Classical economists - Study guides, Class notes & Summaries

Intermediate Macroeconomics Econ 304 Final Exam Questions and Answers Nominal GDP measures the value of goods and services in ____ Prices, While real GDP measures the value of goods and services in ____ Prices - ANSWER-Current; Constant Two Equivalent ways to view GDP are as the: - ANSWER-total income of everyone in the economy or the total expenditure on the economy's output of goods and services Since the GDP includes only the additions to income, not transfers of assets, ____ are not...

REE 3043 Exam 1 Questions With Revised Answers Chapter 1: Real Estate Perspectives Scarcity - answerEconomists suggest that the value of something results from its utility and? a. usefulness b. demand c. price d. scarcity Urban economics - answerA branch of economics that extends the basic ideas of the early classical and neoclassical economists to better understand and predict how humans use space is termed? a. spatial economics b. city economics c. urban economics d. building eco...

ECO 2013 Final Exam - Questions and Answers In computing GDP, market prices are used to value final goods and services because a. market prices reflect the values of goods and services to the buyer. b. market prices do not change much over time, so it is easy to make comparisons between years. c. if market prices are out of line with how people value goods, the government sets price ceilings and price floors. d. None of the above is correct; market prices are not used in computing GDP. Economi...

Adam Smith - Answer-1723 to 1790; Scottish; The founder of ECONOMICS as we know it. Born in Kirkcaldy, Fife, Adam Smith (1723-90) was educated at Glasgow and Oxford, and in 1751 became professor of logic at Glasgow University. Eight years later he made his name by publishing the THEORY OF MORAL SENTIMENTS. His 1776 book, An Inquiry into the Nature and Causes of the Wealth of Nations, is the bible of CLASSICAL ECONOMICS. He emphasized the role of specialization (the DIVISION OF LABOUR), TECHNICAL...

REE 3043 TEST QUESTIONS WITH COMPLETE SOLUTIONS GRADED A+ B. Market rent - Answer-The rent that can be obtained when leasing a property in an open and competitive market? a. contract rent b. market rent c. fair rent d. justifiable rent A. Periodic income and Appreciation - Answer-Income properties are purchased by investors who desire primarily to receive? a. periodic income and appreciation b. prestige and prominence in a community c. taxdeductions d. the locational benefits associated...

ECN 1500 Problem set 2 Study Questions and Correct Answers 100% Verified 2024/2025 What historical event led to Keynesian Economics? - Correct Answer The Great Depression What was there about this event that was inconsistent with generally accepted economic theory at that time? - Correct Answer The recession lasted a long time despite classical economics "laissez faire" where the market would eventually fix itself with no government spending. Which of the two economists represents Class...

Thomas Robert Malthus - Answer-population will always tend to outrun the food supply and that the increase of population will take place in a geometrical progression John Stuart Mill - Answer-key figure in the movement known as utilitarianism & founding the concept of human well being in being proponent in the liberal philosophy. Gary Stanley Becker - Answer-Human behavior relates to economics. "My work on human capital began with an effort to calculate both private and social rates of re...

ECON 1040 CH 12 QUESTION AND CORRECT ANSWER . 1. Suppose an economy produces only ice cream cones. If the price level rises, the value of currency a. rises, because one unit of currency buys more ice cream cones. b. rises, because one unit of currency buys fewer ice cream cones. c. falls, because one unit of currency buys more ice cream cones. d. falls, because one unit of currency buys fewer ice cream cones. - ANSWER 1. ANSWER: D 2. If P denotes the price of goods and services ...

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ECON CHPA 1,2,3 Exam 48 Questions with Verified Answers An American consumer who buys a Ferrari that was produced in Italy is an example of a US... - CORRECT ANSWER import Who conducts fiscal policy? - CORRECT ANSWER The executive branch The nation's legislative body Congress What is the process in which workers select specialized tasks to make a product? - CORRECT ANSWER Division of labor Who conducts monetary policy? - CORRECT ANSWER The country's central bank Typically an a...