Econ 2301 - Study guides, Class notes & Summaries
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ECON 2301 Test 3 - Questions, Answers and Rationales
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ECON 2301 Test 3 - Questions, Answers and Rationales GDP is: A. the total value of all consumer expenditures within a given period. B. national income after taxes. C. the total value of all final goods and services plus intermediate goods and services produced domestically within a given period. D. the value of all final goods and services produced domestically within a given period. E. the total value of all final goods and services minus the value of intermediate goods and services produced ...
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ECON 2301 Test 1 - Verified with 100% Correct Answers
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ECON 2301 Test 1 - Verified with 100% Correct Answers Through war, many of the factories in country 1 are destroyed and many of its people are killed. As a result, the country's PPF has shifted to the left. Points that lie outside (or beyond) the PPF are unattainable. The economy moves from point A, where it produces 100 units of X and 200 units of Y, to point B where it produces 200 units of X and 150 units of Y. It follows that B and C (point A may be a productive inefficient point; point A...
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econ 2301 Exam 2| Questions with 100% Solutions/Verified Answers
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Which of the following contributes to implementation lag for discretionary fiscal policy? 
1) 
the time it takes to secure bureaucratic approval for policy actions 
2) 
the time it takes for economic agents to respond to policy actions 
3) 
the difficulty of collecting economic data in a timely manner 
4) 
the time it takes to borrow funds to finance the fiscal policy - ANSWER 1) 
the time it takes to secure bureaucratic approval for policy actions 
Refer to Figure 7-1. What could have caused a ...
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econ 2301 Exam | 421 Questions with 100% Solutions/Verified Answers
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Economics - ANSWER Economics is the study of the choices, methods or systems used by 
societies to allocate scarce resources. 
Fallacy of Composition - ANSWER The fallacy of composition exists when we conclude that 
something that is appropriate for an individual must be also appropriate for society. Example: If 
it is good for the individual it must be good for the overall economy. 
Marginal Analysis - ANSWER Comparing the marginal (extra) costs to the marginal (extra) 
benefits as an aid to de...
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econ 2301 Exam | 156 Questions with 100% Solutions/Verified Answers
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In terms of the circular flow diagram, households make expenditures in the _____ market and 
receive income through the _____ market. - ANSWER product; resource 
Which of the following is a positive statement? - ANSWER The temperature is 92 degrees today. 
Refer to the diagram. Flow 1 represents - ANSWER wage, rent, interest, and profit income.D 
The two basic markets shown by the simple circular flow model are - ANSWER product and 
resource. 
The four factors of production are - ANSWER land, la...
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econ 2301 msidorya Exam | Questions with 100% Solutions/Verified Answers
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Which of the following is true when a budget deficit exists?` - ANSWER Government 
expenditures exceed tax revenues 
If the public debt increased by the same amount each year during the past three years, then - 
ANSWER the U.S. Treasury must have issued securities to fund a flow of government spending 
that exceeded a flow of tax revenues by the same amount during each of the past three years. 
Suppose that the federal government had a budget deficit of $60 billion in year 1 and $70 
billion in ...
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TJC ECON 2301 FINAL - Vocab Question and 2024 verified to pass 2024
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TJC ECON 2301 FINAL - Vocab Question and 2024 verified to pass 2024 TJC ECON 2301 FINAL - Vocab 
 
 
Economics - correct answer social science concerned with how individuals, institutions, and society make optimal (best) choices under conditions of scarcity 
 
Scarcity - correct answer limited supply of economic resources needed to make goods and services...demands choices; resources are scarce 
 
Opportunity cost - correct answer a sacrifice one makes makes choosing between two things... "cho...
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econ 2301 final Exam | Questions with 100% Solutions/Verified Answers
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Because human wants are unlimited but resources are limited, people are said to face the 
problem of - ANSWER Scarcity 
Do the very rich face the problem of scarcity? - ANSWER Yes, everyone faces scarcity as part of 
the human condition. 
Economics studies how - ANSWER we make choices in the face of scarcity
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ECON 2301 Thinking Like an Economist
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ECON 2301 Thinking Like an Economist 
ECON 2301 Thinking Like an Economist 
ECON 2301 Thinking Like an Economist
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ECON 2301 - Unit 2 Question and answers rated A+ 2023/2024
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ECON 2301 - Unit 2 Question and answers rated A+ 2023/2024Demand is - correct answer the amount of a good or service that consumers are willing to buy at all prices in a given period 
 
Quantity demand refers to - correct answer the specific amount that a consumer will buy at a specific price 
 
The Law of Demand refers to the fact that, other things remaining constant, - correct answer price and quantity demanded move in opposite directions 
 
According to the la
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