100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
ECO 561 Final Exam Guide Latest/ECO 561 Final Exam Guide Latest $17.49   Add to cart

Exam (elaborations)

ECO 561 Final Exam Guide Latest/ECO 561 Final Exam Guide Latest

 0 view  0 purchase
  • Course
  • Institution

ECO 561 Final Exam Guide Latest/ECO 561 Final Exam Guide Latest ECO 561 Final Exam Guide Latest/ECO 561 Final Exam Guide Latest ECO 561 Final Exam Guide Latest/ECO 561 Final Exam Guide Latest ECO 561 Final Exam Guide Latest/ECO 561 Final Exam Guide Latest ECO 561 Final Exam Guide Latest/ECO 561...

[Show more]

Preview 1 out of 9  pages

  • January 23, 2022
  • 9
  • 2021/2022
  • Exam (elaborations)
  • Questions & answers
avatar-seller
ECO 561 Final Exam Guide Latest




1. In the theory of comparative advantage, a good should be produced in that nation where:

the production possibilities line lies further to the right than the trading possibilities line

its cost is least in terms of alternative goods that might otherwise be produced

its absolute cost in terms of real resources used is least

its absolute money cost of production is least

2. The simple circular flow model shows that:

businesses are on the selling side of both product and resource markets.

businesses are on the buying side of the product market and on the selling side of the resource

market.

households are on the selling side of the resource market and on the buying side of the

product market.

households are on the buying side of both product and resource markets.

3. Suppose you have a limited money income and you are purchasing products A and B,

whose prices happen to be the same. To maximize your utility, you should purchase A and B

in such amounts that:

their total utilities are the same

their marginal and total utilities are proportionate

the income and substitution effects associated with each are equal

their marginal utilities are the same

4. Contractionary fiscal policy is so named because it:

is expressly designed to expand real GDP

involves a contraction of the nation’s money supply

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

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!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

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.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller mastersolution. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $17.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

81113 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$17.49
  • (0)
  Add to cart