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Texas A&M University(TAMU) ECON 203 Tests Bundle Set
Texas A&M University(TAMU) ECON 203 Tests Bundle Set
[Show more]Texas A&M University(TAMU) ECON 203 Tests Bundle Set
[Show more]What are 3 gains from society when countries decide to specialize? CORRECT ANSWER -specialization and trade 
-more resources 
-Improvements in technology/productivity 
 
True or False: Every country have comparative advantage in something. CORRECT ANSWER True 
 
What are 2 gains when two countries e...
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Add to cartWhat are 3 gains from society when countries decide to specialize? CORRECT ANSWER -specialization and trade 
-more resources 
-Improvements in technology/productivity 
 
True or False: Every country have comparative advantage in something. CORRECT ANSWER True 
 
What are 2 gains when two countries e...
Real GDP Growth Rate CORRECT ANSWER [real GDP per capita(cy)-Real GDP per capita(py)]/ 
(Real GDP per capita (py)) x 100% OR 
Nominal GDP Growth Rate- Inflation Rate- Population Rate 
 
Compounding Formula CORRECT ANSWER GDP(yearA)=GDP(YearB)x(1+Growth rate)^(A-B) 
 
Rule of 70 CORRECT ANSWER Years ...
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Add to cartReal GDP Growth Rate CORRECT ANSWER [real GDP per capita(cy)-Real GDP per capita(py)]/ 
(Real GDP per capita (py)) x 100% OR 
Nominal GDP Growth Rate- Inflation Rate- Population Rate 
 
Compounding Formula CORRECT ANSWER GDP(yearA)=GDP(YearB)x(1+Growth rate)^(A-B) 
 
Rule of 70 CORRECT ANSWER Years ...
Principles of Economics: People face trade-offs CORRECT ANSWER Have to make choices because of scarcity 
 
Scarcity CORRECT ANSWER A situation in which unlimited wants exceed the limited resources available to fulfill those wants 
 
Principles of Economics: The cost of something is what you give up ...
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Add to cartPrinciples of Economics: People face trade-offs CORRECT ANSWER Have to make choices because of scarcity 
 
Scarcity CORRECT ANSWER A situation in which unlimited wants exceed the limited resources available to fulfill those wants 
 
Principles of Economics: The cost of something is what you give up ...
Production Possibility CORRECT ANSWER a countries production capabilities modeled by the PPF 
 
PPF (Production Possibilities Frontier) CORRECT ANSWER -Line or curve that shows all possible combos of 2 outputs 
 
Points on PPF CORRECT ANSWER -points outside line are unattainable 
-points within are ...
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Add to cartProduction Possibility CORRECT ANSWER a countries production capabilities modeled by the PPF 
 
PPF (Production Possibilities Frontier) CORRECT ANSWER -Line or curve that shows all possible combos of 2 outputs 
 
Points on PPF CORRECT ANSWER -points outside line are unattainable 
-points within are ...
Who is not in the working age population? CORRECT ANSWER Young (less than 16 years old) 
Military 
Institutionalized population (prison, mental hospitals) 
 
Working age population (calculation) CORRECT ANSWER Labor Force + Not in the labor force 
 
Labor Force CORRECT ANSWER working-age people who ...
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Add to cartWho is not in the working age population? CORRECT ANSWER Young (less than 16 years old) 
Military 
Institutionalized population (prison, mental hospitals) 
 
Working age population (calculation) CORRECT ANSWER Labor Force + Not in the labor force 
 
Labor Force CORRECT ANSWER working-age people who ...
What is left out of official GDP measures? CORRECT ANSWER 1) Goods and services not exchanged in the markets 
2) Underground economy 
 - Cash, Not reported, Not Taxes (Legal and Illegal) 
3) Environment (pollution affects the quality of life) 
4) •Amount of leisure time affects the quality of life...
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Add to cartWhat is left out of official GDP measures? CORRECT ANSWER 1) Goods and services not exchanged in the markets 
2) Underground economy 
 - Cash, Not reported, Not Taxes (Legal and Illegal) 
3) Environment (pollution affects the quality of life) 
4) •Amount of leisure time affects the quality of life...
The Federal Reserve CORRECT ANSWER in charge of monetary policy in U.S., adjusts the money supply to help achieve its monetary policy goals 
 
Monetary CORRECT ANSWER increasing and decreasing amount of money in the economy 
 
Monetary Policy Goals CORRECT ANSWER e prices (low inflation) and maximum...
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Add to cartThe Federal Reserve CORRECT ANSWER in charge of monetary policy in U.S., adjusts the money supply to help achieve its monetary policy goals 
 
Monetary CORRECT ANSWER increasing and decreasing amount of money in the economy 
 
Monetary Policy Goals CORRECT ANSWER e prices (low inflation) and maximum...
Working Age Population (WAP)= CORRECT ANSWER total pop.-young (less than 16)-military-institutionalized(prison, asylums) 
 
labor force= CORRECT ANSWER employed + unemployed 
 
unemployment CORRECT ANSWER someone wants to work, but cant find a job in the current market 
 
people who dont have jobs, ...
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Add to cartWorking Age Population (WAP)= CORRECT ANSWER total pop.-young (less than 16)-military-institutionalized(prison, asylums) 
 
labor force= CORRECT ANSWER employed + unemployed 
 
unemployment CORRECT ANSWER someone wants to work, but cant find a job in the current market 
 
people who dont have jobs, ...
1x sold
Multiplier effect CORRECT ANSWER The increase in consumer spending that occurs when spending by one person causes others to spend more too 
 
Disposable income CORRECT ANSWER Income left after paying taxes 
-consumption is based on the amount of disposable income 
-people usually consume part of the...
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Add to cartMultiplier effect CORRECT ANSWER The increase in consumer spending that occurs when spending by one person causes others to spend more too 
 
Disposable income CORRECT ANSWER Income left after paying taxes 
-consumption is based on the amount of disposable income 
-people usually consume part of the...
CPI Definition CORRECT ANSWER The average level of prices of goods typically bought by households. 
 
Inflation Rate Definition CORRECT ANSWER The percentage increase in the general price level. 
 
CPI Formula CORRECT ANSWER Cost of basket year 1/Cost of basket base year X 100 
 
Inflation Rate Form...
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Add to cartCPI Definition CORRECT ANSWER The average level of prices of goods typically bought by households. 
 
Inflation Rate Definition CORRECT ANSWER The percentage increase in the general price level. 
 
CPI Formula CORRECT ANSWER Cost of basket year 1/Cost of basket base year X 100 
 
Inflation Rate Form...
What is the labor force? CORRECT ANSWER the sum of employed and unemployed workers in the economy; it includes adult (16+) non-institutional civilian population 
 
What does "not in the labor force" mean? CORRECT ANSWER they currently do not have a job and they are not currently actively looking for...
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Add to cartWhat is the labor force? CORRECT ANSWER the sum of employed and unemployed workers in the economy; it includes adult (16+) non-institutional civilian population 
 
What does "not in the labor force" mean? CORRECT ANSWER they currently do not have a job and they are not currently actively looking for...
Define Saving CORRECT ANSWER Saving is when someone spends less than they earn and use the rest to buy stocks, bonds, or to put in a bank account. 
 
Define Investment CORRECT ANSWER Investment refers to the purchase of new capital such as equipment or buildings. 
 
What is the Financial System? COR...
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Add to cartDefine Saving CORRECT ANSWER Saving is when someone spends less than they earn and use the rest to buy stocks, bonds, or to put in a bank account. 
 
Define Investment CORRECT ANSWER Investment refers to the purchase of new capital such as equipment or buildings. 
 
What is the Financial System? COR...
What is economic growth rate? CORRECT ANSWER It is the annual % change in real GDP 
 
What are living standards measured by? CORRECT ANSWER Real GDP per capita 
 
Living Standards amongst countries CORRECT ANSWER Living standards vary greatly between different countries. The rankings change over tim...
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Add to cartWhat is economic growth rate? CORRECT ANSWER It is the annual % change in real GDP 
 
What are living standards measured by? CORRECT ANSWER Real GDP per capita 
 
Living Standards amongst countries CORRECT ANSWER Living standards vary greatly between different countries. The rankings change over tim...
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