Econ 212 - Study guides, Class notes & Summaries

TRS correct answers-w1/w2 Cost Function correct answersC(w1,w2,y) = w1x1 + w2x2 Output (y) correct answersSub in x1 and x2 into Production Function Isoprofit Slope correct answersw1/p Isoprofit Y-int correct answersy = π/p + w1/p (x1) + w2/p (x2) Profit Function correct answersπ = Py - w1x1 - w2x2 Gov Instituted Tax correct answersCosts Increase Gov Instituted Subsidy correct answersCosts Decrease Isoprofit Line correct answersProduction Function = f(x1,x2) = s.t. one o...

Chapter 1 ECON 212 Exam Questions and Answers 100% CorrectChapter 1 ECON 212 Exam Questions and Answers 100% CorrectChapter 1 ECON 212 Exam Questions and Answers 100% CorrectChapter 1 ECON 212 Exam Questions and Answers 100% CorrectChapter 1 ECON 212 Exam Questions and Answers 100% Correctwhen economists say scarcity, they mean: a. there are only a limited number of consumers who would be interested in purchasing goods b. human wants exceed the available supply of time, goods and resources...

National Income and National Expenditure must always be equal. True or False correct answers true As depicted in the circular flow diagram, which of the following are considered factors of production (i.e. inputs)? correct answers Capital Match the factors of production with their corresponding factor payments. Land Labor Capital correct answers rents wages profits Gross Domestic Product (GDP) is the market value of all final goods and services produced in a given nati...

Which of the following lies primarily within the realm of macroeconomics? correct answers a study of how tax cuts stimulate aggregate production In which of the following countries will the national government have the greatest influence with respect to the nation's economy? correct answers Cuba In the ____________, households work and receive payment from firms. correct answers labor market In countries like _____________ the command economy predominates. correct answers Cuba and Nort...

RES ECON 212 EXAM 1 Q&A 2024

economics correct answers social science concerned with making optimal choices under conditions of scarcity -economics wants exceed productive capacity economic perspective correct answers features of WHAT: -scarcity and choice -purposeful behavior -marginal analysis scarcity and choice correct answers feature of econ. POV: -resources= scarce, -choices must be made -opportunity cost (There's no free lunch) purposeful behavior correct answers this feature of Econ POV. relies on ...

3 types of unemployment correct answers --cyclical --frictional --structural cyclical unemployment correct answers the increase in unemployment that occurs during recessions and depressions frictional unemployment correct answers unemployment due to normal turnover in the labor market; used to denote short-run job/skill-matching problems structural unemployment correct answers unemployment due to changes in the structure of the economy that result in a significant loss of jobs in cert...

A consumer's willingness to pay reflects the correct answers minimum price at which an individual would buy a given good or service Consumers' willingness to pay for a good is used to derive the _____ for that good correct answers cost production Consumer surplus is represented by the area _____ the demand curve and _____ the price that the consumer pays. correct answers below; above Total Surplus is correct answers the sum of consumer & producer surplus Markets work because they a...

Which of the following best describes scarce resources? correct answers Resources for which the quantity that people want exceeds the quantity that is freely available Which of the following statements is TRUE? correct answers Both life-saving drugs and ice cream are examples of scarce goods. Economics is primarily the study of ________. correct answers agents' choices and their impact on society Which of the following is an example of a positive economic statement? correct answers An ...

Any point inside the production possibilities curve correct answers Inefficient yet attainable Any point outside the production possibilities curve correct answers Unattainable Any point on the production possibilities curve correct answers Efficient If two variables are directly related, the relationship will have a graph that: correct answers Upward sloping line Does unemployment shift the production possibilities curve to the left? correct answers False If economic resources ar...