Eco 231 final exam || Questions and 100% Accurate Answers.
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Course
Eco 231
Institution
Eco 231
The Latin term "ceteris paribus" means correct answers other things equal
A positive statement is one that correct answers focuses on facts, descriptions, and theoretical relationships.
The alternative combinations of two goods that a consumer can purchase with a specific money income is show...
Eco 231 final exam || Questions and 100% Accurate
Answers.
The Latin term "ceteris paribus" means correct answers other things equal
A positive statement is one that correct answers focuses on facts, descriptions, and theoretical
relationships.
The alternative combinations of two goods that a consumer can purchase with a specific money
income is shown by correct answers a budge line
The slope of a budget line reflects the correct answers the price ratio of the two products
The economizing problem is one of deciding how to make the best use of correct answers limited
resources to satisfy virtually unlimited wants
Economists would classify all of the following as "land," except correct answers a hydroelectric
dam
Which of the following statements, if any, is correct for a nation that is producing only consumer
and capital goods? correct answers Other things equal, the more capital goods a nation produces,
the greater will be its future growth rate.
If a linear relation is described by the equation C = 35 − 5D, then the vertical intercept of the
graph (where C is on the vertical axis) is correct answers 35
In deciding whether to study for an economics quiz or go to a concert, one is confronted by the
idea(s) of correct answers scarcity and opportunity costs.
Normative statements are concerned primarily with correct answers what ought to be.
In a command system, correct answers a government-appointed planning board makes
production and allocation decisions.
Which is an example of barter? correct answers a person trades a desk for a box of tools
Which of the following is not a typical characteristic of a market system? correct answers
government ownership of most property and resources
In the resource market, correct answers households sell resources to businesses
Which business(es) has/have only one owner who either receives all of the profit or bears all of
the cost? correct answers sole proprietorship
, True or false: The owners of a corporation are not personally responsible for financial losses of
the business. correct answers True
When high-school and college graduates apply for jobs in the labor markets, correct answers job
applicants are the "sellers" while employers are the "buyers."
Digital cameras and memory cards are correct answers complementary goods.
A leftward shift of the supply curve for oil in the United States is most likely to result from
correct answers an increase in the costs of exploration and drilling for oil.
Assume a drought in the Great Plains reduces the supply of wheat. Noting that wheat is a basic
ingredient in the production of bread, and potatoes are a consumer substitute for bread, we would
expect the price of wheat to correct answers rise, the supply of bread to decrease, and the
demand for potatoes to increase.
Which of the following would cause a leftward shift in the supply curve for car washes? correct
answers a decrease in the price of water
The market system automatically corrects a surplus condition in a competitive market by correct
answers reducing the price of the commodity in question while increasing the quantity
demanded.
Assuming competitive markets with typical supply and demand curves, which of the following
statements is correct? correct answers An increase in demand with no change in supply will
result in an increase in revenue.
Which of the following is not an effect of inflation that is troublesome to consumers? correct
answers Workers' wages may be rising faster than the overall price level.
Unemployment describes the condition where correct answers a person cannot get a job but is
willing to work and is actively seeking work.
Which of the following is used to compare the average standard of living across countries?
correct answers GDP per person
Which of the following would an economist consider to be investment? correct answers
If consumers become pessimistic, the economy is likely to experience a correct answers negative
demand shock
Which of these is NOT adjusted for inflation? correct answers Nominal GDP
Which of these is a better indicator of true economic growth? correct answers An increase in
Real GDP
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