Econ 101 exam 2 - Study guides, Class notes & Summaries

ECON 101 Macroeconomics Exam Questions with Verified Solutions Graded A+ Macroeconomics - Answers The study of the economy as a whole; total employment in a country, total output by all businesses, total spending by all the businesses, people, and governments in a country; this is opposed to microeconomics where you focus on individual jobs, individual business outputs, or individual spending Economic growth - Answers The ability of societies, nations, the whole world to produce more over time...

Econ 101: Exam 2 When the price goes down, the quantity demanded goes up. The price elasticity of demand measures: A) how much the price goes down. B) how much the equilibrium price goes up. C) the responsiveness of the price change to an income change. D) the responsiveness of the quantity change to the price change. - ANSWER D The price of gasoline rises 5% and the quantity of gasoline purchased falls 1%. The price elasticity of demand is equal to _____, and demand is described as ____...

ECON 101 Exam Questions with Verified Answers (Rated A+) Use the figure above to answer this question. Which of the following is TRUE regarding the firm's its supply decision? - Answers We cannot determine the shut down point without more information. The above figure illustrates a perfectly competitive firm. If the market price is $10 a unit, to maximize its profit (or minimize its loss) the firm shouldshut down. - Answers shut down. As a perfectly competitive firm produces more and more ...

MACRO ECON 101 PRACTICE QUESTIONS FOR THE FIRST EXAM 2022-2023 1. If a level of production is feasible then: a) it is efficient b) it is inefficient c) it can be either efficient or inefficient d) it is on the PPF 2. Consider the following PPF: Wheat 0 10 20 30 40 Corn 1000 900 700 450 0 Which of the following statements is true? a) the opportunity cost of 1000 units of corn is 0 units of wheat b) the opportunity cost of 10 units of wheat is 100 units of corn c) the oppor...

MACRO ECON 101 PRACTICE QUIZ ANSWERS AVAILABLE 2022-2023 1. If real GNP has doubled and nominal GNP has quadrupled we can say that: a) prices have quadrupled b) prices have doubled c) prices are unchanged d) prices have fallen by 50% 2. If you purchase $10 million worth of stock in IBM, GNP would: a) be unchanged b) rise by $10 million c) rise by $10 million plus a share of the profits earned by Digital d) rise, the exact amount of this increase would depend on whether the s...

ECONOMICS ECON 101 Exam (Multiple Choices) ECONOMICS ECON 101 Exam (Multiple Choices) 1. The primary purpose of the statement of the cash flows is to provide information about the a. entity's ability to generate future cash flows b. entity's cash receipts and cash payments during a period c. reasons for the difference between net income and net cash flow from operating activities d. entity's ability to pay dividends and meet obligations b. entity's cash receipts and cash pay...

Econ 101 Gateman Midterm 2 exam questions well define well elaborated well explained

ECON 101 Graded Exam 2- Questions and Answers- Straighterline/ECON 101 Graded Exam 2- Questions and Answers- Straighterline

ECON 101 Final Exam A Part 1 of 1 - 99.99999 Points Question 1 of 20 4.45 Points The representative firm in a purely competitive industry: A.Will always earn a profit in the short run B.May earn either an economic profit or a loss in the long run C.Will always earn an economic profit in the long run D.Will earn an economic profit of zero in the long run Question 2 of 20 4.45 Points An example of a monopolistically competitive industry would be: A.Steel B.Soybe...

Exam (elaborations) ECON 101 2...