Econ 3100 - Study guides, Class notes & Summaries

The Law of Demand Correct Answer-as price increases, quantity demanded decreases. If price decreases, quantity demanded increases. The Law of Supply Correct Answer-producers offer more of a good as its price increases and less as its price falls. Demand Scheduled Correct Answer-Shows relationship between price & quantity demanded Equilibrium Correct Answer-When the demand and supply curves intersect. This is the best price to set and quantity to produce. If price goes up, producers w...

ECON 3100 Final Questions with Complete Solutions

ECON 3100 – MIDTERM Questions with Complete Solutions

A single indifference curve in the individual choice model of labor supply shows: Correct Answer-the tradeoff between income and non-market time for a given level of utility. Sally is indifferent between (1) working 8 hours a day and earning $160 a day and (2) working 9 hours a day and earning $200 a day. This implies that: Correct Answer-When Sally makes $160 in an 8 hour job, she puts a $40 value on the non-market time foregone to work a 9th hour. In the individual choice model of labor ...

Microeconomics Correct Answer-The study of the allocation of scarce resources. How individuals and firms make themselves as well off as possible in a world of scarcity and the consequences of those individual decisions for the markets and the entire economy. Trade-off Correct Answer-Which goods and services to produce, how to produce, and who gets the goods and services Market Correct Answer-An exchange mechanism that allows buyers to trade with sellers Model Correct Answer-A descriptio...

Econ 3100 ch 7 Questions with complete Solutions.

Globalization Correct Answer--increasing interaction of people, companies, states or countries -through the growth of international flows of people, culture, money, goods and ideas -in the economic sphere it's also called international economic integration Globalization: First Wave Correct Answer-- (< WWI) -New technologies -Transportation costs DOWN --Steam-powered ships, railroads, telegraph... --Also had large flows of goods and FDI Globalization: Second Wave Correct Ans...

After WWII, the Allied countries met to discuss issues such as... Correct Answer-high trade barriers and unstable exchange rates In 1947 the General Agreement on Tariffs and Trade (GATT) was established to... Correct Answer-reduce barriers to trade between nations Some of the GATT's main provisions Correct Answer-1. A nation must extend the same tariffs to all trading partners that are GATT members 2. Tariffs may be imposed in response to unfair trade practices such as dumping 3. Countr...

World Bank Correct Answer-A Bretton Woods institution, originally charged with the responsibility of providing financial and technical assistance to the war-torn economies of Europe Bretton Woods conference Correct Answer-A small town in New Hampshire that was, in July 1944, the site of talks establishing the international financial and economic order after World War II. The International Monetary Fund and the World Bank emerged from this common external tariff Correct Answer-the policy of...

ECON 3100- Clemson Questions with Complete Solutions