Ecn 104 - Study guides, Class notes & Summaries

ECN 104 EXAM QUESTIONS AND CORRECT ANSWERS ALREADY PASSED A firm's supply curve is upward sloping because: A) beyond some point the production costs of additional units of output will rise. B) consumers envision a positive relationship between price and quality. C) mass production economies are associated with larger levels of output. D) the expansion of production necessitates the use of qualitatively inferior inputs. - Answer- A) beyond some point the production costs of additional...

ECN 104 Mid Term Exam Questions with 100% Correct Answers As your hourly wage rises, your A) marginal opportunity cost of attending school increases. B) value of your best alternative decreases. C) marginal opportunity cost of attending school decreases. D) marginal benefit of attending school decreases. E) ability to concentrate decreases. - Answer- A) marginal opportunity cost of attending school increases. A fall in the price of a product results in a decrease in quantity supplied. ...

ECN 104 Final Notes with Complete Solutions 2024/2025 Latest Update When does a excise tax fall mainly on producers? - Answer- when the price elasticity of demand is higher than elasticity of supply When does a excise tax fall mainly on consumers? - Answer- when the price elasticity of supply is higher than the price elasticity of demand Will doubling the excise tax rate on a good or service double the amount of revenue collected? - Answer- no, because the tax increase will reduce the qu...

ECN 104 QUIZ 2 QUESTIONS WITH 100% CORRECT ANSWERS 2024 LATEST UPDATE How has productivity growth changed? - Answer- 1. Technological advance 2. Capital each worker has to work with 3. Education and training 4. Economies of scale 5. Resource allocation Technological advance - Answer- Discovery of new knowledge that allows for resources to be combined in new ways and increase output Quantity of Capital per Worker - Answer- - more and better plant equipment - increased quantity per wo...

ECN 104 Midterm Exam 2024 with Complete Solutions Rationing function of prices - Answer- The ability of competitive forces of supply and demand to establish a price at which selling and buying are consistent. Productive Efficiency - Answer- Producing the right amount of goods, and the lowest cost, with the best technology. Allocative Efficency - Answer- Producing the right amount of each product as per market demand. Price Ceiling - Answer- The maximum legal amount that that a seller m...

ECN 104 EXAM QUESTIONS AND ANSWERS ALL CORRECT NEW UPDATE Deciding whether to invest - Answer- 1. Revenues 2. Expenses 3. Depreciation 4. Net Income 5. Operating Cash Flow 6. Total change in NWC 7. Capital spending 8. Net cash flow 9. NPV Arbitrage - Answer- Investors exploiting price differences in assets between different locations Yield - Answer- Income received while owning an asset Capital gain - Answer- Increase in value of the asset Hedge funds - Answer- Only accept ...

1 Microeconomics deals with: • the working of the entire economy or large sectors of it. Incorrect • economic growth. Incorrect • individual decision makers in the economy. (True Answer )Correct • gross domestic product. Incorrect 2 The study of a single firm and how it determines prices would fall under the study of: • macroeconomics. Incorrect • microeconomics. (True Answer )Correct • economic growth. Incorrect • fiscal policy. Incorrect 3 Macroeconomics deal...

ECN 104 TEST QUESTIONS WITH ALL CORRECT ANSWERS Why will an existing demand curve shift towards the right - Answer- because the quantity demanded for the good is larger so it curves towards the right (more buyers) why will an existing demand curve shift towards the left - Answer- the quantity demanded for the good goes down (less buyers) so it curves towards the left Why will an existing supply curve shift towards the right - Answer- the quantity supplied for the good is more so it curve...

ECN 104 Chapter 13 Test Questions and Answers 100% Correct 2 types of price regulation - Answer- 1. avg cost pricing ( P = ATC ) 2. Marginal cost pricing ( P = MC) Price discrimination - Answer- charging different prices for same good in order to increase profits. single price monopolist - Answer- offers its product to all consumers at the same price Perfect price discrimination - Answer- charges each consumer price equal to their willingness to pay to maximize profit - Answer- ...

ECN 104 Chapter 7 Test Questions and Answers All Correct When ___________ are paying tax it affects supply - Answer- sellers When ________ are paying tax it affects demand - Answer- buyers Tax Incidence - Answer- measure of who really bears the tax burden Principles of taxation - Answer- 1) incidence doesn't depend on who officially pay the tax 2) Incidence depends on shapes of supply / demand curves ( price elasticities) Deadweight loss - Answer- larger when supply/ demand is...