) 
Cobb-Douglas Production Function? - Q= f (K, L) 
output is a function of K (capital_ and L (Labor) 
Karl Marx- Das Kapital 
What is capital-intensive production? - W/ machines its cheaper than labor intensive 
Labor intensive production? - more expensive than capitol intensive
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ECON 2305 Certification Exam Questions and CORRECT Answers
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In the basket of goods that is used to compute the consumer price index, which of the 
following categories of consumer spending is the largest? - education& 
communication, recreation, medical care. 
A transfer payment is a payment made by - a payment for which the government 
receives neither good nor services in return. 
he law of supply states that, other things equal, when the price of a good - rises, the 
quantity supplied of the good rises. 
Among economic models, the circular-flow di...
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ECON 2305 Key PASSED Exam Questions and CORRECT Answers
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*Decrease in equilibrium interest rate* and an *increase in the equilibrium quantity* of 
*loanable funds* could be explained by? - The supply of loanable funds shifted 
*rightward* 
If the *supply for loanable funds shifts to the left*, then the equilibrium *interest rate*? - 
*Rises* and the *quantity of loanable funds fall* 
Inflation - an increase in the overall level of prices in the economy. 
CPI - measures overall cost of Goods and Services brought by a tyical consumer 
CPI Equation STE...
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ECON 2305/ECON2305 - EXAM 5 ALL ANSERS 100% CORRECT FALL-2021/2022 SOLUTION GUARANTEED GRADE A+
- Exam (elaborations) • 5 pages • 2021
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1.	If the government were to double taxes on people who earn more than $1 million per year, the deficit would disappear. 
a.	True 
b.	False 
2.	Refer to this graph. Which one of the following shocks could have caused this to happen? 
a.	an increase in marginal tax rates 
b.	an increase in the foreign exchange value of the dollar 
c.	an increase in government spending 
d.	an increase in wage rates or other resource costs 
3.	Money creates wealth. 
a.	True 
b.	False 
//See the video "How the Econ...
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ECON 2305/ECON2305 - EXAM 4 ALL ANSWERS 100% CORRECT FALL-2021/2022 EDITION GUARANTEED GRADE A+
- Exam (elaborations) • 11 pages • 2021
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1.	The largest source of revenue for the federal government is 
a.	sales tax receipts 
b.	individual income tax receipts 
c.	corporate income tax receipts 
d.	Social Security tax receipts 
 
2.	If the government enacts a tax on Uber corporate profits, which of the following is likely to occur? 
a.	Uber riders will pay the tax in the form of higher fares. 
b.	Uber drivers will pay the tax in the form of lower wages 
c.	Uber shareholders will pay the tax in the form of reduced profit 
d.	the tax w...
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ECON 2305/ECON2305 - EXAM 3 ALL ANSWERS SOLVED FALL-2021/2022 SOLUTION 100% CORRECT GUARANTEED GRADE A+
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1.	Refer to this graph. Which one of the following shocks could have caused this to happen? 
a.	an increase in the amount of money in circulation b. a decrease in consumer confidence 
c.	more government spending 
d.	an increase in the supply of labor 
2.	P- price level, Q- real GDP, and U = the unemployment rate. If the economy is in equilibrium and then the AD curve shifts leftward, we expect to see the following outcome in the short run: 
a.	P down Q down U up 
3.	Refer to this graph. Which on...
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ECON 2305 PRACTICE QUESTIONS AND CORRECT ANSWERS 2021
- Exam (elaborations) • 5 pages • 2021
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ECON 23051.Refer to this graph. Which one of the following shocks could have caused this to happen? 
 increase in the amount of money in circulation b. a decrease in consumer confidence 
 government spending 
 increase in the supply of labor
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Economics: Consumer Price Index (CPI) & The Business Cycle
- Class notes • 1 pages • 2022
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These notes cover and introduce what CPI is in economics and the Business Cycle. It talks about the flow of business and how CPI is calculated and used.