Exam (elaborations)
ECO 202 – Questions With Accurate Solutions (Solved)
- Course
- Institution
ECO 202 – Questions With Accurate Solutions (Solved)
[Show more]
Content preview
ECO 202 – Questions With Accurate Solutions (Solved)Which component of the US GDP is the largest? Right Ans - Consumption
Identify which component of the US GDP the following transaction belongs
in:a Kentucky family purchases movie tickets at a local theater. Right Ans -
Consumption
Identify which component of the US GDP the following transaction belongs in:
The state government purchases some new police cars for their state police.
Right Ans - Government Purchases
Identify which component of the US GDP the following transaction belongs in:
A British restaurant purchases fish from an American fishing company.
Right Ans - Net exports
Identify which component of the US GDP the following transaction belongs in:
An American car company expands their factory in Detroit. Right Ans -
Investment
Problems in measuring the CPI. Right Ans - Introduction of new goods
Limited nature of society's resources Right Ans - Scarcity
The study of how society manages its scarce resources Right Ans -
Economics
The property of society getting the most it can from its scare resources
Right Ans - Efficiency
The property of distributing economic prosperity uniformly among the
members of society Right Ans - Equality
Whatever must be given up to obtain some item Right Ans - Opportunity
cost
, People who systematically and purposefully do the best they can to achieve
their objectives Right Ans - Rational people
A small incremental adjustment to a plan of action Right Ans - Marginal
change
Something that induces a person to act Right Ans - Incentive
An economy that allocates resources through the decentralized decisions of
many firms and households as they interact in markets for goods and services
Right Ans - Market economy
The ability of an individual to own and exercise control over scarce resources
Right Ans - Property rights
The impact of one person's actions on the well-being of a bystander Right
Ans - Externality
The ability of a single economic actor to have a substantial influence on
market prices Right Ans - Market power
The quantity of goods and services produced from each unit of labor input
Right Ans - Productivity
An increase in the overall level of prices in the economy Right Ans -
Inflation
A visual model of the economy that shows how dollars flow through markets
among households and firms Right Ans - Circular flow diagram
A graph that shows the combinations of outputs that the economy can
possibly produce given the available factors of production and the available
production technology Right Ans - Production possibilities frontier
The study of how households and firms make decisions and how they interact
in markets Right Ans - Microeconomics
The study of economy-wide phenomena, including inflation, unemployment,
and economic growth Right Ans - Macroeconomics
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Zendaya. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
74735 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now