Eco 201 Study guides, Class notes & Summaries
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ECO 201 - Exam 3 Review Questions And Answers
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ECO 201 - Exam 3 Review Questions And Answers 
 
 
sales tax 
tax on seller (we often times end up paying it but it is the businesses on whom that tax falls) 
two types of sales tax 
ad valorem and per unit 
B 
example of per unit sales tax 
gasoline (a tax per gallon) 
adding tax (inc or dec) the cost of the producer? 
increases 
what parts of graph are sales tax revenue? 
B + D 
 
what group is affected by sales tax? 
loss of welfare is on producers AND consumers 
tax revenue are made up of b...
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ECO 201 Miami University Final with complete solution
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ECO 201 Miami University Final with complete solution
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ECO 201 UPDATED Exam Questions and CORRECT Answers
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ECO 201 UPDATED Exam Questions and 
CORRECT Answers 
Economics is best defined as the study of - Ans how society manages its scarce resources. 
Your opportunity cost of going to a movie is - Ans the total cash expenditure needed to go to 
the movie plus the value of your time. 
A marginal change is one that - Ans incrementally alters an existing plan.
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Eco 201 Module 3 Complete Answers_well updated
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Eco 201 Module 3 Complete Answers_well updated
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ECO 201 Exam 2 questions wiuth correct answers
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ECO 201 Exam 2 questions wiuth correct answers
Too much month left at the end of the money?
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ECO 201 EXAM 1 QUESTIONS WITH ALL CORRECT ANSWERS!!
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ECO 201 EXAM 1 QUESTIONS WITH ALL CORRECT ANSWERS!!
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Eco 201 exam 1 Detailed Questions and Expert Answers
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Eco 201 exam 1 Detailed Questions and Expert Answers
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ECO 201 Miami University Exam 3 Questions And Answers
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ECO 201 Miami University Exam 3 Questions And Answers 
 
 
accounting total cost - ANS explicit costs only 
 
economic total cost - ANS accounting total cost + implicit costs 
 
economic total cost is opportunity cost 
 
accounting profit = - ANS total revenue - accounting total costs 
 
economic profit = - ANS total revenue - economic total costs 
 
when economic profit = 0 - ANS normal economic profit; means that the firm is doing as well as it could in it's next best alt...
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ECO 201 PASSED Exam Questions and CORRECT Answers
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ECO 201 PASSED Exam Questions and 
CORRECT Answers 
economics - Ans a social science that studies the choices that individuals, businesses, 
governments, and entire societies make as they cope with SCARCITY & the incentives 
The big economic questions - Ans what, how, and for whom? 
choices are based off of _______ - Ans self interest 
social interest - Ans choices that are best for society as a WHOLE 
efficiency & social interest - Ans resource use is efficient if it is not possible to make s...
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ECO 201 Final questions with correct answers
- Exam (elaborations) • 27 pages • 2023
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If the price of the good increases and the number of unit people want to buy decreases we call this a change in quantity demanded. Answer True 
 
The National Weather Service announces in August that they forecast a very good winter. Demand for heavy winter coats increases due to Answer changes in expectations 
 
The Law of Demand implies that as price falls demand increases. Answer False 
 
If the price of A goes up as a person's income goes down the good is: 
Inferior 
Substitute 
Normal 
Com...
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