ECON 100 ; PACKAGE DEAL

What is economics? correct answers A study of how people make choices to achieve goals with resource constraints. What is meant by "the invisible hand?" correct answers The "invisible hand" means that the division of labor and exchange occur naturally among people without being directed by an...

If costs of production increase, while prices of substitute goods increase, what happens to equilibrium price and quantity of this good? correct answers Price increases, quantity decreases An economy produces 2 categories of goods on its production possibilities frontier. There is a decrease in t...

1. Which one of the following would be a normative economic statement? (a) Home prices have been increasing nationwide. (b)The California minimum wage is$12 per hour. (c) Americans should buy products made in the USA to boost the economy (d) Stock prices rose to a record high in July of 2007 but...

What is economics? A. A study of how businesses and individuals make the most money. B. A study of how people make choices to achieve goals with resource constraints. C. A study of the institutional mechanisms of commerce, like trade and the stock market. D. A study of comprehensive, internation...

Economics correct answers The study of how best to allocate scarce resources among competing uses Opportunity cost correct answers The most desired goods and services that are forgone in order to obtain something else Three Economic Questions correct answers WHAT to produce (PPC), HOW to produ...

Economics correct answers the social science that studies how individuals, institutions and society make optimal choices under conditions of scarcity. Scarcity correct answers limited resources Opportunity Cost correct answers the lost or forgoing of the next best thing to recieve an additiona...

monetary policy correct answers changes in the supply of money and the availability of credit to promote price stability, full employment and economic growth monetary policy correct answers the actions undertaken by a central bank, such as the Federal Reserve, to influence the availability and co...

microeconomics correct answers the study of choices made by consumers and firms, markets and their consequences, and the role of government in influencing the outcomes of markets macroeconomics correct answers the study of the economy as a whole; unemployment, inflation, economic growth, and rela...