Micro econ exam 2 - Study guides, Class notes & Summaries

ECON 201 EXAM 1 BALL STATE; Questions and Answers 100% Correct What is Economics? Correct answer-the study of how people and society manages its scarce resources. How people make everyday decisions, purchases, savings, etc. What is the difference between microeconomics and macroeconomics? Correct answer1. Micro - the study of how households and firms make decisions and how they interact in specific markets. 2. Macro - the study of economy-wide phenomena

Micro Econ Exam Questions Correctly Answered. A market with well-established rules and structure is a(n) _______ market. - CORRECT ANSWER formal Which of the following is consistent with the law of demand? - CORRECT ANSWER An increase in the price of hamburgers causes buyers to buy fewer hamburgers. The relationship between quantity demanded and price is a(n) _____ relationship. - CORRECT ANSWER inverse In understanding and analyzing "market demand," we focus on how much all buye...

ECON 211 Exam 3 (UNL) Verified Answers countercyclical policies attempt: to reduce the intensity of economic fluctuations & smooth the GDP rate Brainpower Read More expansion policy aims: to reduce the severity of an economic recession by shifting the labor demand curve to the right & "expand" the economic activity (GDP) expansion policy means to: heat up the economy expansion policy: when does a recession occur? when the labor demand curve shifts to the left contractio...

When the price goes down, the quantity demanded goes up. The price elasticity of demand measures: A) how much the price goes down. B) how much the equilibrium price goes up. C) the responsiveness of the price change to an income change. D) the responsiveness of the quantity change to the price change. - ANSWER D The price of gasoline rises 5% and the quantity of gasoline purchased falls 1%. The price elasticity of demand is equal to _____, and demand is described as _____. A) 0.2; inelas...

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 decide to install the fire hydrant. This is one illustration of: A. The market allocating resources efficiently B. Monopoly power due to lack of competition C. Supply-side market failure D. Demand-side market failure 2. When a private firm provides fireworks, it could not produce the efficient amount of it because it is unable to c...

ECON 102 EXAM 2 questions and answers

ECON 102 EXAM 2 question ECON 102 EXAM 2 questions and answers s and answers

ECON MISC NEW PRACTICE QUESTIONS AND ANSWERS FOR PN LIVE REVIEW FUNDAMENTALS 2020 A nurse is reinforcing teaching with a client about breast self-examination (BSE). Which of the following statements by the client indicated an understanding of the teaching? A) "I should begin my BSE by looking at my breasts while standing in front of the mirror." B) "I should perform my BSE each month on the first day of my menstrual cycle." C) "I should expect a small amount of white discharge wh...