Econ 103 - Study guides, Class notes & Summaries

ECON 103 Final Exam Questions and Answers 100% CorrectECON 103 Final Exam Questions and Answers 100% CorrectECON 103 Final Exam Questions and Answers 100% Correct economic systems differ according to which two main characteristics - ANSWER-who owns the factors of production and the methods used to coordinate economic activity private property: - ANSWER-encourages owners to maintain or improve their property so as to preserve or enhance value the regulatory mechanism of the market sys...

Econ 103 Exam 1 Questions and Answers (Graded A)Econ 103 Exam 1 Questions and Answers (Graded A)Econ 103 Exam 1 Questions and Answers (Graded A)Econ 103 Exam 1 Questions and Answers (Graded A) Economics - ANSWER-The study of peoples choices; how agents choose to allocate scarce resources and how those choices affect society First Principle of Economics - ANSWER-People try to optimize; they try to choose the best available option Second Principle of Economics - ANSWER-Economic systems te...

UWEC Econ 103 Exam 1 questions well answered to pass

Econ 103: Exam 1 Study Guide with Complete Solutions!! it is reduced - ANSWER-when government spending, and lump sum taxes are reduced, what happens to GDP? automatic stabilizers - ANSWER-revenue and expenditure items in the federal budget that automatically change with the state of the economy in such a way as to stabilize the economy. multiplier effect - ANSWER-- the increase in final income arising from any new injection of spending. - the size of the multiplier depends upon ho...

ECON 103 Exam 1 Questions and Answers 100% Correct ECON 103 Exam 1 Questions and Answers 100% Correct ECON 103 Exam 1 Questions and Answers 100% Correct What is economics? - ANSWER-the science of purposeful human actions and the unintended consequences of that action What are some spontaneous orders? (6) - ANSWER-The Price System, Money, Banks, Stock and Bonds, Future Markets, and Accounting Systems What is the difference of Normative and Positive questions? - ANSWER-N: "what shoul...

Econ 103 Past Exam Questions and Answers 100% CorrectEcon 103 Past Exam Questions and Answers 100% CorrectEcon 103 Past Exam Questions and Answers 100% CorrectEcon 103 Past Exam Questions and Answers 100% Correct The development of money as a medium of exchange has facilitated - ANSWER-Money eliminates double coincidence of wants If interest rates are lower than what individuals consider normal, they will - ANSWER-increase their speculative money demand The interest rate that banks are ...

Econ 103 Exam 1 Study Guide with Complete Solutioeconomics - ANSWER-A way of looking at human actions, choices, decisions, and how they connect. The Wealth Of Nations - ANSWER-Written in 1776 by Adam Smith(founder of modern economics) Economics is a - ANSWER-science difficult to make predictions a search for understanding normative statements - ANSWER-opinion, expression of opinions not right or wrong positive analysis - ANSWER-pertaining to verifiable reality/facts/not opinions ...

ECON 103: Microeconomics (Rustici) Test #1

ECON 103- First Exam Questions and Answers 100% CorrectECON 103- First Exam Questions and Answers 100% CorrectECON 103- First Exam Questions and Answers 100% CorrectECON 103- First Exam Questions and Answers 100% Correct GDP is defined as - ANSWER-value of all final goods and services produced within a country in a given period of time Over time, people have come to rely more on market produced goods and services and less on goods and services they produce for themselves. For example, busy...

Which of the following involves a trade-off? a.Taking a nap b. Watching a football game on Saturday afternoon c. Going to university d. All of these answers involve trade-offs. d. All of these answers involve trade-offs. A rational person does not act unless a. the action is ethical. b. the action produces marginal costs that exceed marginal benefits. c. the action produces marginal benefits that exceed marginal costs. d. the action makes money for the person. c. the action produces mar...