Econ 103 first exam - Study guides, Class notes & Summaries

Econ 103 Exam 1 Questions and Answers (Graded A)Econ 103 Exam 1 Questions and Answers (Graded A)Econ 103 Exam 1 Questions and Answers (Graded A)Econ 103 Exam 1 Questions and Answers (Graded A) Economics - ANSWER-The study of peoples choices; how agents choose to allocate scarce resources and how those choices affect society First Principle of Economics - ANSWER-People try to optimize; they try to choose the best available option Second Principle of Economics - ANSWER-Economic systems te...

ECON 103- First Exam Questions and Answers 100% CorrectECON 103- First Exam Questions and Answers 100% CorrectECON 103- First Exam Questions and Answers 100% CorrectECON 103- First Exam Questions and Answers 100% Correct GDP is defined as - ANSWER-value of all final goods and services produced within a country in a given period of time Over time, people have come to rely more on market produced goods and services and less on goods and services they produce for themselves. For example, busy...

Econ 103 Exam 1 Questions and AnsweEconomics - ANSWER-The study of peoples choices; how agents choose to allocate scarce resources and how those choices affect society First Principle of Economics - ANSWER-People try to optimize; they try to choose the best available option Second Principle of Economics - ANSWER-Economic systems tend to be in equilibrium, a situation in which nobody would benefit by changing his or her behavior Third Principle of Economics - ANSWER-Empiricism-analysis t...

ECON 103- First Exam Questions and Answers 10 GDP is defined as - ANSWER-value of all final goods and services produced within a country in a given period of time Over time, people have come to rely more on market produced goods and services and less on goods and services they produce for themselves. For example, busy people with high incomes, rather than cleaning their own homes, hire people to clean their houses. By itself, this change has - ANSWER-caused measured GDP to rise John buys ...

Econ 103 Exam 1 Study Guide with Complete Solutioeconomics - ANSWER-A way of looking at human actions, choices, decisions, and how they connect. The Wealth Of Nations - ANSWER-Written in 1776 by Adam Smith(founder of modern economics) Economics is a - ANSWER-science difficult to make predictions a search for understanding normative statements - ANSWER-opinion, expression of opinions not right or wrong positive analysis - ANSWER-pertaining to verifiable reality/facts/not opinions ...

History of Financial Planning - ANSWER-1960's - few stock brokers and insurance salesmen 1970's - industry went from stock and insurance sales to comprehensive financial plans 1971 - College of Financial Planning founded 1973 - first CFP's issued to 42 people 1990's - booming economy entrance of many traditional banks and brokerage houses into financial planning area Name different duties of a financial planner - ANSWER-- comprehensive financial plan - selecting overall asset alloc...

John buys a used car for 5,400 and spends 600 on new parts, made in the US, to fix his car. The end result of theses two transactions is - ANSWER-US consumption purchases increase by 600 and US GDP increases by 600 When the consumer price fix index rises, the typical family - ANSWER-has to spend more dollars to maintain the same standard of living If in a closed economy the national savings are equal to 70,000 and the public savings are equal to 35,000, then how much is the private savings...

Econ 103 Exam 1 QUESTIONS AND ANSWERS| GRADED A Economics Correct Answer: The study of peoples choices; how agents choose to allocate scarce resources and how those choices affect society First Principle of Economics Correct Answer: People try to optimize; they try to choose the best available option Second Principle of Economics Correct Answer: Economic systems tend to be in equilibrium, a situation in which nobody would benefit by changing his or her behavior Third Principle of Ec...