Econ 252 exam questions - Study guides, Class notes & Summaries
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Econ 252 Exam Questions With Correct Answers | 100% VERIFIED
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Econ 252 Exam Questions With Correct Answers | 100% VERIFIED 
 
Statements that claim to describe the way things are: - ANSWER- are positive statements 
can be tested for accuracy 
 
Both B and C above 
 
In determining how to use their resources, resource owners are motivated by: - ANSWER- self-interest 
 
Produced goods that are used in the production of other goods are: - ANSWER- capital 
 
The basic goal in dealing with the problem of scarcity is: - ANSWER- to produce as much consumer satisf...
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Econ 252 Exam Questions With Correct Answers | 100% VERIFIED
- Exam (elaborations) • 28 pages • 2024
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Econ 252 Exam Questions With Correct 
Answers | 100% VERIFIED 
 
Statements that claim to describe the way things are: - ANSWER- are positive 
statements 
can be tested for accuracy 
Both B and C above 
In determining how to use their resources, resource owners are motivated by: - 
ANSWER- self-interest 
Produced goods that are used in the production of other goods are: - ANSWER- capital 
The basic goal in dealing with the problem of scarcity is: - ANSWER- to produce as 
much consumer satisfacti...
-
Econ 252 Exam Questions With Correct Answers | 100% VERIFIED
- Exam (elaborations) • 28 pages • 2024
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Econ 252 Exam Questions With Correct 
Answers | 100% VERIFIED 
 
Statements that claim to describe the way things are: - ANSWER- are positive 
statements 
can be tested for accuracy 
Both B and C above 
In determining how to use their resources, resource owners are motivated by: - 
ANSWER- self-interest 
Produced goods that are used in the production of other goods are: - ANSWER- capital 
The basic goal in dealing with the problem of scarcity is: - ANSWER- to produce as 
much consumer satisfacti...
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Purdue ECON 252 Exam 2 Questions with 100% Correct Answers | Verified | Latest Update 2024 | 100% Pass| Rated A+
- Exam (elaborations) • 17 pages • 2024
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Purdue ECON 252 Exam 2 Questions with 100% Correct 
Answers | Verified | Latest Update 2024 | 100% Pass| Rated 
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ECON 252 - Purdue University - Exam 1 Questions With Correct Answers | 100% VERIFIED
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ECON 252 - Purdue University - Exam 1 
Questions With Correct Answers | 100% 
VERIFIED 
The definition of economics states that it is the study of how 
_________. 
A. 
agents choose to allocate scarce resources and the impact of 
those choices on society. 
B. 
money influences the economy in the short run and the long run. 
C. 
businesses make decisions and how those decisions impact other 
firms, the government, and consumers. 
D. 
the government determines policies, businesses set prices, an...
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Purdue ECON 252 Exam 2 Questions with 100% Correct Answers | Verified | Latest Update 2024 | 100% Pass| Rated A+
- Exam (elaborations) • 17 pages • 2024
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Purdue ECON 252 Exam 2 Questions with 100% Correct Answers | Verified | Latest Update 2024 | 100% Pass| Rated A+ 
capital accumulation - the growth of capital resources, including human capital. when a country saves more, this grows faster. 
aggregate investment - savings rate x GDP 
political creative destruction - the process in which economic growth destabilizes existing regimes and reduces the political power of rulers. 
creative destruction - refers to the process by which new technologies ...
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Purdue | Econ 252 | Dr. Vargas | Exam 1 Questions and Answers 100% Pass
- Exam (elaborations) • 21 pages • 2024
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Purdue | Econ 252 | Dr. Vargas | Exam 1 Questions and Answers 100% Pass Economic Agent Any group or individual that makes choices. 
What is Economics the study of? How agents make choices among scarce resources and how those choices affect society 
Scarcity A situation of having unlimited wants in a world of limited resources 
When are resources scarce? Resources are scarce when the quantity that people want exceeds the quantity that is available 
Positive Economics Describes what people actuall...
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Purdue ECON 252 Final Exam Questions and Answers Already Passed
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Purdue ECON 252 Final Exam Questions and Answers Already Passed Properties of economic fluctuations 1) Co-movement in economic aggregates 2) Limited predictability 3) Persistence in the rate of growth 
The Great Depression of 1929‒1933 illustrates the three key properties of economic fluctuations 
Aggregate A whole formed by combining several (typically different) elements 
Marginal product of labor When output price rises, the labor demand curve shifts to the right - more labor is demanded at...
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Econ 252 Exam Questions With Correct Answers | 100% VERIFIED
- Exam (elaborations) • 28 pages • 2024
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Econ 252 Exam Questions With Correct 
Answers | 100% VERIFIED 
 
Statements that claim to describe the way things are: - ANSWER- are positive 
statements 
can be tested for accuracy 
Both B and C above 
In determining how to use their resources, resource owners are motivated by: - 
ANSWER- self-interest 
Produced goods that are used in the production of other goods are: - ANSWER- capital 
The basic goal in dealing with the problem of scarcity is: - ANSWER- to produce as 
much consumer satisfacti...
-
Econ 252 Exam Verified Questions 2024 (Compiled 100% Answers)
- Exam (elaborations) • 13 pages • 2024
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potential workers - Everyone in the total population except: 
• Children under 16 years 
• Active military personnel 
• Institutionalized persons (nursing homes or jail) 
number of potential workers - 254.1 Million 
number of non potential workers - 67.3 million 
3 categories of potential workers - Employed 
Unemployed 
Not in labor force 
Employed - persons hold a paid full-time or part-time job 
Unemployed - persons without a job who have actively 
searched for one over the last four wee...
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