ECON 3A Final (Correctly solved)

Demand correct answers the desire to own something and the ability to pay for it Microeconomics correct answers the study of the economic behavior and decision making of small units, such as individuals, families, and businesses demand schedule correct answers demand curve correct answers ...

Money that only has value because the government gives it to the money is called: correct answers fiat money Silver or gold coins used to buy goods and services would be an example of: correct answers commodity money American dollars are made out of cotton/linen rather than paper. Money in Gua...

barter economy correct answers moneyless economy that relies on trade or barter commodity economy correct answers money that has an alternative use as an economic good; gunpowder, flour, corn, etc. fiat money correct answers money by government decree; has no alternative value or use as a comm...

allocative efficiency correct answers A state of the economy in which production is in accordance with consumer preferences; in particular, every good or service is produced up to the point where the last unit provides a marginal benefit to society equal to the marginal cost of producing it produ...

Scarcity correct answers The central concept in economics, scarcity refers to the limited availability of economic resources relative to society's unlimited demand for goods and services. Choice correct answers Since resources are scarce, economics is a study of choices. It is clear that not all...

The World Bank was created to assist in the funding of European recovery after World War II. correct answers True The World Bank gives grants to less developed countries to fund economic development. correct answers False The United Nations Development Program's main goal is the eradication o...

What are the Fed's dual mandate goals? correct answers Maximum employment and price stability Which monetary policy tool is a supplementary tool that sets a floor for the federal funds rate? correct answers ON RRP facility Which of the following best describes how arbitrage makes interest on ...

Define economics correct answers *allocation of scarce resources The study of economics is primarily concerned with: correct answers *choices that are made seeking the best use of resources What is the economizing problem? correct answers *unlimited needs & wants *scarce resources What ...

demand-side policies correct answers designed to increase or decrease total demand in the economy fiscal policy correct answers use of government spending and revenue collection to influence the economy keynesian economics correct answers government spending and taxation policies suggested by ...

Money correct answers Which of the following is not a resource? Opportunity Cost correct answers Which of the following is not a price? The next best alternative uses of the $30 and the one hour correct answers Henry spends one hour shopping and buys one sweater for $30. The opportunity cost o...

In a competitive market economy with no externalities, allocative efficiency would exist if correct answers prices equal marginal costs in all markets. Refer to Figure 16-4. What is the optimal provision of this public good? correct answers Q4 In the context of government intervention in the e...

What is economics? correct answers Economics is the social science that studies the choices that individuals, businesses, governments, and entire societies make as they cope with scarcity and the incentives that influence and reconcile those choices. Microeconomics correct answers Microeconomics ...

need correct answers something like air, food, or shelter that is necessary for survival want correct answers an item that we desire but that is not essential to survival economics correct answers the study of how people seek to satisfy their needs and wants by making choices goods correct ...

Utility correct answers Pleasure derived from consuming a service. Capital correct answers All manufactured aids. It's an economic resource. Entrepreneurs correct answers People who take risks and pool resources. Investment correct answers The purchase of capital goods. Increasing oppor...

supply correct answers the amount of a product that would be offered for sale at all possible prices that could prevail in the market law of supply correct answers principle that suppliers will normally offer more for sale at high prices and less at lower prices supply schedule correct answers...

Business Cycle correct answers Fluctuations in short term economic growth, however, the long term growth trend is positive Expansionary Stage correct answers when growth in GDP is increasing at an increase rate. characterized by periods of positive economic growth. unemployment, sometimes rising ...

When an economist refers to choices made "at the margin" the economist is referring to correct answers decisions based on the marginal benefits and marginal costs of small changes in a particular activity. Most economist Believe that correct answers Prices are the best way to ration goods and s...

Scarcity correct answers Inefficiency or shortness of the supply Opportunity cost correct answers Cost of the next best alternative Factors of production correct answers Factors of Production •Capital (physical & human) •Entrepreneurship •Land •Labor. Marginal utility correct an...

In a ___________________ economy the government does not tell consumers and producers directly what they need to buy or produce, but they impose some limitations to guide production and to protect consumers and workers from unfair treatment. correct answers Mixed In a ___________________economy t...