Econ 101 final - Study guides, Class notes & Summaries

In a competitive market, excess demand for a good exists whenever...? a. resources are scarce b. the current price is below the equilibrium price c. the current price is above the equilibrium price d. sellers are subject to the constraints imposed by input prices and technology e. the quantity supplied at the current price exceeds the quantity demanded - Answer b. the current price is below the equilibrium price Which of the following is an example of a stock variable? a. The amount o...

Economics - Answer The study of scarcity and choice. Individual Choice - Answer Decisions by individuals about what to do, which necessarily involve decisions about what not to do. Economy - Answer A system for coordinating a society's productive and consumptive activities. Resource - Answer Anything that can be used to produce something else. Land - Answer Refers to all resources that come from nature, such as minerals, timber, and petroleum. Labor - Answer The eff...

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Econ 101 Final Exam 104 QUESTIONS AND ANSWERS GRADED A LATEST VERSION Econ 101 Final Exam 104 QUESTIONS AND ANSWERS GRADED A LATEST VERSION In a competitive market, excess demand for a good exists whenever....? a. resources are scarce b. the current price is below the equilibrium price c. the current price is above the equilibrium price d. sellers are subject to the constraints imposed by input prices and technology e. the quantity supplied at the current price exceeds the quant...

ECON 101 FINAL EXAM LATEST QUESTIONS AND ANSWERS (VERIFIED REVISED FULL EXAM)

2. Suppose you are forced to take a pay cut of 5% when the economy is experiencing overall deflation of 5%. If in response to your pay cut you also reduce your consumption by 5%, then economists would say: A) the quantity theory of money held. B) you are exhibiting money illusion. C) you made a rational decision. D) your real wage decreased by 5%. - Answer B 3. Continued long-run economic growth requires that economies: A) continue to increase their investment rates. B) reach their s...

ECON 101 FINAL EXAM 2023/2024 VERIFIED QUESTIONS AND ANSWERS GRADED A+(SOLVED)

ECON 101 FINAL EXAM SUMMER 2024 VERIFIED QUESTIONS AND ANSWERS GRADED A+(GUARANTEED PASS )

Econ 101 Final Exam 104 QUESTIONS AND ANSWERS GRADED A LATEST VERSION In a competitive market, excess demand for a good exists whenever....? a. resources are scarce b. the current price is below the equilibrium price c. the current price is above the equilibrium price d. sellers are subject to the constraints imposed by input prices and technology e. the quantity supplied at the current price exceeds the quantity demanded - CORRECT ANSWERS b. the current price is below the equilibr...

Econ 101 Final Exam Prep with Complete Solutions Scarcity in economics means: ANSWER not having sufficient resources to produce all the goods and services we want which is not an example of a resource? A.) land B.)labor C.) capital D.) production ANSWER D.) production leftward shift of the supply curve is caused by ANSWER an increase in the cost of an input. example of price floor ANSWER minimum wage When a local factory closes, why does it spell bad news for the local restau...