Econ 2301 exam - Study guides, Class notes & Summaries

econ 2301 Exam| Questions with 100% Solutions/Verified Answers

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 ...

The concept of ________ implies that we have a limited amount of all resources (or assets) compared to our desire to have more of everything which they can provide. - ANSWER Scarcity IE 1-1 ... On your PPF graph from the Interactive Exercises, Point "W" represents the production of $ ____________ worth of Private Sector goods and $ _____________ worth of Public Sector goods. - ANSWER 4000 and 1000 IE 1-1 ... On your PPF graph from the Interactive Exercises, Point "Y" represents the prod...

econ 2301 final Exam | Questions with 100% Solutions/Verified Answers

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

econ 2301 msidorya Exam | Questions with 100% Solutions/Verified Answers