Allocative efficiency - Study guides, Class notes & Summaries
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ECO 201 Miami University Exam 2 questions with correct answers
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consumer surplus Answer the sum (of each unit sold) of the difference between what the buyer is willing to pay (given by the height of the demand curve) and the price the buyer actually pays (market price) 
 
how is consumer surplus calculated? Answer area beneath the demand curve and above market price for the number of units sold 
 
1/2 base * height 
 
producer surplus Answer the difference between the price received by the seller (market price) and the minimum price the seller is willing to ...
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EC248 T/F/U QUESTIONS AND ANSWERS GRADED A+
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Insurance coverage likely has little impact on people's use of needed health care services.Insurance 
coverage likely has little impact on people's use of needed health care services. - False. Likely has 
a major impact, if something is not covered and is expensive to pay with from out-of-pocket then that 
individual likely won't be able to get access to that care. 
Reducing inequalities in health within the population should focus primarily on the distribution of health 
care. - True. Should...
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AQA A level Economics Market Structures Final Exam With Correct Solutions 2024.
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perfect competition - Answer a market structure in which a large number of firms all produce the same product 
 
Perfectly competitive market Characteristics - Answer 1. infinite number of suppler and consumers 
2. each firm is a price taker 
3. consumers have perfect information 
4. producers have perfect information 
5. products are homogeneous 
6. Firms are profit maximisers 
7. no entry barriers 
 
Allocative efficiency in perfect competition - Answer it is allocatively efficien b...
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Principles of Macroeconomics by John Sayre - Test Bank
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Chapter 01 
The Economic Problem 
 
 
 Multiple Choice Questions 
1. What do economists mean when they say that the economy faces scarcity? A. There are fewer resources available than there were in the 1960s. B. It is quite evident that the world is running out of resources. C. The economy is producing far below its capacity to produce. D. The resources available are not sufficient to produce all that everyone wants. 
 
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Economics AQA A LEVEL || A+ Graded Already.
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Positive Statement correct answers A statement that can be tested to see if it's correct or not 
 
Normative Statement correct answers A statement that has a value judgement and can't be refuted by looking at evidence 
 
Need correct answers Something necessary for human survival 
 
Want correct answers Something that is desirable 
 
Economic welfare correct answers The economic wellbeing of an individual or group of people 
(Human happiness) 
 
Capital good correct answers A good used in the...
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WGU D089 Principles of Economics Questions and Answers 100% Pass
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WGU D089 Principles of Economics Questions and Answers 100% Pass 
Absolute Advantage The capability to produce more of a given product using less of a given resource than a competing entity 
Absolute Quota Strictly limiting the quantity of goods that may enter a country 
Accounting Profit Total revenues minus explicit costs, including depreciation 
Acquisition When one firm purchases another 
Ad Valorem Tariffs Import tax based on a fixed percentage of the assessed commercial value of imported g...
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Principles of Microeconomics Exam Questions And Answers (Verified And Updated)
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Principles of Microeconomics Exam 
Questions And Answers (Verified And 
Updated) 
Scarcity - answera situation in which unlimited wants exceed the limited resources available 
to fulfill those wants 
shortage - answera situation in which the quantity demanded is greater than the quantity 
supplied 
microeconomics - answerthe study of how households and firms make choices, how they 
interact in markets, and how the government attempts to influence their choices 
macroeconomics - answerthe study o...
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AQA Economics A Level Year 1 – Microeconomics Exam with 100% Correct Answers |LATEST|
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AQA Economics A Level Year 1 – 
Microeconomics Exam with 100% 
Correct Answers |LATEST| 
Allocative Efficiency *Ans* Occurs when the available economic resources are used to 
produce the combination of goods and services that best matches people's tastes and 
preferences 
Positive Statements *Ans* A statement of fact that can be tested to see if it is incorrect or 
correct 
Normative Statements *Ans* A statement that includes a value judgement and cannot be 
disproved just by looking at ...
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ECON 2105 (UGA) Final Exam Review(with solved solutions)
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allocative efficiency correct answers A state of the economy in which production is in accordance with consumer preferences; in particular, every good or service is produced up to the point where the last unit provides a marginal benefit to society equal to the marginal cost of producing it 
 
productive efficiency correct answers a situation in which a good or service is produced at the lowest possible cost 
 
equity correct answers the fair distribution of economic benefits 
 
factors of produ...
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WGU C718 VOCABULARY 2024 QUESTIONS WITH COMPLETE ANSWERS ALREADY PASSED AND GRADED A+
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WGU C718 VOCABULARY 2024 QUESTIONS WITH 
COMPLETE ANSWERS ALREADY PASSED AND 
GRADED A+ 
absolute advantage - CORRECT ANSWER when a country (or person) can produce 
more of a good than another country (In this picture England has absolute advantage in 
both goods) 
accounting profit - CORRECT ANSWER profit computed using only explicit costs 
(Acct Profit = Total Revenue - Explicit Costs) 
marginal external costs - CORRECT ANSWER additional costs incurred by third 
parties outside the produ...
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