TOPGRADE

Econ 9 Final Exam Questions Correctly Answered. The labor force is: - CORRECT ANSWER the total of people employed and unemployed. If a country has a working-age population of 200 million, 135 million people with jobs, and 15 million people unemployed and seeking employment, then its unemployment rate is: - CORRECT ANSWER 10%. If a country has a working-age population of 200 million, 135 million people with jobs, and 15 million people unemployed and seeking employment, then its labor f...

Econ 3 Questions Correctly Answered. The law of demand states that price and quantity demanded are - CORRECT ANSWER B. inversely related, ceteris paribus. At a price of $15 each, Marta buys 4 books per month. When the price increases to $20, Marta buys 3 books per month. Luz says that Marta's demand for books has decreased. Is Luz correct? - CORRECT ANSWER C. No, Luz is incorrect. Marta's quantity demanded has decreased, but her demand has stayed the same. One major reason for the l...

Econ 2302 Practice Exam Questions Correctly Answered. Resource Market - CORRECT ANSWER According to the circular flow diagram, when a household receives a wage for supplying a firm with labor, the interaction occurs in the... Allocating Resources - CORRECT ANSWER because the world is characterized by scarcity, people must choose between different uses for the resources at their disposal. In economics, we refer to this as: Specialize in the production of the good for which they wield a...

Macro Econ: Taylor Econ Study Guide Exam. 1. ________________ economists place an emphasis on __________ run economic performance. A. Phillips; short B. Keynesian; long C. Neoclassical; long D. Says; short - CORRECT ANSWER C. Neoclassical 2. The neoclassical perspective on macroeconomics emphasizes that in the long run, the economy seems to rebound back to its _____________ and its ____________________. A. long term growth; cyclical unemployment B. potential GDP; natural rate of ...

Econ 201 Prediction Exam Questions Correctly Answered. The ___ propensity to consume is the fraction or percentage of total income that is consumed. - CORRECT ANSWER average The investment demand curve shows the amount of investment forthcoming at each nominal interest rate. - CORRECT ANSWER False To economists, the term "aggregate" means... - CORRECT ANSWER total combined The slope of the savings function is the ____ propensity to save. - CORRECT ANSWER marginal Real interest...

Econ- Supply Exam Questions Correctly Answered. The table below shows the quantity of birthday cakes supplied by two producers, Producer A and Producer B. Individual and Market Supply of Birthday Cakes Quantity of Cakes Supplied Price (dollars) Producer A Producer B Market $ 4 0 40 40 - CORRECT ANSWER Explanation: a. To find the market quantities supplied at each price, you add the Producer A quantity and the Producer B quantity at each price. This amount is the marke...

ECON 4 Exam Questions Correctly Answered. the most commonly used measure of an economy's output is - CORRECT ANSWER gross domestic product Gross domestic product (GDP) equals the ____ of final ______ produced within a country during a given period of time - CORRECT ANSWER market value, goods and services the market value of final goods and services produced within a country during a period of time is called - CORRECT ANSWER gross domestic product GDP is a measure of an economy's ...

Econ 12 Questions Correctly Answered. The International Ecotourism Society estimates that international tourists interested in seeing nature or wildlife spend over - CORRECT ANSWER $450 billion per year. The term ____________ refers to a market exchange that affects a third party who is outside or external to the exchange. - CORRECT ANSWER spillover Marketable permits can be viewed as a form of improved _______________. - CORRECT ANSWER property rights The objective of imposing a h...

Econ 455 Practice Exam Questions Correctly Answered. What sources of data are used by demographers? Be sure to explain the information that each source provides to the demographer. - CORRECT ANSWER Responses may vary but should include some or all of the following information: Some demographic data sources are surveys, samples, census measurements, fieldwork, and observation. When using surveys, demographers research through asking questions to select members of the population. When usin...

Econ Vocab Study Exam Questions. People's wants are unlimited. This fact means that which of the following is always present? - CORRECT ANSWER Scarcity What are the factors of production? - CORRECT ANSWER land, labor, and capital What is the best title for the list below? • innovator • strategist • risk taker - CORRECT ANSWER Entrepreneur Which of these items is a measure of productivity? - CORRECT ANSWER bushels of corn per acre Why are tradeoffs necessary? - CORREC...

ECON 111 REVIEW PRACTICE TEST. Suppose the economy had been producing at potential GDP but now is in recession. Which of the following are discretionary fiscal policies that could bring the economy closer to potential GDP? Check all that apply. A tax hike A tax cut A reduction in government purchases Additional spending on national park facilities - CORRECT ANSWER a tax cut additional spending on national park facilities Suppose the economy had been producing at potential GDP ...

Econ Resource Questions Correctly Answered. Stephanie produces earrings. She sells each pair of earrings for $5.00. The table below shows how many pairs of earrings can be produced, depending on the number of workers Stephanie hires. Fill in the "Total Revenue" and "Marginal Revenue Product" columns using the information given. Assume this is a perfectly competitive market. - CORRECT ANSWER TR = 40, 100, 140, 170, 190, 200, 205 MRP = 40,60,40,30,20,10,5 Pierre produces wedges of age...

Econ – Macroeconomics Study Guide Test. The government sector collects taxes , which are considered (leakages, injectors, or factors of production); - CORRECT ANSWER leakages Households provide (leakages, injectors, or factors of production) to firms, which assists in the production of goods and services. - CORRECT ANSWER factors of production The foreign sector purchases exports, which are considered (leakages, injectors, or factors of production). - CORRECT ANSWER injectors ...

Econ 5 Exam Questions Correctly Answered. Using the midpoint method, the price elasticity of demand for a good is computed to be approximately 0.75. Which of the following events is consistent with a 10 percent decrease in the quantity of the good demanded? a. a 7.5 increase in the price of the good b. a 13.33 percent increase in the price of the good c. an increase in the price of the good from $7.50 to $10 d. an increase in the price of the good from $10 to $17.50 - CORRECT ANSWER b...

All Econ Study Guide Test. Which of these statements accurately describes econmics? - CORRECT ANSWER A. Economics is the study of how goods and services are made and sold. B.The principle of scarcity is a driving force of economic decisions. D.Producers and consumers interact to influence the economy. Individuals who make and sell goods and services are - CORRECT ANSWER Producers Individuals who buy goods and services are - CORRECT ANSWER consumers The idea that resources are __...

Econ Exam Correctly Answered. Gross Domestic Product (GDP) is the value of goods and services produced in a country annually. It can best be described as measuring an economy's - CORRECT ANSWER total output What is an example of scarcity - CORRECT ANSWER limited resources The Fed may respond to a recession by - CORRECT ANSWER decreasing intrest rates People who oppose labor unions believe that unions - CORRECT ANSWER keep more qualified workers from being hired Which are indica...

Micro Econ Exam Questions Correctly Answered. A market with well-established rules and structure is a(n) _______ market. - CORRECT ANSWER formal Which of the following is consistent with the law of demand? - CORRECT ANSWER An increase in the price of hamburgers causes buyers to buy fewer hamburgers. The relationship between quantity demanded and price is a(n) _____ relationship. - CORRECT ANSWER inverse In understanding and analyzing "market demand," we focus on how much all buye...

Econ Final Exam. when a binding price ceiling is imposed on a market to benefit buyers - CORRECT ANSWER some buyers will not be able to buy any amount of the good a price ceiling is - CORRECT ANSWER the legal max on the price at which a good can be sold if a non binding price ceiling is imposed on a market the the - CORRECT ANSWER the quantity sold will be the same in a free competitive market, what is the rationing mechanism - CORRECT ANSWER price when a binding price ceiling i...

Econ 7 Exam Questions Correctly Answered. Over the past century, real GDP per person in the United States has grown about _____ percent per year, which means it doubles about every _____ years. -2, 14 -2, 35 -5, 14 -5, 35 - CORRECT ANSWER 2, 35 In the United States over the past century, average income as measured by real GDP per person has grown by about 2 percent per year. This rate of growth implies that average income doubles every 35 years The world's rich countries, such ...

MACRO ECON FINAL EXAM. 1. In which of the following countries will the national government have the greatest influence with respect to the nation's economy? CUBA - CORRECT ANSWER 2. In a command economy, the __________ either makes most economic decisions itself or at least strongly influences how the decisions are made. - CORRECT ANSWER government 3. Because of their relatively small national economies, which of the following is most likely considered to be the most important facto...