Econ block 4 exam - Study guides, Class notes & Summaries

ECON Block 4 Exam Question and answers correctly solved 2023/2024How did economists introduce competition for the services offered by toilet suckers? - correct answer They created a system that allowed consumers to order a truck by text and the job would be given to the truck driver offering the lowest price. How did the toilet suckers' cartel prevent consumers from negotiating for a better price? - correct answer The cartel forces toilet suckers to agree on a fixed high price, so they are n...

ECON Block 4 Exam How did economists introduce competition for the services offered by toilet suckers? - correct answer They created a system that allowed consumers to order a truck by text and the job would be given to the truck driver offering the lowest price. How did the toilet suckers' cartel prevent consumers from negotiating for a better price? - correct answer The cartel forces toilet suckers to agree on a fixed high price, so they are not incentivized to engage in competition with ...

ECON Block 4 Exam

Macro Econ: Taylor Econ Study Guide Exam. 1. ________________ economists place an emphasis on __________ run economic performance. A. Phillips; short B. Keynesian; long C. Neoclassical; long D. Says; short - CORRECT ANSWER C. Neoclassical 2. The neoclassical perspective on macroeconomics emphasizes that in the long run, the economy seems to rebound back to its _____________ and its ____________________. A. long term growth; cyclical unemployment B. potential GDP; natural rate of ...

GMU ECON 103 Exam 1 Boudreaux Questions and Answers Why did living expenses and expectancy increase over time? - Correct Answer️️ - Industrial revolution Economic Theory - Correct Answer️️ -Answers the question as to why people are richer now and richer in certain areas "No one knows how to make a pencil" - Correct Answer️️ -Millions of people worked to create the pencil; Everything is the product of millions of peoples' cooperation Factorials - Correct Answer️️ -Shows...

ECON 315-70 PRACTICE FINAL EXAM 2 KEY| 2022 UPDATE ECON 315-70 PRACTICE FINAL EXAM 2 KEY| 2022 UPDATE 1. You are given a total cost function as 100 + 10Q – 6Q2 + Q3. What is the minimum level of average variable cost, and thus the minimum price the firm needs to stay open? A. $1. B. $3 C. $5 D. $7 2. Should a firm shut down if its weekly revenue is $1, 000, its variable cost is $800, and its fixed cost is $1, 500? Why? The firm should A.shut down because revenue of $1 000 is l...

ECON 315-70 PRACTICE FINAL EXAM 2 KEY| 2022 UPDATE ECON 315-70 PRACTICE FINAL EXAM 2 KEY| 2022 UPDATE 1. You are given a total cost function as 100 + 10Q – 6Q2 + Q3. What is the minimum level of average variable cost, and thus the minimum price the firm needs to stay open? A. $1. B. $3 C. $5 D. $7 2. Should a firm shut down if its weekly revenue is $1, 000, its variable cost is $800, and its fixed cost is $1, 500? Why? The firm should A.shut down because revenue of $1 000 is l...

ECON 1002 Microeconomics Exam 2 Latest 2021 With Complete Solution ECON1002: Microeconomics Instructor: Qingbin Wang Exam2 Instruction: You have 115 minutes to finish the quiz. Please choose the most appropriate answer to each question and mark it in the Scantron answer sheet. Any answer in the problem set will NOT be graded. 1. If many people in a community install fire hydrants, the whole community benefits including those that did not install it. Therefore, not enough people may decid...

ECON 230 Identical Households Inverse Demand Curve (Electricity Exam) Midterm Exam (11 March 2023) Questions and Answers. ECON-230D2-Section 002 Midterm Exam (11 March 2021) Questions and Answers Instructions 1) There are three questions in this exam.Each question is worth 20 marks. Please answers all of them. In presenting your answers, please make sure that you show the key steps that you took to arrive at the numerical answers. (You will get a 0 if you report a numerical answer wit...

ECON 230 Identical Households Inverse Demand Curve (Electricity Exam) Midterm Exam (11 March 2023) Questions and Answers. ECON-230D2-Section 002 Midterm Exam (11 March 2021) Questions and Answers Instructions 1) There are three questions in this exam.Each question is worth 20 marks. Please answers all of them. In presenting your answers, please make sure that you show the key steps that you took to arrive at the numerical answers. (You will get a 0 if you report a numerical answer witho...