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