Econ 212 - Study guides, Class notes & Summaries

Economic Rent correct answers Payment of use of any resource above opportunity cost Disadvantage of Corporate form of business organization correct answers Double taxation Economic profit can be calculated as correct answers Total revenue-explicit costs-implicit cost In a partnership legal responsibility for all debts is correct answers Shared by partners Implicit costs are measured by correct answers The value of the next best alternative use of inputs Interest is paid to correct...

production possibilities frontier correct answers curve that graphs maximum attainable combinations of two given goods that an economy can produce with available resources and technology We can show economic inefficiency: correct answers with points inside the production possibilities frontier. the production possibilities frontier will shift outward correct answers if technological advances occur economic growth correct answers the ability of the economy to increase the production of g...

in the economy of Ukzten in 2010, consumption was 800, GDP was 2000, government purchases were 400, and investment was 600. What were Ukzten's net exports in 2010? correct answers 200 changes in nominal GDP reflects correct answers both changes in prices and changes in the amounts being produced the inflation rate is the correct answers percentage change in the price level from one period to another If real GDP is 5,100 and nominal GDP is 4900, then the GDP deflator is correct answers ...

The cross-price elasticity of electricity with respect to the price of natural gas has been estimated as being equal to 0.2. This implies that correct answers electricity and natural gas are substitutes. If the income elasticity of demand for a good is negative, the good is said to be a(n): correct answers inferior good. The long-run price elasticity of supply of crude oil is _____ the short-run price elasticity of supply of crude oil. correct answers greater than The supply curve for a...

Economy of Communion correct answers breaking down divide between people on which economic exchanges are based Eucharist correct answers consumption means assimilation to a public body (christ), doesn't consume goods for private use Benevolence correct answers free suspension of self-interested exchange, can't be encouraged publicly Radical Individualism correct answers pursuit of self-interest at the expense of surrounding needs of others (libertarianism) Market Power correct answ...

ECON 2120 Exam 1 review Questions and answers, rated A+ Economists think that people are self-interested: - -because they respond to incentives in predictable ways Which types of incentives do economists believe people respond to? - -Moral, Monetary, and Personal You are considering going Fort Lauderdale from spring break and you are choosing between flying from Greenville to Miami and taking a bus. The flight costs $600 and takes three hours; a bus ticket between the cities costs $...

10) Deflation occurs when A) the average price level declines. B) economic activity declines. C) the economic growth rate declines. D) the unemployment rate declines. Answer: A Diff: 2 Topic: Macroeconomic Concerns Skill: Definition 11) A period of very rapid increase in the overall price level is known as A) stagnation. B) hyperinflation. C) stagflation. D) depression. Answer: B Diff: 1 Topic: Macroeconomic Concerns Skill: Definition 12) The trend of the economy is A) the long ru...

Principles of Macroeconomics - Test Item File 1 Ninth Edition by Case / Fair / OsterContents Chapter 1 The Scope and Method of Economics ...........................................................................1 Chapter 2 The Economic Problem: Scarcity and Choice.............................................................28 Chapter 3 Demand, Supply, and Market Equilibrium................................................................55 Chapter 4 Demand and Supply Applications ..................