Econ 102 final exam - Study guides, Class notes & Summaries

ECON 102 FINAL EXAM- AMERICAN PUBLIC UNIVERSITY|ECON 102 FINAL EXAM- AMERICAN PUBLIC UNIVERSITY|ECON 102 FINAL EXAM- AMERICAN PUBLIC UNIVERSITY

Econ 102 Exam Questions with 100% Correct Answers circular flow - aggregate production=aggregate earnings= aggregate spending supply= demand at aggregate level GDP - total market value of all final market goods and services nationally within a yr. Consumption expenditures, private investment expenditures, gov. purchases, net exports Steps from GDP to income - start with national and subtract corporate profits, subtract all taxes on production imports and social insurance, add any perso...

ECON 102 FINAL EXAM|ECON 102 FINAL EXAM|ECON 102 FINAL EXAM

ECON 102 Exam 1 Latest Update 100% Pass Economic Analysis People making decisions economic wat of thinking Choices: Costs and Benefits Performing a certain economic action will increase our well-being if the benefits are greater than the costs (choices are the result of scarcity) Self Interest The pursuit of one's own goals (does not always mean increasing one's wealth; could also include prestige, friendship, love, and feeling good) Rationality Assumption The assumption that people do not ...

ECON 102 FINAL EXAM

ECON 102 Final All Quizzes and Homework 1-8 new revision exam line up questions with answers

ECON 102 Midterm Exam 2, Part 1 Questions & Answers A firm’s product price multiplied by the total number of items sold is called total revenue profit explicit cost implicit cost A firm’s total revenue is equal to price multiplied by quantity. Labor Output 1 0 2 8 3 14 4 18 5 20 Consider the table above. What is the average product when 4 workers are hired? 80 20 4.5 2 The average product of labor is calculated as Q/L. Consider the figure above. Which statement ...

but this is often not true of_________. Consumers and producers; price-takers; firms that produce a differentiated product A ________ is an organization that produces goods or services for sale. firm A ________ occurs if all players in a game play their best strategies given what their competitors do. Nash Equilibrium A change in preferences from the MP3 players to the iPod means: the demand curve for iPods will shift to the right. A college student is faced with a difficult decision of h...