Econ 103 final - Study guides, Class notes & Summaries

ECON 103 Final Exam Questions and Answers (Graded A) ECON 103 Final Exam Questions and Answers (Graded A) ECON 103 Final Exam Questions and Answers (Graded A) The overriding reason why households and societies face many decision is that - ANSWER-resources are scarce Melody decides to spend three hours working overtime rather than going to the park with her friends. She earns $20 per hour for overtime work. Her opportunity cost of working is - ANSWER-the enjoyment she would have rece...

Econ 103 Final Exam Study Guide with Complete Solutions Econ 103 Final Exam Study Guide with Complete Solutions Econ 103 Final Exam Study Guide with Complete Solutions Economics - ANSWER-the social science which seeks to understand how humans make decisions in the face of scarcity given unlimited wants Scarcity - ANSWER-human wants for goods, services and resources exceed what is available Factors of Production - ANSWER-land, labor, capital Gross Domestic Product (GDP) - ANSW...

ECON 103 Final Exam Qu The overriding reason why households and societies face many decision is that - ANSWER-resources are scarce Melody decides to spend three hours working overtime rather than going to the park with her friends. She earns $20 per hour for overtime work. Her opportunity cost of working is - ANSWER-the enjoyment she would have received had she gone to the park If a tax is levied on the buyers of a product, then the demand curve will - ANSWER-shift down Which of the f...

ECON 103 FINAL EXAM QUESTIONS AND ANSWERS 100% ACCURATE ECON 103 FINAL EXAM QUESTIONS AND ANSWERS 100% ACCURATE ECON 103 FINAL EXAM QUESTIONS AND ANSWERS 100% ACCURATE ECON 103 FINAL EXAM QUESTIONS AND ANSWERS 100% ACCURATELimited goods and services - ANSWER-Scarcity This type of economics deals with judgments about what the economy should be like. - ANSWER-Normative Economics "To obtain more of one thing, we have to forgo the next best option" - ANSWER-Opportunity Cost ...

ECON 103 Final Exam Questions and Answers 100% CorrectECON 103 Final Exam Questions and Answers 100% CorrectECON 103 Final Exam Questions and Answers 100% Correct economic systems differ according to which two main characteristics - ANSWER-who owns the factors of production and the methods used to coordinate economic activity private property: - ANSWER-encourages owners to maintain or improve their property so as to preserve or enhance value the regulatory mechanism of the market sys...

Melody decides to spend three hours working overtime rather than going to the park with her friends. She earns $20 per hour for overtime work. Her opportunity cost of working is - ANSWER-the enjoyment she would have received had she gone to the park If a tax is levied on the buyers of a product, then the demand curve will - ANSWER-shift down Which of the following is not an example of a graph of a single variable a) a pie chart b) bar graph c) time-series graph d) a scatterplot - ANSW...

What is the real cash balance effect? And what example did Boudreaux use in class? The real cash balance effect is what tells us the real value of money depends on the amount of real things it can buy. Boudreaux's example is Mr. Lee making trillions in America and then deciding to burn all of his money and showing it wouldn't hurt America What are the 2 characteristics that make a public good distinct from a private good and describe what they are with Boudreaux's example. A public good is ...

Assumptions of Economics: Scarcity (1/4) limited nature of society's resources Assumptions of Economics: Methodological Individualism (2/4) - only individuals act - choices are made based on an individuals needs Assumptions of Economics: Rational Choice (3/4) humans first allocate scarce goods to their highest needs Assumptions of Economics: Unlimited Wants (4/4) - GREEDY, GREEDY, GREEDY - infinite number of things to do and get in a lifetime Positive vs. Normative Questions: Positive - dea...

Econ 103 Final Exam Study Guide with Complete Solutions!! Economics - ANSWER-the social science which seeks to understand how humans make decisions in the face of scarcity given unlimited wants Scarcity - ANSWER-human wants for goods, services and resources exceed what is available Factors of Production - ANSWER-land, labor, capital Gross Domestic Product (GDP) - ANSWER-the total dollar amount of all final goods and services produced in a country in one year Microeconomics - ANS...