Econ 2301 test - Study guides, Class notes & Summaries
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ECON 2301 Test 3 - Questions, Answers and Rationales
- Exam (elaborations) • 28 pages • 2024
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ECON 2301 Test 3 - Questions, Answers and Rationales GDP is: A. the total value of all consumer expenditures within a given period. B. national income after taxes. C. the total value of all final goods and services plus intermediate goods and services produced domestically within a given period. D. the value of all final goods and services produced domestically within a given period. E. the total value of all final goods and services minus the value of intermediate goods and services produced ...
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ECON 2301 Test 1 - Verified with 100% Correct Answers
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ECON 2301 Test 1 - Verified with 100% Correct Answers Through war, many of the factories in country 1 are destroyed and many of its people are killed. As a result, the country's PPF has shifted to the left. Points that lie outside (or beyond) the PPF are unattainable. The economy moves from point A, where it produces 100 units of X and 200 units of Y, to point B where it produces 200 units of X and 150 units of Y. It follows that B and C (point A may be a productive inefficient point; point A...
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TJC ECON 2301 FINAL - Vocab Written Exam 2024.
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TJC ECON 2301 FINAL - Vocab Written Exam 2024. 
 
Economics - correct answer social science concerned with how individuals, institutions, and society make optimal (best) choices under conditions of scarcity 
 
Scarcity - correct answer limited supply of economic resources needed to make goods and services...demands choices; resources are scarce 
 
Opportunity cost - correct answer a sacrifice one makes makes choosing between two things... "choosing is refusing" 
 
Utility - correct answer the ...
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