Econ 202 - Study guides, Class notes & Summaries
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ECON 203 Exam 3 (Pakhotina) questions with correct answers
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Multiplier effect CORRECT ANSWER The increase in consumer spending that occurs when spending by one person causes others to spend more too 
 
Disposable income CORRECT ANSWER Income left after paying taxes 
-consumption is based on the amount of disposable income 
-people usually consume part of their disposable income and save the rest 
 
MPC CORRECT ANSWER Marginal propensity to consume 
-the amount consumption increases when disposable income increases by $1 
-the MPC is a number between 0 an...
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ECON 202 FINAL EXAM Questions with Complete Correct Answers | Grade A+
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Because people's wants are unlimited but resources are scarce, 
Ans: choices must be made 
In economics, capital is define as 
Ans: the natural, unskilled abilities of people 
The labor market is an example of a 
Ans: resource market 
In macroeconomics, we analyze 
Ans: the overall performance of the economy as a whole 
An economic model 
Ans: is a simplification of the real world 
The basic purpose of economic models is to 
Ans: provide explanations for, and predictions of, economic events 
Ec...
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Econ 202 Exam 1 Questions with Complete Correct Answers | Grade A+
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scarcity 
Ans: a situation in which unlimited wants exceeds the limited resources available 
economics 
Ans: the study of the choices people make to attain their goals, given their scarce resources 
economic model 
Ans: a simplified version of reality used to analyze real-world economic situations 
market 
Ans: a group of buyers and sellers of a good or service and the institution or arrangement by 
which they come together to trade 
What are the three key economic ideas? 
Ans: 1.People are rat...
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Econ 202- Final Exam Questions with Correct Answers
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A normal good is a good for which Correct Answer-demand increases when income increases. 
 
Which of the following is NOT one of the factors that influences the supply of a product? Correct Answer-income 
 
Which of the following is a microeconomic topic? Correct Answer-the reasons why Kathy buys less orange juice 
 
When supply decreases and demand does not change, the equilibrium quantity Correct Answer-decreases and the price rises 
 
If two variables are positively related Correct Answer-the...
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ECON 202 Exam#3 Questions with Correct Answers
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ECON 202 Exam#3 Questions with Correct Answers
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Econ 202- Final Exam Questions with Complete Correct Answers | Grade A+
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A normal good is a good for which 
Ans: demand increases when income increases. 
Which of the following is NOT one of the factors that influences the supply of a product? 
Ans: income 
Which of the following is a microeconomic topic? 
Ans: the reasons why Kathy buys less orange juice 
When supply decreases and demand does not change, the equilibrium quantity 
Ans: decreases and the price rises 
If two variables are positively related 
Ans: they move in the same direction over time 
When the dema...
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ECON 202 Exam 2 Questions with Complete Correct Answers | Grade A+
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Elasticity 
Ans: A measure of how much one economic variable responds to changes in another 
economic variable. 
Price elasticity of demand 
Ans: The responsiveness of the quantity demanded to a change in price, measured by 
dividing the percentage change in the quantity demanded of a product by the percentage 
change in the product's price. 
Equation for Measuring the Price Elasticity of Demand 
Ans: (Percentage change in quantity demanded) / (Percentage Change in Price) 
Price Elasticity o...
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Econ 202 Midterm #1 Questions with Complete Correct Answers | Grade A+
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Scarcity 
Ans: More wants than there are resources to fulfill them 
Macroeconomics 
Ans: Study of the aggregate effects on the national economy and the global economy of the 
choices that individuals, businesses, and governments make 
Opportunity Cost 
Ans: The bet thing that you must give up to get something- the highest valued alternative 
forgone 
Calculating Opportunity Cost 
Ans: OC = Explicit Cost + Implicit Cost 
Marginal Cost 
Ans: Opportunity cost of a one unit increase in an activity...
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Econ 202 - Study Guide Chapter 8 Questions with 100% Actual correct answers | verified | latest update | Graded A+ | Already Passed | Complete Solution 2024 - 2025
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Econ 202 - Study Guide Chapter 8 Questions with 100% Actual correct answers | verified | latest update | Graded A+ | Already Passed | Complete Solution
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Econ 202 Exam 1 Study Guide
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Econ 202 Exam 1 Study Guide
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