Econ 210 - Study guides, Class notes & Summaries

Define elasticity: Correct Answer-A dimensionless measure of sensitivity or responsiveness. EX: How responsive is the quantity of oil demanded to a change in the price of oil? Define the price elasticity of demand: Correct Answer-A measure of the responsiveness of quantity demanded to a change in price. More responsive equals more elastic. Price elasticity of demand = percentage change in quantity demanded / percentage change in price. Define the price elasticity of supply: Correct Answ...

ECON 2105- FINAL EXAM LATEST 2024 QUESTIONS WITH COMPLETE ANSWERS!!

MODULE 1 - GRADED QUIZ_ CHAPTERS 1 & 2_ ECON 210 MICROECONOMICS Due Oct 20 at 11:59pm Points 100 Questions 25 Time Limit 60 Minutes Allowed Attempts 2 Instructions Graded Quiz Before the end of the module week, take the module quiz. The purpose of the quiz is to assess your mastery of the knowledge and skills presented in your assigned textbook readings. To prepare for the graded quiz, take the Module 1 - Practice Quiz: Chapters 1 & 2. Time Limit: The quiz contains 25 multip...

ECON 2100- Final Exam questions and answers.

Define GDP Gross Domestic Product; The market value of all final goods and services produced within a nation during a specific period of time—typically a year What does GDP measure? overall health of an economy; primary measure to gauge nation's output and income What information about the economy does GDP provide? standard of living, economic growth, business cycles Measuring standard of living from GDP -generally nations with highest GDP have greatest standards of living - total...

Economists often treat the economy's capital stock as fixed because Select one: a. unless the interest rate changes, the capital stock doesn't change. b. labour is a more important factor of production than capital, so economists ignore capital. c. there is very little capital in the economy compared to the amount of labour. d. it takes a long time for new investment and the scrapping of old capital to affect the overall quantity of capital.d. it takes a long time for new investment and...

ECON 2100 FINAL TEST WITH VERIFIED SOLUTIONS 2025.

econ 2100 gsu final questions and answers

Given that total spending for a certain household will always include a base amount of $1,000/month, and that additional spending is equal to half of any income earned, we can predict total household spending with a model y=b+mx. X represents income earned In a world of scarcity, we will never meet all of society's wants Due to limits on out time and effort, we are best off when we allocate our time, money, and effort According to the opportunity cost of out choices If Stan's Shoemake...

ECON 210 - Module 1 Quiz. Questions and Answers. Question 1 4 / 4 pts If an economist says, "the higher the price of oranges, the fewer oranges individuals will buy, ceteris paribus," this means that as the price of oranges rises, individuals' preferences do not change, nor does anything else, but individuals buy fewer oranges in response to the higher price of oranges. individuals don't like high-priced oranges. as the price of oranges rises, individuals' preferences change, and they no lo...