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Econ 231 Final Exam Study Guide || All Answers Are Correct 100%. $10.79   Add to cart

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Econ 231 Final Exam Study Guide || All Answers Are Correct 100%.

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  • Course
  • Econ 231
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  • Econ 231

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 an...

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  • August 16, 2024
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  • Exam (elaborations)
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  • Econ 231
  • Econ 231
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Econ 231 Final Exam Study Guide || All Answers Are
Correct 100%.
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 answers the buyers

Demand correct answers the willingness and ability to buy specific quantities of a good at
alternative prices in a given time period

Duopoly correct answers two players

Ecological Economics correct answers study of how environment interacts with economics

Econometrics correct answers measurement of economics; models and regression

Economics correct answers the study of how best to allocate scarce resources among competing
uses

Efficiency correct answers maximum output of a good from the resources used in production

Equilibrium correct answers the price at which the quantity of a good demanded in a given time
period equals the quantity supplied

Explicit Cost correct answers direct costs on the spreadsheet; a payment made for the use of a
resource

Externalities correct answers costs (or benefits) of a market activity borne by a third party; the
difference between the social and private costs (benefits) of a market activity

Factors of Production correct answers resource inputs used to produce goods and services - land,
labor, capital and entrepreneurship

GDP correct answers the total market value of all final goods and services produced within a
nation's borders in a given time period

Government Departments correct answers few points on each

Implicit Costs correct answers hidden costs that may not be on spreadsheet; value of resources
used, even when no direct payment is made

, Income Effect (of higher wages) correct answers an increased wage rate allows a person to
reduce hours worked without losing income

Inferior Goods correct answers goods for which demand decreases when income rises

Labor Unions correct answers collective bargaining, represent a work force and collectively
bargain for wages, benefits and working conditions

Labor correct answers human activity that occurs in an organization

Linear System: correct answers Y = MX + B

Macroeconomics correct answers the study of aggregate economic behavior, of the economy as a
whole

Methods of Taxation correct answers revenue=government income from taxation.
tax forms.

Microeconomics correct answers the study of individual behavior in the economy, of the
components of the larger economy

Monopoly correct answers a firm that produces the entire market supply of a particular good or
service

Oligopoly correct answers few players; a market in which a few firms produce all or most of the
market supply of a particular good or service

Opportunity cost correct answers trade off; the most desired goods or services that are forgone in
order to obtain something else

Perfect competition correct answers a market in which no buyer or seller has market power

PPF/Production Possibilities correct answers the alternative combinations of final goods and
services that could be produced in a given period with all available resources and technology

Price Point Elasticity correct answers for every one-unit change in price, there is a corresponding
% change in demand.
Ep=ΔQ/ΔP x P/Q

Production Function correct answers production is a function of capital and labor; a
technological relationship expressing the maximum quantity of a good attainable from different
combinations of factor inputs

Profit correct answers the difference between total revenue and total cost

P-Values correct answers risk; what's the probability of something going on

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