Eco 231 final exam || Questions and 100% Accurate Answers. Econ 231 - Exam 1 - Chapter 1 & 2 - Practice Problems || All Questions Answered Correctly. Econ 231 - Exam 1 - Chapter 3 & 4 - Practice Problems || A+ Verified Solutions. Econ 231 - Exam 2 - Chapters 8 & 9 - Practice Problems || Questions a...
[Show more]
If a country's initial real GDP is $60,000 and its annual growth rate is 5%, use the Rule of 70 to determine approximately how many years it would take for this economy to double its GDP. correct answers 14 years Which of the following would most likely NOT be counted in GDP? correct answers You...
Preview 2 out of 8 pages
Add to cartIf a country's initial real GDP is $60,000 and its annual growth rate is 5%, use the Rule of 70 to determine approximately how many years it would take for this economy to double its GDP. correct answers 14 years Which of the following would most likely NOT be counted in GDP? correct answers You...
If the population increase in India is smaller than the increase in Indian real GDP then per capita will correct answers increase The main cost that low inflation imposes on an economy is that low inflation correct answers distorts come economic decisions The use of automated teller machines (...
Preview 2 out of 8 pages
Add to cartIf the population increase in India is smaller than the increase in Indian real GDP then per capita will correct answers increase The main cost that low inflation imposes on an economy is that low inflation correct answers distorts come economic decisions The use of automated teller machines (...
The Latin term "ceteris paribus" means correct answers other things equal A positive statement is one that correct answers focuses on facts, descriptions, and theoretical relationships. The alternative combinations of two goods that a consumer can purchase with a specific money income is sho...
Preview 2 out of 7 pages
Add to cartThe Latin term "ceteris paribus" means correct answers other things equal A positive statement is one that correct answers focuses on facts, descriptions, and theoretical relationships. The alternative combinations of two goods that a consumer can purchase with a specific money income is sho...
When a society cannot produce all the goods and services people wish to have, it is said that the economy is experiencing correct answers scarcity. In most societies, resources are allocated by correct answers the combined actions of millions of households and firms. The principle that "peopl...
Preview 3 out of 23 pages
Add to cartWhen a society cannot produce all the goods and services people wish to have, it is said that the economy is experiencing correct answers scarcity. In most societies, resources are allocated by correct answers the combined actions of millions of households and firms. The principle that "peopl...
In a command economy________ either makes the economic decisions or at least, strongly influences how the decisions are made correct answers Government Best described tool of monetary policy correct answers interest rates most likely a topic of discussion in microeconomics correct answers a de...
Preview 2 out of 7 pages
Add to cartIn a command economy________ either makes the economic decisions or at least, strongly influences how the decisions are made correct answers Government Best described tool of monetary policy correct answers interest rates most likely a topic of discussion in microeconomics correct answers a de...
invisible hand concept correct answers developed by Adam Smith, "people get their greatest reward by satisfying the needs and wants of others" Demand correct answers willingness to buy 2 reasons an individual buys less of of something when the price goes up correct answers income effect and ...
Preview 2 out of 6 pages
Add to cartinvisible hand concept correct answers developed by Adam Smith, "people get their greatest reward by satisfying the needs and wants of others" Demand correct answers willingness to buy 2 reasons an individual buys less of of something when the price goes up correct answers income effect and ...
In a market-oriented economy, the amount of a good that is produced is primarily decided by the interaction of: producers and government planning committees. producers and input suppliers all consumers correct answers buyers and sellers Which of the following best describes a monetary polic...
Preview 3 out of 28 pages
Add to cartIn a market-oriented economy, the amount of a good that is produced is primarily decided by the interaction of: producers and government planning committees. producers and input suppliers all consumers correct answers buyers and sellers Which of the following best describes a monetary polic...
Classical Economists correct answers - Group that from the 1779s up to the great depression dominated economic thinking. - They believed recessions would naturally cure themselves because the price system would automatically restore to full employment - The founder was Adam Smith - Believed in ...
Preview 2 out of 8 pages
Add to cartClassical Economists correct answers - Group that from the 1779s up to the great depression dominated economic thinking. - They believed recessions would naturally cure themselves because the price system would automatically restore to full employment - The founder was Adam Smith - Believed in ...
economics correct answers The social science concerned with how individuals, institutions, and society make optimal choices under conditions of scarcity scarcity correct answers the limits placed on the amounts and types of goods and services available for consumption as the result of there being...
Preview 2 out of 6 pages
Add to carteconomics correct answers The social science concerned with how individuals, institutions, and society make optimal choices under conditions of scarcity scarcity correct answers the limits placed on the amounts and types of goods and services available for consumption as the result of there being...
Trade creates value because: a. people get what they want. b. raw materials are transformed into finished products. c. people exchange things they do not want for things they do. d. idle resources are put to use. correct answers C The reason Martha Stewart does not iron he...
Preview 3 out of 16 pages
Add to cartTrade creates value because: a. people get what they want. b. raw materials are transformed into finished products. c. people exchange things they do not want for things they do. d. idle resources are put to use. correct answers C The reason Martha Stewart does not iron he...
Scarcity correct answers Lack of enough resources to satisfy all desired uses of those resources Factors of production correct answers resource inputs used to produce goods and services, such as land, labor, capital, and entrepreneurship Economics correct answers the study of how best to alloc...
Preview 1 out of 4 pages
Add to cartScarcity correct answers Lack of enough resources to satisfy all desired uses of those resources Factors of production correct answers resource inputs used to produce goods and services, such as land, labor, capital, and entrepreneurship Economics correct answers the study of how best to alloc...
Most economists agree that the focus of the fiscal policy is to correct answers Balance aggregate demand and aggregate supply The fallacy in the strict crowding-out argument comes from supposing that correct answers The economy's flow of savings is fixed If personal income taxes are increased...
Preview 2 out of 6 pages
Add to cartMost economists agree that the focus of the fiscal policy is to correct answers Balance aggregate demand and aggregate supply The fallacy in the strict crowding-out argument comes from supposing that correct answers The economy's flow of savings is fixed If personal income taxes are increased...
Taxes create deadweight losses because they correct answers distort incentives The efficient scale of the firm is the quantity of output that correct answers minimizes average total cost Which of the following is not an example of the principle that can make everyone better off A. Americans b...
Preview 2 out of 5 pages
Add to cartTaxes create deadweight losses because they correct answers distort incentives The efficient scale of the firm is the quantity of output that correct answers minimizes average total cost Which of the following is not an example of the principle that can make everyone better off A. Americans b...
Capital correct answers final goods produced for use in the production of other goods, such as equipment and structures Complements / Complementary Goods correct answers goods frequently consumed in combination; when the price of good x rises, the demand for good y falls. Consumers correct ans...
Preview 2 out of 5 pages
Add to cartCapital correct answers final goods produced for use in the production of other goods, such as equipment and structures Complements / Complementary Goods correct answers goods frequently consumed in combination; when the price of good x rises, the demand for good y falls. Consumers correct ans...
Automatic Stabilizers correct answers feature of the economy that reduces our sensitivity to shock. (1) fiscal policy-adjusting government spending and/or taxes in order to stabilize unemployment and inflation, (2) monetary policy-adjusting the availability and /or cost of credit in order to ...
Preview 2 out of 8 pages
Add to cartAutomatic Stabilizers correct answers feature of the economy that reduces our sensitivity to shock. (1) fiscal policy-adjusting government spending and/or taxes in order to stabilize unemployment and inflation, (2) monetary policy-adjusting the availability and /or cost of credit in order to ...
Four Objectives of Macroeconomics: correct answers 1. Output 2. Full Employment 3. Stable Prices 4. Foreign Policy GDP correct answers Gross Domestic Product - the market value of all FINAL goods and services produced annually in the economy. What is America's GDP? correct answers 17 trill...
Preview 1 out of 4 pages
Add to cartFour Objectives of Macroeconomics: correct answers 1. Output 2. Full Employment 3. Stable Prices 4. Foreign Policy GDP correct answers Gross Domestic Product - the market value of all FINAL goods and services produced annually in the economy. What is America's GDP? correct answers 17 trill...
The invisible hand correct answers concept was developed by Adam Smith. The invisible hand correct answers It states "people get their greatest reward by satisfying the needs and wants of others. Demand correct answers is the willingness to buy. income effect and substitution effect. co...
Preview 2 out of 7 pages
Add to cartThe invisible hand correct answers concept was developed by Adam Smith. The invisible hand correct answers It states "people get their greatest reward by satisfying the needs and wants of others. Demand correct answers is the willingness to buy. income effect and substitution effect. co...
In a command economy ________ either makes most of the economic decisions itself or atleast strongly influences how the decisions made. correct answers Government What do Economists study? correct answers How much people work, What people buy, and How much people spend. Adam Smiths book Wealth...
Preview 1 out of 3 pages
Add to cartIn a command economy ________ either makes most of the economic decisions itself or atleast strongly influences how the decisions made. correct answers Government What do Economists study? correct answers How much people work, What people buy, and How much people spend. Adam Smiths book Wealth...
Individual choice correct answers the decision by an individual of what to do, which necessarily involves a decision of what not to do. resource correct answers anything that can be used to produce something else. scarce correct answers not enough of the resources are available to satisfy all ...
Preview 1 out of 4 pages
Add to cartIndividual choice correct answers the decision by an individual of what to do, which necessarily involves a decision of what not to do. resource correct answers anything that can be used to produce something else. scarce correct answers not enough of the resources are available to satisfy all ...
During the winter of 1999, road accidents occurred every Friday night in a suburb of Oklahoma. Citizens assumed Fridays cause accidents. This hypothesis is an example of a normative statement. an assumption that causation implies correlation. a positive statement. an assumption that corr...
Preview 2 out of 15 pages
Add to cartDuring the winter of 1999, road accidents occurred every Friday night in a suburb of Oklahoma. Citizens assumed Fridays cause accidents. This hypothesis is an example of a normative statement. an assumption that causation implies correlation. a positive statement. an assumption that corr...
Suppose the most you would be willing to pay to have a freshly washed car before going out on a date is $6. The smallest amount for which you would be willing to wash someone else's car is $3.50. You are going out this evening and your car is dirty. How much economic surplus would you receive from ...
Preview 2 out of 9 pages
Add to cartSuppose the most you would be willing to pay to have a freshly washed car before going out on a date is $6. The smallest amount for which you would be willing to wash someone else's car is $3.50. You are going out this evening and your car is dirty. How much economic surplus would you receive from ...
Which of the following changes results from a decrease in an economy's disposable income? A rightward shift of the consumption function An upward movement along the consumption function A leftward shift of the consumption function A downward movement along the consumption function correct ans...
Preview 2 out of 14 pages
Add to cartWhich of the following changes results from a decrease in an economy's disposable income? A rightward shift of the consumption function An upward movement along the consumption function A leftward shift of the consumption function A downward movement along the consumption function correct ans...
According to the law of comparative advantage, a NASCAR driver who is also a good chef should devote more time to cooking and less time to racing. give up NASCAR. not open a restaurant. hire a chef if he opens a restaurant. correct answers hire a chef if he opens a restaurant. The basic princ...
Preview 2 out of 14 pages
Add to cartAccording to the law of comparative advantage, a NASCAR driver who is also a good chef should devote more time to cooking and less time to racing. give up NASCAR. not open a restaurant. hire a chef if he opens a restaurant. correct answers hire a chef if he opens a restaurant. The basic princ...
money function correct answers Medium of exchange unit of account store of value store of value correct answers if you place a part of your summer savings account, you are using money primarily as a medium of exchange correct answers if you write a check on a bank to purchase a used Honda C...
Preview 1 out of 4 pages
Add to cartmoney function correct answers Medium of exchange unit of account store of value store of value correct answers if you place a part of your summer savings account, you are using money primarily as a medium of exchange correct answers if you write a check on a bank to purchase a used Honda C...
A monopolistically competitive market is characterized by a. a single seller of a unique product that has few or no substitutes. b. very high barriers to entry. c. many small sellers selling a differentiated product. d. a few firms producing either differentiated or identical products corr...
Preview 2 out of 10 pages
Add to cartA monopolistically competitive market is characterized by a. a single seller of a unique product that has few or no substitutes. b. very high barriers to entry. c. many small sellers selling a differentiated product. d. a few firms producing either differentiated or identical products corr...
Which of the following is an example of a firm's derived demand? correct answers A tractor manufacturer's demand for assembly-line workers is inseparably linked to the firm's decision to supply tractors. Factor markets for baked goods are influenced by the correct answers -demand for baked goo...
Preview 1 out of 4 pages
Add to cartWhich of the following is an example of a firm's derived demand? correct answers A tractor manufacturer's demand for assembly-line workers is inseparably linked to the firm's decision to supply tractors. Factor markets for baked goods are influenced by the correct answers -demand for baked goo...
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Stuvia is a marketplace, so you are not buying this document from us, but from seller FullyFocus. Stuvia facilitates payment to the seller.
No, you only buy these notes for $74.49. You're not tied to anything after your purchase.
4.6 stars on Google & Trustpilot (+1000 reviews)
72042 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now