Macroeconomics ECO 202 UPDATED ACTUAL Questions and CORRECT Answers
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Course
Macroeconomics ECO 202
Institution
Macroeconomics ECO 202
Macroeconomics ECO 202 UPDATED
ACTUAL Questions and CORRECT
Answers
Economy - CORRECT ANSWER- Economic value of all activities within the society.
2 types of economics - CORRECT ANSWER- microeconomics and macroeconomics
Microeconomics - CORRECT ANSWER- About businesses and individuals in a
...
Macroeconomics ECO 202 UPDATED
ACTUAL Questions and CORRECT
Answers
Economy - CORRECT ANSWER- ✔✔Economic value of all activities within the society.
2 types of economics - CORRECT ANSWER- ✔✔microeconomics and macroeconomics
Microeconomics - CORRECT ANSWER- ✔✔About businesses and individuals in a
particular society and working together to produce goods and services.
Macroeconomics - CORRECT ANSWER- ✔✔Includes not only businesses and individuals
involvement but also government involvement in producing goods and services globally.
5 resources needed to produce goods and services - CORRECT ANSWER- ✔✔Natural,
Human, Capital, Entrepreneurship, and Knowledge
Two types of Economic Systems - CORRECT ANSWER- ✔✔Free Market (Capitalism) , and
Planned (Socialism, and Communism)
Communism (planned) - CORRECT ANSWER- ✔✔Uses all resources
Socialism (planned) - CORRECT ANSWER- ✔✔"a little give and take", give a little to get a
little.
What defines a rich country vs, a poor country? - CORRECT ANSWER- ✔✔- Gross
Domestic Product, and how the country determines how to their resources are used.
-Economic Freedom/ Ownership- gives countries incentives to work and improve their
private properties ( if you own something take care of it).
Gross Domestic Product - CORRECT ANSWER- ✔✔puts a dollar amount on all economic
activities within country.
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