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ECO 202 – Questions With Accurate Solutions (Solved)
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ECO 202 – Questions With Accurate Solutions (Solved)
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ECO 202 – Questions With Accurate Solutions (Solved)Which component of the US GDP is the largest? Right Ans - Consumption
Identify which component of the US GDP the following transaction belongs
in:a Kentucky family purchases movie tickets at a local theater. Right Ans -
Consumption
Identify which component of the US GDP the following transaction belongs in:
The state government purchases some new police cars for their state police.
Right Ans - Government Purchases
Identify which component of the US GDP the following transaction belongs in:
A British restaurant purchases fish from an American fishing company.
Right Ans - Net exports
Identify which component of the US GDP the following transaction belongs in:
An American car company expands their factory in Detroit. Right Ans -
Investment
Problems in measuring the CPI. Right Ans - Introduction of new goods
Limited nature of society's resources Right Ans - Scarcity
The study of how society manages its scarce resources Right Ans -
Economics
The property of society getting the most it can from its scare resources
Right Ans - Efficiency
The property of distributing economic prosperity uniformly among the
members of society Right Ans - Equality
Whatever must be given up to obtain some item Right Ans - Opportunity
cost
, People who systematically and purposefully do the best they can to achieve
their objectives Right Ans - Rational people
A small incremental adjustment to a plan of action Right Ans - Marginal
change
Something that induces a person to act Right Ans - Incentive
An economy that allocates resources through the decentralized decisions of
many firms and households as they interact in markets for goods and services
Right Ans - Market economy
The ability of an individual to own and exercise control over scarce resources
Right Ans - Property rights
The impact of one person's actions on the well-being of a bystander Right
Ans - Externality
The ability of a single economic actor to have a substantial influence on
market prices Right Ans - Market power
The quantity of goods and services produced from each unit of labor input
Right Ans - Productivity
An increase in the overall level of prices in the economy Right Ans -
Inflation
A visual model of the economy that shows how dollars flow through markets
among households and firms Right Ans - Circular flow diagram
A graph that shows the combinations of outputs that the economy can
possibly produce given the available factors of production and the available
production technology Right Ans - Production possibilities frontier
The study of how households and firms make decisions and how they interact
in markets Right Ans - Microeconomics
The study of economy-wide phenomena, including inflation, unemployment,
and economic growth Right Ans - Macroeconomics
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