Econ 318 Exam 2 (all solved) Econ 318 (A+ graded) Econ 318 (A+ Graded) Econ 318 exam 2 (with answers) Ag Econ 318 - Exam 3 (all solved) Final Exam - Econ 318 (100% correct) 100 Economics Terms (A+ Graded) Final Exam - Econ 318 (100% correct)
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Scarcity correct answers the limited nature of society's resources Economics correct answers the study of how society manages its scarce resources Efficiency correct answers the property of society getting the most it can from its scarce resources Equity correct answers the property of dis...
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Add to cartScarcity correct answers the limited nature of society's resources Economics correct answers the study of how society manages its scarce resources Efficiency correct answers the property of society getting the most it can from its scarce resources Equity correct answers the property of dis...
Externalities correct answers An externality occurs whenever actions taken by firms or consumers impose costs or confer benefits on others that are not involved in the transaction (third party effects) without any reimbursement for the cost or a charge for the benefit involved Examples of externa...
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Add to cartExternalities correct answers An externality occurs whenever actions taken by firms or consumers impose costs or confer benefits on others that are not involved in the transaction (third party effects) without any reimbursement for the cost or a charge for the benefit involved Examples of externa...
Who has a comparative advantage in home production? correct answers The spouse whose opportunity cost (forgone wages) of producing a given commodity (e.g., home cooked dinner) is lowest. Traditional specialization magnifies comparative advantages through correct answers "learning by doing" S...
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Add to cartWho has a comparative advantage in home production? correct answers The spouse whose opportunity cost (forgone wages) of producing a given commodity (e.g., home cooked dinner) is lowest. Traditional specialization magnifies comparative advantages through correct answers "learning by doing" S...
Define scarcity and explain why the concept is so central to neoclassical economics. correct answers - The concept of scarcity arise as individuals have unlimited wants but the available resources are limited. The concept of scarcity is so central to neoclassical economics, as scarcity directs indi...
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Add to cartDefine scarcity and explain why the concept is so central to neoclassical economics. correct answers - The concept of scarcity arise as individuals have unlimited wants but the available resources are limited. The concept of scarcity is so central to neoclassical economics, as scarcity directs indi...
The RAND Health insurance Experiment correct answers Randomly assigned levels of health insurance coverage to people In the Rand Health Insurance Experiment, people randomized to "free" health care were substantially more likely to be prescribed antibiotics for viral conditions. This is evidenc...
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Add to cartThe RAND Health insurance Experiment correct answers Randomly assigned levels of health insurance coverage to people In the Rand Health Insurance Experiment, people randomized to "free" health care were substantially more likely to be prescribed antibiotics for viral conditions. This is evidenc...
Half of marriages end in divorce, why do people still marry? correct answers - comparative advantages have not disappeared but they have diminished since women are doing better in the labor market. Although, comparative advantage has not gone away completely. It is still true that women on average e...
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Add to cartHalf of marriages end in divorce, why do people still marry? correct answers - comparative advantages have not disappeared but they have diminished since women are doing better in the labor market. Although, comparative advantage has not gone away completely. It is still true that women on average e...
The organizational culture is also called corporate culture. correct answers True A system of shared beliefs and values that develops within an organizational and guides the behavior of its members is known as the corporate system. correct answers False Just as human beings have a personality,...
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Add to cartThe organizational culture is also called corporate culture. correct answers True A system of shared beliefs and values that develops within an organizational and guides the behavior of its members is known as the corporate system. correct answers False Just as human beings have a personality,...
A competitive market correct answers - a market in which there are many buyers and many sellers so that each has a negligible impact on the market price Things to keep in mind about competitive markets: correct answers - property rights --> right to own your own property/capital so govt cant i...
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Add to cartA competitive market correct answers - a market in which there are many buyers and many sellers so that each has a negligible impact on the market price Things to keep in mind about competitive markets: correct answers - property rights --> right to own your own property/capital so govt cant i...
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