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FSU Eco 2013 Final Exam (ANSWERS) 2024 - DISTINCTION GUARANTEED / Complete Verified Latest Version $11.49   Add to cart
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FSU Eco 2013 Final Exam (ANSWERS) 2024 - DISTINCTION GUARANTEED / Complete Verified Latest Version
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FSU Eco 2013 Final Exam (ANSWERS) 2024 - DISTINCTION GUARANTEED / Complete Verified Latest Version

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  • July 9, 2024
  • 4
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • fsu eco 2013 final exam answers 2024 distincti

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  • FSU ECO

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FSU
Eco
2013
Final
Exam
1.
Changes
in
resource
base.
-
ANS-Investment
is
the
purchase,
construction,
or
development
of
resources.
But
requires
us
to
give
up
consumption
goods
2.
change
in
technology
-
ANS-Technology
is
the
knowledge
avalible
in
an
economy
at
any
given
time,
deternines
the
amout
of
ouput
we
cn
generatewith
our
limited
resources
ex.
buses
vs.
tanks
3.
Change
in
the
economic
rules
-
ANS-ex.
imposing
trade
barriers
ex.
eleminating
the
business
franchise
tax
in
W.
V
4
factors
that
can
sifft
the
PPC
-
ANS-1.Change
in
resource
base
2.
Change
in
technology
3.
Change
in
the
rules
4.
Changes
in
work
habits
4.
Changes
in
work
habits
-
ANS-Working
harder
can
shift
the
curve
outward,
working
less
can
shift
the
curve
inward
Beware
of
secondary
effects
-
ANS-economic
actions
generate
both
direct
and
indirect
effects
ex.
fuel
efficiency
regulation,
trade
restrictions
capital
-
ANS-human-made
resources
used
to
produce
other
goods
and
services
capitalism
-
ANS-A
system
of
organization
where
1.
productive
resources
are
owned
privatly
2.
goods
and
resources
are
allocated
through
market
prices
Collective
decision
making
-
ANS-The
method
of
organization
that
relies
on
public
sector
decision
making
to
resolve
basic
economic
questions
Consumer
surplus
-
ANS-The
difference
between
the
max
amount
consumers
would
be
willing
to
pay
and
the
amount
that
they
acctually
pay
cost-benifit
analyst
-
ANS-one
will
undergo
an
action
when
the
marginal
benefit
outweighs
the
marginal
costs
ex.
additional
airport
security
vs.
lead
clean-up
efficient
points
-
ANS-fall
on
the
PP
curve
Fallacy
of
composition
-
ANS-belief
that
what
is
true
for
one
might
not
be
true
for
all

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