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ECO 2305 TTU EXAM PACKAGE DEAL WITH COMPLETE SOLUTIONS.
ECO 2305 TTU EXAM PACKAGE DEAL WITH COMPLETE SOLUTIONS.
[Show more]ECO 2305 TTU EXAM PACKAGE DEAL WITH COMPLETE SOLUTIONS.
[Show more]GDP does not directly include intermediate goods because - Answer-that would count the 
intermediate goods twice. 
Let C represent consumption expenditure, S saving, I gross private domestic investment, G 
government expenditure on goods and services, and X - M net exports of goods and services. The...
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Add to cartGDP does not directly include intermediate goods because - Answer-that would count the 
intermediate goods twice. 
Let C represent consumption expenditure, S saving, I gross private domestic investment, G 
government expenditure on goods and services, and X - M net exports of goods and services. The...
Scarcity - Answer-Resources are limited 
(unlimited human needs, but limited resources) 
The Study of Economics - Answer-How to manage limited resource to maximize the outcome/output 
Goods - Answer-Tangible Items 
(clothes, food, etc) 
Services - Answer-Intangible Items 
(education, health care) 
3...
Preview 2 out of 6 pages
Add to cartScarcity - Answer-Resources are limited 
(unlimited human needs, but limited resources) 
The Study of Economics - Answer-How to manage limited resource to maximize the outcome/output 
Goods - Answer-Tangible Items 
(clothes, food, etc) 
Services - Answer-Intangible Items 
(education, health care) 
3...
Economics - Answer-social science that studies the choices that individuals, businesses, 
governments, and societies make as they cope with scarcity, incentives, and reconcile those choices 
Macroeconomics - Answer-Study of the performance of the national and global economies 
E.x. Why is the unempl...
Preview 2 out of 9 pages
Add to cartEconomics - Answer-social science that studies the choices that individuals, businesses, 
governments, and societies make as they cope with scarcity, incentives, and reconcile those choices 
Macroeconomics - Answer-Study of the performance of the national and global economies 
E.x. Why is the unempl...
"other things equal, when the price of a good rises, the quantity demanded of the good falls, and 
when the price falls, the quantity demanded rises" - this relationship between price and quantity 
demanded is referred to as - Answer-the law of demand 
a basic principle of economics is that a coun...
Preview 2 out of 9 pages
Add to cart"other things equal, when the price of a good rises, the quantity demanded of the good falls, and 
when the price falls, the quantity demanded rises" - this relationship between price and quantity 
demanded is referred to as - Answer-the law of demand 
a basic principle of economics is that a coun...
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