Econ 203 exam 1 - Study guides, Class notes & Summaries

ECON 203 EXAM 1 TAMU Questions and Answers | 100% Verified and Updated 2024 What are 3 gains from society when countries decide to specialize? -Answer-- specialization and trade -more resources -Improvements in technology/productivity True or False: Every country have comparative advantage in something. -Answer-True What are 2 gains when two countries engage in specialization and trade? -Answer--total production increases -new points reached on the PPF that were originally unattainable ...

ECON 203 (INTERMEDIATE MICRO ELECTRONICS I) SAMPLE FINAL EXAM 1 UNIVERSITY OF CONCORDIA

Econ 203 Midterm Exam Actual Questions and Answers Complete 1. Commercial banks create money by: A. printing them. B. keeping a fraction of deposits as reserves and lending the rest. C. they do not, only the central bank can create money. D. none of the above. 2. What is the role of a commercial bank? A. To maximize profits for its shareholders B. To take customers’ deposits and make loans C. To create money through the banking system D. All the answers are correct 3. Which of th...

Exam 3 Econ 203 exam review 2024 1. What are the 3 roles of money?: 1. medium of exchange 2. store of value 3. unit of account 2. unit of account: a means for comparing the values of goods and services; we use money to value an asset or an economic activity Ex: if your car is worth $5000, we use USD as a unit of account -determine relative prices of things by comparing their values in dollars 3. medium of exchange: an