Aec 3133 exam 1 - Study guides, Class notes & Summaries
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AEC 3133 Exam 1 Questions and Answers | New One | Grade A+
- Exam (elaborations) • 19 pages • 2024
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what economists do all day 
Ans: Forecast economics upswings and downturns, Forecast prices in markets, Help firms 
manage risk, Help estimate values for environmental goods 
Economists are interested in 
Ans: Understanding human behavior: how and why people make decisions, And using this 
knowledge to help inform policy decisions and understand how markets work and why some 
markets don't work 
Economists have found that 
Ans: Seat belt laws lead to more wrecks, Each execution in the US pre...
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AEC 3133 EXAM 1 - 2024
- Exam (elaborations) • 12 pages • 2024
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AEC 3133 EXAM 1 - 2024...
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AEC 3133 EXAM 1 Questions and Answers | New One | Grade A+
- Exam (elaborations) • 11 pages • 2024
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Scarcity 
Ans: A situation in which unlimited wants exceed the limited resources available to fulfill 
those wants 
Cost-Benefit Principle 
Ans: take an action if and only if the additional benefits from doing it or at least as great as 
the extra cost of doing it 
incentives 
Ans: a positive or negative environmental stimulus that motivates behavior 
indifference curve 
Ans: a curve that shows consumption bundles that give the consumer the same level of 
satisfaction 
Transaction price + Tra...
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AEC 3133 EXAM 1 WITH QUESTIONS AND ANSWERS
- Exam (elaborations) • 7 pages • 2024
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AEC 3133 EXAM 1 WITH QUESTIONS AND ANSWERS...
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