Arec 202 final exam - Study guides, Class notes & Summaries

AREC 202 (Kroll) Final Exam Study Guide 2024 What insight(s) did we get from the classroom clicker experiment where students had to choose how many points to contribute to a class account? -Answer-Some people were willing to give more in order to acquire a higher point total, but other would keep all of their points. The people who decided to keep all of their points ended up better in the long-run. What insight(s) did we get from the Moblab experiment on asymmetric information (the Lemon...

AREC 202 FINAL EXAM QUESTIONS AND ANSWERS 100% VERIFIED When does demand for a normal good increase? - answerWhen income increases When does demand for an inferior good increase? - answerWhen income decreases If two goods are complements and the price of one good decreases, what happens to the demand, price, and quantity of the other good? - answerIt increases What affects the supply of a product? - answerCost of production Practice: Assume that a high price induces more producers to get ...

AREC 202 Final Exam With 100% Verified Solutions The difference between "demand" and "quantity demanded" is that - answer"demand" refers to the entire curve while "quantity demanded" refers to a particular price-quantity combination on the curve. Market supply is the quantities that - answerall sellers combined are willing and able to sell at various prices over a specific time period Cost-benefit analysis - answeris an approach that compared costs to benefits to determine whethe...

AREC 202 (Kroll) Final Exam Study Guide With 100% Correct Answers What insight(s) did we get from the classroom clicker experiment where students had to choose how many points to contribute to a class account? - answerSome people were willing to give more in order to acquire a higher point total, but other would keep all of their points. The people who decided to keep all of their points ended up better in the long-run. What insight(s) did we get from the Moblab experiment on asymmetric in...

AREC 202 (Kroll) Final Exam Study Guide With 100% Correct Answers What insight(s) did we get from the classroom clicker experiment where students had to choose how many points to contribute to a class account? - answerSome people were willing to give more in order to acquire a higher point total, but other would keep all of their points. The people who decided to keep all of their points ended up better in the long-run. What insight(s) did we get from the Moblab experiment on asymmetric in...

AREC 202 (Kroll) Final Exam Actual Questions and Answers 2024 Opportunity Costs What you must give up in order to get a product or service. Economics is the study of? Choice What is the difference between micro and macro economics? Micro: the study of individual choice Macro: the study of the national economy What are sunk costs? Costs that have occurred in the past and cannot be recovered. What are marginal costs? the additional cost of conducting one more unit of the activity What...

AREC 202 (Kroll) Final Exam Actual Questions and Answers 2024 Opportunity Costs What you must give up in order to get a product or service. Economics is the study of? Choice What is the difference between micro and macro economics? Micro: the study of individual choice Macro: the study of the national economy What are sunk costs? Costs that have occurred in the past and cannot be recovered. What are marginal costs? the additional cost of conducting one more unit of the activity What...