Arec 202 - Study guides, Class notes & Summaries
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CSU AREC 202 FINAL EXAM Questions with 100% Correct Answers | Latest Version 2024 | Expert Verified | Ace the Test
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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 don...
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AREC Bundled Exams Questions and Answers (2024/2025) (Complete and Accurate)
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AREC Bundled Exams Questions and Answers (2024/2025) (Complete and Accurate)
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AREC 202 FINAL UPDATED ACTUAL Questions and CORRECT Answers
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AREC 202 FINAL UPDATED ACTUAL 
Questions and CORRECT Answers 
Excise Tax - CORRECT ANSWER- Tax 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 t...
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AREC 202 Practice Exam QUESTIONS AND ANSWER 2024/2025 FULLY SOLVED 100%
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AREC 202 Practice Exam QUESTIONS AND ANSWER 2024/2025 
FULLY SOLVED 100% 
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. 
1. To decide whether to increase an activity by one ...
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AREC 202 Final Exam 2024 Actual Questions and Answers Complete
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AREC 202 Final Exam 2024 Actual Questions and Answers Complete
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AREC 202 Midterm – Kroll UPDATED LQuestions and CORRECT Answers
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AREC 202 Midterm – Kroll UPDATED 
LQuestions and CORRECT Answers 
Opportunity Costs - CORRECT ANSWER- What you must give up in order to get a 
product or service. 
Economics is the study of? - CORRECT ANSWER- Choice 
What is the difference between micro and macro economics? - CORRECT ANSWER- 
Micro: the study of individual choice 
Macro: the study of the national economy
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AREC 202 Exam QUESTIONS AND ANSWER 2024/2025 FULLY SOLVED 100%
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AREC 202 Exam QUESTIONS AND ANSWER 2024/2025 
FULLY SOLVED 100% 
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 asymmetric information (...
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AREC 202 Midterm – Kroll Questions and Answers 100% Solved
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AREC 202 Midterm – Kroll Questions 
 
and Answers 100% Solved 
 
What is economics, and what does it have to do with your life? The study of how people 
make choices under conditions of scarcity 
 
What is the difference between microeconomics and macroeconomics? 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...
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AREC 202 Midterm – Kroll UPDATED ACTUAL Questions and CORRECT Answers
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AREC 202 Midterm – Kroll UPDATED 
ACTUAL Questions and CORRECT 
Answers 
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...
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AREC 202 Midterm – Kroll Questions with 100% Correct Answers | Latest Version 2024 | Expert Verified | Ace the Test
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What is economics, and what does it have to do with your life? The study of how 
people make choices under conditions of scarcity 
What is the difference between microeconomics and macroeconomics? 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? How are they being calculated in a t...
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AREC 202 (Kroll) Final Exam Study Guide Actual Questions and Answers 2024 Passed
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AREC 202 (Kroll) Final Exam Study Guide Actual Questions and Answers 2024 Passed
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