Econ 1500 - Study guides, Class notes & Summaries

ECON 1500 EXAM 1 (QUIZ QUESTIONS TYLER BOWELS) QUESTIONS WITH CORRECT ANSWERS.

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Econ 1500 Midterm Review: Vocabulary Questions with Correct Answers 100% Verified 2024/2025 Law of Supply - Correct Answer producers offer more of a good as its price increases and less as its price falls Law of Demand - Correct Answer consumers buy more of a good when its price decreases and less when its price increases Equilibrium - Correct Answer when quantity demanded equals quantity supplied Elasticity - Correct Answer a measure of the responsiveness of quantity demanded or quant...

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ECON 251 Exam 2 Purdue Latest Version 100% Pass Budget Lines Line describing the limits to consumtion possibilities Budget line equation Income= (price of good x)(quantity of good x) + (price of good y)(quantity of good y) Utility Unit of happiness Marginal utility Additional utility of one more unit Marginal utility equation (Change in utility)/(change in quantity) Consumer equilibrium Maximizes utility Consumer equilibrium equation (Mu of x)/(P of x= (Mu of y)/(P of y) (big chart w q, u,...

ECON 705 Mod. 6 Self-Assessment Test with Solutions 1. The ability of a firm to raise its price while still maintaining a certain amount of sales means that the firm Select one: a. produces a complementary good. b. faces perfectly elastic demand for its product. c. produces a perfect substitute for the other products in the industry. 2. All of the following could be a barrier to entry except Select one: a. large economies of scale. b. occupational licenses (e.g., teac...

ECON 1500 Exam 2 Questions and Correct Answers 100% Verified 2024/2025 The focus of the Classical growth model is - Correct Answer aggregate demand interest rates **investment technology The focus of the New Growth model is - Correct Answer -aggregate demand -interest rates -investment **technology Which of the following factors will not shift the long-run aggregate supply curve to the right? - Correct Answer **An increase in the labor force participation rate -Better institutional...

ECON 1500 Exam 2 Questions and Correct Answers 100% Verified 2024/2025 classical economics - Correct Answer -focus on the long-run -focus on trends -focus on supply and productivity -don't care about demand -say's law (supply creates its own demand) -labor markets are the same as wheat markets -laissez faire Keynesian economics - Correct Answer -focus on short-run -demand matters -focus on up and down movement not trends -the labor market is not like the wheat market -unemploymen...