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CSU Econ 202 Exam 1 (Units 1-4) Questions with Correct Answers $13.49   Add to cart

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CSU Econ 202 Exam 1 (Units 1-4) Questions with Correct Answers

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What is the graph called that spikes during the industrial revolution? Correct Answer-Hockey Stick Whats an example of a permanent change? Correct Answer-cell phones, computers How do you measure living standard? Correct Answer-GDP/population What is disposable income? Correct Answer-incom...

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CSU Econ 202 Exam 1 (Units 1-4) Questions with
Correct Answers
What is the graph called that spikes during the industrial revolution?
Correct Answer-Hockey Stick


Whats an example of a permanent change? Correct Answer-cell phones,
computers


How do you measure living standard? Correct Answer-GDP/population


What is disposable income? Correct Answer-income after taxes and
other expenses


How do you measure growth rate? Correct Answer-change is
GDP/original level of GDP


what's the difference between a conventional and ratio scale graph?
Correct Answer-ratio uses straight lines


a recipe of inputs, materials, machinery, labor for output Correct
Answer-technology


what is capitalism? Correct Answer-an economic system based on
private property, markets, and firms

, in market failures we need the __ to step in Correct Answer-government


way to exchange with mutual benefits, voluntary actions, and
competition Correct Answer-markets


business organization that uses inputs to produce outputs and set prices
to cover production costs Correct Answer-firms


who was the father of economics Correct Answer-Adam Smith


What did Adam Smith believe? Correct Answer-self-interest and no
government or family intervention


something that does not change until an outside force acts on it Correct
Answer-equilibrium


everything is constant Correct Answer-ceteris paribus


drives interaction Correct Answer-incentives


price compared to other products Correct Answer-relative price


benefits received from choice, taking into account the next best
alternative Correct Answer-economic rent

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