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BSAD 180 EXAM 1 QUESTIONS AND ANSWERS FREQUENTLY TESTED.
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BSAD 180 EXAM 1 QUESTIONS AND ANSWERS FREQUENTLY TESTED.
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BSAD 180 EXAM 1 QUESTIONS ANDANSWERS FREQUENTLY TESTED.
How do you define economics?
Correct Answer -Study of the choices made by people, companies and
governments to allocate societies resources.
How do economists define costs?
Correct Answer -What you give up
How do you define economy?
Correct Answer -Financial and social system of how resources flow
through society
What is the difference between macro and micro econ?
Correct Answer -Macro=big
Micro=intricate
What is fiscal policy?
Correct Answer -Governments influence on the economy through taxation
What are the different budget outcomes?
Correct Answer -Budget surplus, Budget deficit, federal debt
What is monetary policy?
Correct Answer -Federal reserve makes decisions to change the economy.
EX: interest rates
, What is capitalism?
Correct Answer -Own your own business, freedom. Fail/success.
Fundamental rights- keep profit, own property, free choice, fair
competition
What are the forces of competition?
Correct Answer -Pure, Monopolistic, Oligopoly, Monopoly
Pure Competition
Correct Answer -Producing exact same product as competition
Monopolistic Competition
Correct Answer -Many different companies selling products
Oligopoly Competition
Correct Answer -Few companies competing
Monopoly Competition
Correct Answer -One singular producer- natural monopoly=government
allowed
What determines the equilibrium price point?
Correct Answer -Supply curve vs. Demand curve
What are the different types of planned economies?
Correct Answer -Socialism, Communism, Capitalism, Mixed
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