Econ graph - Study guides, Class notes & Summaries

Hypothesis Test correct answers 1) form alternative and state null 2)calculate test stat 3)find rejection region's critical value or p value 4)make decision based on where test statistic falls (within or not within rejection region) (p value higher than alpha= DNR p value lower than alpha=R) Confidence Interval correct answers 1) point estimate 2) z,t,f value associated with finding upper and lower limits 3) find margin of error 4) upper and lower bounds based on confidence interval...

UNT ECON 1100 Final Exam Review With 100% Correct Answers 2023 Microeconomics - Correct Answer-The study of decisions made by individuals, households, and firms Macroeconomics - Correct Answer-The study of economics aggregates, such as the national unemployment rate, the rate of inflation, and the economy's growth rate, as well as macroeconomic policies designed to promote full employment, price stability, and a healthy rate of economic growth ` Positive economics - Correct Answer-The...

Econ Final Exam Review: Nisha Aroskar Questions and Answer 100% Pass What is economics? -Answer-Science of making choices, science of scarcity What is scarcity? -Answer-Limited resources to satisfy unlimited human wants What are the factors of production and their rewards? -Answer-Land = rent Labor = wages Capital = interest Entrepreneur = profit What is opportunity cost? -Answer-The value of the next best alternative given up What is Production Possibilities Frontier? -Answer-Graph tha...

Econ Final Exam Review: Nisha Aroskar Questions and Answer 100% Pass What is economics? -Answer-Science of making choices, science of scarcity What is scarcity? -Answer-Limited resources to satisfy unlimited human wants What are the factors of production and their rewards? -Answer-Land = rent Labor = wages Capital = interest Entrepreneur = profit What is opportunity cost? -Answer-The value of the next best alternative given up What is Production Possibilities Frontier? -Answer-Graph tha...

ECON 105 CH2 SAPLING study guide 2023.Suppose the following represents the Canadian production possibilities frontier for two of its most important exports: maple syrup and tree logs (in millions) POINT H: below the PPF POINT M: on the PPF POINT Y: above the PPF-Answer POINT H: is possible, not efficient POINT M: is possible and efficient POINT Y: is not possible and is unobtainable, unless international trade occurs Why is the shape of the PPF often curved instead of straight?-Answer...

Econ: Banking Study Guide Test. Bank deposits help the nation's economy by - CORRECT ANSWER giving banks the money to loan and invest. Read the graph that displays interest and total payments on a loan. Banks make the most money and take the most risk with an interest rate of - CORRECT ANSWER 18% A fee banks charge in exchange for borrowing money is called - CORRECT ANSWER interest How do central banks govern the banking industry? Check all that apply. - CORRECT ANSWER by d...

UNT ECON 1100 Exam 1 The primary difference between a change in supply and a change in the quantity supplied is: - a change in quantity supplied is caused by a change in the price of the good itself, and a change in supply is caused by a change in a non-price determinant of supply Which of the following will cause a decrease in the demand for batteries? - An increase in the price of digital cameras, a complement for batteries Based on the information in the table below, the opportuni...

UNT ECON 1100 Exam 1, Microeconomics chapter 4 Questions and Answers The primary difference between a change in supply and a change in the quantity supplied is: ANSWER a change in quantity supplied is caused by a change in the price of the good itself, and a change in supply is caused by a change in a non-price determinant of supply Which of the following will cause a decrease in the demand for batteries? ANSWER An increase in the price of digital cameras, a complement for batteries Whi...

CHAPTER 1 - ... What are the two elements of risk? - -Uncertainty of outcome - Time of the outcome and type of outcome are uncertain -possibility of a negative outcome - at least 1 outcome is negative What is the difference between probability and possibility? - Possibility - an outcome or event may or may not occur. It does not quantify the risk, only verifies the risk is there Probability - the likelihood than an outcome will occur, quantifies the risk. It is measurable and has value b...

Econ Unit 1 Questions and Answers Graded A+ Which statement best defines the term economics? Economics is the study of the production and distribution of goods and services. What would an economist say motivates a man who builds chairs and sells them to the public? self-interest Adam Smith is known as the father of economics because he developed a theory that. . . states that when people act in their own self-interests, it results in an efficient use of resources in a free market. While shopp...