Econ 203 exam - Study guides, Class notes & Summaries

ECON 203 Chapter 9-13 Introduction to Macroeconomics study guide exam update (Concordia University)

Multiplier effect CORRECT ANSWER The increase in consumer spending that occurs when spending by one person causes others to spend more too Disposable income CORRECT ANSWER Income left after paying taxes -consumption is based on the amount of disposable income -people usually consume part of their disposable income and save the rest MPC CORRECT ANSWER Marginal propensity to consume -the amount consumption increases when disposable income increases by $1 -the MPC is a number between 0 an...

ECON 203 Exam 2 Detailed Questions And Expert Answers 2024

TAMU ECON 203 Exam (Latest 2024/ 2025 Update) Questions and Verified Answers| 100% Correct| Grade A+ What are 3 gains from society when countries decide to specialize? -specialization and trade -more resources -Improvements in technology/productivity True or False: Every country have comparative advantage in something. True What are 2 gains when two countries engage in specialization and trade? -total production increases -new points reached on the PPF that were originally unattainable ...

ECON 203 EXAM 1 TAMU QUESTIONS AND ANSWERS 2024 SOLVED 100%

ECON 203 EXAM 1 TAMU UPDATED ACTUAL Questions and CORRECT Answers What are 3 gains from society when countries decide to specialize? - CORRECT ANSWER- -specialization and trade -more resources -Improvements in technology/productivity True or False: Every country have comparative advantage in something. - CORRECT ANSWER- True

What is a financial market? correct answers a market in which people trade future claims on funds or goods (ex: a loan, stocks, insurance) Examples of "future claims": correct answers 1.) Loan: the bank gives you money now in return for repayment in the future 2.) Stocks: buying a company stock today gives you a right to a share of profits in the future 3.) Insurance: you pay premiums now in return for the right to submit a claim for compensation in the future What is a "buyer" in a ...

What is Macroeconomics?* correct answers Macroeconomics is the study of aggregate behavior, including, unemployment, inflation, recessions, and other economy wide phenomenon. What is the difference between microeconomics and macroeconomics?* correct answers Macroeconomics = the study of aggregate behavior, including, unemployment, inflation, recessions, and other economy wide phenomenon. Microeconomics = The study of individual decision making by firms and individuals. What are the thr...

ECON 203 EXAM 1 TAMU QUESTIONS AND ANSWERS GRADED A+ What are 3 gains from society when countries decide to specialize? -specialization and trade -more resources -Improvements in technology/productivity True or False: Every country have comparative advantage in something. True What are 2 gains when two countries engage in specialization and trade? -total production increases -new points reached on the PPF that were originally unattainable What are the 4 characteristics of competitive ...

Who is not in the working age population? CORRECT ANSWER Young (less than 16 years old) Military Institutionalized population (prison, mental hospitals) Working age population (calculation) CORRECT ANSWER Labor Force + Not in the labor force Labor Force CORRECT ANSWER working-age people who are either employed or unemployed Labor Force (calculation) CORRECT ANSWER employed + unemployed Employed CORRECT ANSWER 1)Everyone who during the week of survey had worked at least 1 hour as ...