Arec 202 - Study guides, Class notes & Summaries

CSU AREC 202 FINAL EXAM QUESTIONS AND ANSWERS ALREADY PASSED THE rule (and its variations): How is the optimal level of any activity (for consumers, firms or governments) determined? Marginal cost = marginal benefit On the 2x2 efficiency table: What effect on efficiency (total surplus) do government interventions have in a market in which originally the government had not intervened? Market works well - marginal benefit =marginal cost total surplus was maximized, and the governme...

AREC 202 (Kroll) Final Exam Study Guide Questions and Answers 100% Solved What insight(s) did we get from the classroom clicker experiment where students had to choose how many points to contribute to a class account? Some people were willing to give more in order to acquire a higher point total, but other would keep all of their points. The people who decided to keep all of their points ended up better in the long-run. What insight(s) did we get from the Moblab experiment on asymmetr...

AREC 202 FINAL EXAM QUESTIONS AND ANSWERS 100% VERIFIED Excise Tax - answerTax on sales of a good or service: "per-unit" tax Effects: 1. It raises price paid by buyer 2. Reduces price received by sellers 3. Drives a wedge between the two ** If the producer is taxed, the supply curve will shift upwards by the amount of the tax. ** If the consumer is taxed, the demand curve will shift downwards by the amount of the tax. **It does not matter who is actually paying the tax, the burden is ...

AREC 202 FINAL EXAM QUESTIONS AND ANSWERS 100% VERIFIED Excise Tax - answerTax on sales of a good or service: "per-unit" tax Effects: 1. It raises price paid by buyer 2. Reduces price received by sellers 3. Drives a wedge between the two ** If the producer is taxed, the supply curve will shift upwards by the amount of the tax. ** If the consumer is taxed, the demand curve will shift downwards by the amount of the tax. **It does not matter who is actually paying the tax, the burden is ...

AREC 202 FINAL EXAM PRACTICE QUESTIONS AND ANSWERS (100% PASS)

AREC 202 MIDTERM – KROLL EXAM | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+ AREC 202 MIDTERM – KROLL EXAM | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+

What is economics, and what does it have to do with your life? Correct Answer: The study of how people make choices under conditions of scarcity What is the difference between microeconomics and macroeconomics? Correct Answer: Macro: the study of national economies and policies the government uses to improve performance. Micro: the study of choice under scarcity and its implications for behaviors of prices/quantities for an individual market. What are the opportunity costs in general? H...

THE rule (and its variations): How is the optimal level of any activity (for consumers, firms or governments) determined? Marginal cost = marginal benefit On the 2x2 efficiency table: What effect on efficiency (total surplus) do government interventions have in a market in which originally the government had not intervened? Market works well - marginal benefit =marginal cost total surplus was maximized, and the government intervenes things will go wrong and vice versa (if it's not broke do...

CSU AREC 202 FINAL Exam Tested Questions & Revised Correct Answers THE rule (and its variations): How is the optimal level of any activity (for consumers, firms or governments) determined? - ANSWER : Marginal cost = marginal benefit On the 2x2 efficiency table: What effect on efficiency (total surplus) do government interventions have in a market in which originally the government had not intervened? - ANSWER : Market works well - marginal benefit =marginal cost total surplus w...

AREC 202 FINAL EXAM QUESTIONS AND ANSWERS 2024 1. The optimal level of any activity (for consumers, firms or governments) is where A) average benefits from this activity equal average costs of this activity. B) total benefits from this activity equal total costs of this activity. C) marginal benefits from this activity equal marginal costs of this activity. D) marginal benefits from this activity are maximized. -Answer- 1. To decide whether to increase an activity by one unit you should co...