Econ 208 - Study guides, Class notes & Summaries

A single proprietorship is a form of business organization which correct answers has one owner-manager who is personally responsible for the firm's actions and debts A firm that has two or more owners who share decision-making power as well as the firm's profits is called correct answers a partnership A limited partnership differs from an ordinary partnership by correct answers including some partners whose liability is restricted to the amount that they invested in the firm A firm ...

Self-Organizing correct answers -The economy, when left alone without intervention, is naturally self-organizing -spontaneous economic order and self interest is behaviour that is enough to produce a structured and organized economy Spontaneous Economic order correct answers The billions of minor decisions and transactions made by people every day come together to produce what people need on a much larger scale Self Interest correct answers -In economics we assume all people are motivated...

A conventional mortgage usually involves: a.) a variable interest rate. b.) a government guarantee. c.) a balloon payment. d.) equal payments. e.) a payment cap. correct answers d A condominium involves: a.) renting a mobile home. b.) part ownership of a building by a nonprofit organization. c.) ownership of an individual living unit. d.) government-subsidized housing. e.) renting a house with the option to buy. correct answers c A mortgage where the borrow agrees to share some o...

The fundamental problem of economics is, in short correct answers the scarcity of resources relative to wants. Scarcity is a problem that correct answers exists due to finite amounts of resources and unlimited human wants. Which of the following is not an example of a factor production? correct answers a haircut. Opportunity cost measures correct answers the amount of one good forfeited to obtain a unit of another good. If a DVD costs $20 and a videocassette costs $10, then the oppor...

e. may increase the wage paid to workers. correct answers An increase in the minimum wage a. will increase the wage paid to workers. b. will decrease the marginal physical product of workers. c. will decrease the employment of workers. d. will reduce unemployment. e. may increase the wage paid to workers. d. the more inelastic the supply curve for labour. correct answers For a monopsonistic hirer of labour the gap between labour's marginal value product and its wage rate will be ...

What is economics? correct answers Economics is the study of the use of scarce resources to satisfy unlimited human wants. Resources correct answers Land (natural things, including natural resources), Labor (mental, physical human effort), Capital (tools, machinery, equiment used to produce things) Goods correct answers Tangible items, like cars Services correct answers Intangible items, such as legal advice Production correct answers the act of making an item Consumption correct ...

If something has an opportunity cost, it is described as _____. correct answers Scarce What are the three main types of resources? correct answers Land, labor, capital What term describes goods consumed for satisfaction? correct answers Final goods What term describes goods that help produce what we consume? correct answers Intermediate goods Goods and services are also known as _____. correct answers Tangibles and intangibles What term is often used as shorthand for 'goods' and...

Pieces of property that serve as a store of value called correct answers assets of the four factors that influence asset demand, which factor will cause the demand for all assets to increase when it increases, everything else held constant? correct answers wealth Everything else held constant, a decrease in wealth correct answers reduces the demand for silver an increase in an asset's expected return relative to that of an alternative asset, holding everything else constant, --------- ...

technical efficiency correct answers when a given number of inputs are combined in such a way as to maximize the level of output cost minimization correct answers an implication of profit maximization that firms choose the production method that produces any given level of output at the lowest possible cost principle of substitution (in production) correct answers methods of production will change if relative prices of inputs change, with relatively more of the cheaper input and relatively...

a monopoly is distinguished from a firm operating under any other market structure in the following way: correct answers the monopoly faces a demand curve which is equal to the market demand curve suppose a monopolist is practicing perfect price discrimination. how does this differ from the situation where this firm is charging a single price for its product? correct answers the firm is producing a higher quantity, is charging a different price for each unit sold and is earning higher profits...