Econ 130 - Study guides, Class notes & Summaries

economics is best defined as the study of correct answers the choices that societies, and the people and institutions that make up societies, make in dealing with issues of scarcity example of microeconomics issue correct answers the increase in quantity of wheat grown in the us to economists, rational choice correct answers is a choice that uses the available resources to best achieve the objective of the person making the choice a linear relationship correct answers when graphed is a ...

If the demand for sardines increases as income decreases, sardines are a(n) correct answers Inferior Goods Demand for one item goes down when the price of another item goes up. These items must be correct answers Complements Refer to Figure 3.2. Which of the following would be most likely to cause the demand for macaroni and cheese to shift from D 1 to D 0? correct answers Increase in income, assuming that Mac and Cheese is a normal good. Refer to Figure 3.17. At a price of $90, there i...

Which of the following are examples of command economies? correct answers Cuba and North Korea In a command economy, which of the following entities makes most economic decisions itself or at least strongly influences how the decisions are made? correct answers Government Which of the following is the key factor that allows countries to consume bundles of goods and service that lay beyond their production possibilities frontier? correct answers International Trade For which of the follo...

Market failure occurs when correct answers the unrestrained market economy leads to too few or too many resources going to a specific economic activity. Market failure occurs because correct answers the market system does not make individuals responsible for the social costs/benefits of their actions. A cost or benefit of an economic activity that has an impact on an individual's well-being, even though the individual was not directly involved in the activity, is known as a(n) correct ans...

How does economics fit in as a science? (give examples) correct answers Economics is a hard science and a soft science hard (macro)- calc algebra stats physics soft (mirco)- psychology marketing economic inequality game theory why should you learn economics? (4) correct answers 1. to be able to understand and forecast economic cycles 2. to be able to understand human economic behavior 3. to better operate your company 4. to get a great job What are the 3 economic fundamental c...

CONCEPTUAL AND PRACTICAL APPROACHES TO THE ASSESSMENT OF ACCOUNTING PRACTICES ACCOUNTING DOCTORAL SCHOOL DOCTORATE THESIS CONTENTS INTRODUCTION 9 Motivation and the importance of research 10 The purpose and objectives of the research 11 Current state of knowledge 12 Research Methodology 14 CHAPTER 1. THEORETICAL APPROACHES OF VALUE AND EVALUATION 19 1.1. Discussions for development of accounting as a science 20 1.1.1. Early Periods ...

ECON 104 HOMEWORK 3 QUESTION AND ANSWERS L Q MPL MRP Marginal Profit Total Profit 0 0 ---- ---- ------------- 0 1 8 8 $ 176 $ 26 $ 26 2 20 12 $ 264 $ 114 $ 140 3 28 8 $ 176 $ 26 $ 166 4 35 7 $ 154 $ 4 $ 170 5 41 6 $ 132 $ -18 $ 152 6 45 4 $ 88 $ -62 $ 90 Table for Individual Question Feedback Points Earned: 9.0/9.0 Correct Answer(s): Box 1: 176; Box 2: 26; Box 3: 26; Box 4: 264; Box 5: 114; Box 6: 140; Box 7: 176; Box 8: 26; Box 9: 166; Box 10: 15...

state autonomy is - Answer- the ability of the state to wield power independent of public and international actors Which of the following combinations of capacity and internal autonomy best fits the United States - Answer- Low autonomy, high capacity Examples of states that are not or have not been considered failed states - Answer- UK, USA, Japan, India Which of the following states most closely fits the ideal model of a nation-state? - Answer- Japan Which of the following historica...

ECON 103 Show the effect of a rise in income on the demand for X and Y. Show the effect of a rise in income on the demand for X and Y where this time Y is the inferior good and X is the normal good. Is the income–consumption curve positively or negatively sloped? Answer The curve will slope upwards at first, but become less and less steep. It will then peak at the point where Y becomes an inferior good, and will thereafter slope downwards (i.e. have a negative slope). Illustr...

ECON 130 MASS LECTURE NOTES, in detail heavily organized. Entire Semester