Econ 102 - Study guides, Class notes & Summaries

Econ 102 Exam 1 WSU Latest 2023 Graded A opportunity cost sacrifice the value of the output the person would have contributed to the civilian economy. The value of the sacrificed alternative is called the opportunity cost of an activity. Resources 1. Land includes natural resources, such as mineral deposits, oil, natural gas, water, and actual land acreage. 2. Labor is the effort of workers. 3. Physical capital is manufactured items used to produce other goods and services. 4. Human capital...

Which of the following would be most likely to have monopoly powers?A municipal water company Which of the following is an example of a barrier to entry?Larry obtains a copyright for the new computer game that he invented. The defining characteristic of natural monopoly is?Economies of scale over the relevant range of output. Suppose a firm has a monopoly on the scale of a computer game and faces a downwardsloping demand curve. When selling the 36th game, the firm will always receive?L...

Econ 102 Quiz 1 Updated 2023 Questions and Answers

ECON 102 PSU EXAM 1 BROWNREVIEW NEWEST ACTUAL EXAM WITH COMPLETE QUESTIONS AND CORRECT VERIFIED ANSWERS (DETAILED ANSWERS) ALREADY GRADED A+ 100%

Econ 102 - Test 1 Questions and Answers Graded A What does economic activity revolve around? Production What drives economic activity? Spending Per Capita GDP Gross Domestic Product/Population Gross Domestic Product/Population is the same thing as Production/Population GDP shows what? Productivity, income, and/or standard of living Expenditures = Income Production = Income The study of how society chooses to allocate its scare production resources Economics Labor Mental and physical skil...

Which of the following is NOT true regarding perfectly competive markets? A. It is difficult or impossible for a firm to enter and compete in the market. B. All firms in the market are price takers. C. Homogenous goods are sold by the firms. D. The market contains many buyers and sellers. → It is difficult or impossible for a firm to enter and compete in the market. Regarding perfect competition, what does it mean when the goods sold by the firms in a market are homogeneous? A Firms ...

Econ 102 Quiz 5 UPDATED Actual Exam Questions and CORRECT Answers 3 main factors of production - CORRECT ANSWER- land, labor, capital 3 other factors of production - CORRECT ANSWER- time, entrepreneur, finance why do entrepreneurs take risks - CORRECT ANSWER- because time is unknown

circular flowaggregate production=aggregate earnings= aggregate spending supply= demand at aggregate level GDPtotal market value of all final market goods and services nationally within a yr. Consumption expenditures, private investment expenditures, gov. purchases, net exports Steps from GDP to incomestart with national and subtract corporate profits, subtract all taxes on production imports and social insurance, add any personal interest income and all transfer payments (not included ...

Studying the effects choices have on the individual markets within the economy is part of:microeconomics People must make choices because...if scarcity Which of the following is a macroeconomic issue?the effect of increasing the money supply on inflation Which of the following is a microeconomic topic?the reasons why Kathy buys less orange juice Studying the determination of prices in individual markets is primarily a concern of?microeconomics