Econ 1103 - Study guides, Class notes & Summaries

Absolute advantage the comparison among producers of a good according to their productivity Aggregate-demand curve a curve that shows the quantity of goods and services that households, firms, and the government want to buy at each price level Aggregate-supply curve a curve that shows the quantity of goods and services that firms choose to produce and sell at each price level Appreciation an increase in the value of a currency as measured by the amount of foreign currency it can buy ...

Consumer surplusThe difference between the highest price a consumer is willing to pay for a good or service and the price the consumer actually pays. Measures the benefit to consumers from buying a particular product Marginal benefitthe additional benefit to a consumer from consuming one more unit of a good or service We can use the demand curve to measure the total consumer surplus in a market. Demand curve show the willingness of consumers to purchase a product at different prices. ...

ECON 1103 Exam Questions with 100% Correct Answers Consumer surplus - The difference between the highest price a consumer is willing to pay for a good or service and the price the consumer actually pays. Measures the benefit to consumers from buying a particular product Marginal benefit - the additional benefit to a consumer from consuming one more unit of a good or service - We can use the demand curve to measure the total consumer surplus in a market. Demand curve show the willingness...

ECON 1103 Final Exam Questions with 100% Correct Answers Absolute advantage - the comparison among producers of a good according to their productivity Aggregate-demand curve - a curve that shows the quantity of goods and services that households, firms, and the government want to buy at each price level Aggregate-supply curve - a curve that shows the quantity of goods and services that firms choose to produce and sell at each price level Appreciation - an increase in the value of a curr...

Practice questions that are broken down and completed in simple ways. Good documents to break down information and get a grasp on material

Globalization of world economy (ECON 1103) 1a) Since 1980, income inequality has declined across countries but risen within most countries. How can we relate globalization to these two opposite trends? Briefly explain. b) Many government policies are results of rent-seeking. Give another example (not trade policy) and explain how it is related to rent-seeking.