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Econ 201 UMD Exam Questions and Answers 100% Pass
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Econ 201 UMD Exam Questions and Answers 100% Pass Economics - the study of how best to allocate scarce resources among competing uses. Microeconomics - is the study of how households and firms make decisions and how they interact in markets. Macroeconomics - the study of economy-wide phenomen...

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  • February 16, 2025
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  • 2024/2025
  • Exam (elaborations)
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  • econ 201 umd exam questions and answers 100 pass

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Econ 201 UMD Exam Questions and
Answers 100% Pass


Economics - ✔✔the study of how best to allocate scarce resources among competing

uses.


Microeconomics - ✔✔is the study of how households and firms make decisions and

how they interact in markets.


Macroeconomics - ✔✔the study of economy-wide phenomena, including inflation,

unemployment, and economic growth


Assumptions - ✔✔simplify the complex world, make it easier to understand.


models - ✔✔to study economic issues. It is a highly simplified representation of a more

complicated reality.


positive statements - ✔✔which attempt to describe the world as it is


scientific method - ✔✔the dispassionate development and testing of theories about how

the world works




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,normative statements - ✔✔which attempt to prescribe how the world should be, this is

a value judgment, cannot be confirmed or refuted.


Which can be refuted, positive or normative statements? - ✔✔Positive statements can be

confirmed or refuted, normative statements cannot


Positive Statements - ✔✔describes a relationship, could use data to confirm or refute


Must a statement be true in order to be a positive statement? - ✔✔Nope


The Circular-Flow Diagram - ✔✔A visual model of the economy, shows how dollars

flow through markets among households and firms.


Factors of Production - ✔✔are the resources that the economy uses to produce goods &

services. They include:


- labor - land - capital (buildings & machines used in production)


The Production Possibilities Frontier - ✔✔A graph that shows the combinations of two

goods the economy can possibly produce given the available resources and the

available technology.


Points on the line of the PPF are? - ✔✔- possible - efficient: all resources are fully

utilized


Points under the line (to the left) of the PPF are? - ✔✔- possible


- not efficient: some resources underutilized (e.g., workers unemployed, factories idle)


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, Points above the line (to the right) of the PPF are? - ✔✔-not possible


opportunity cost - ✔✔of an item is what must be given up to obtain that item


Moving along a PPF involves - ✔✔shifting resources (e.g., labor) from the production of

one good to the other.


The PPF slope tells us - ✔✔The slope of the PPF tells you the opportunity cost of one

good in terms of the other


Economic growth shifts the PPF .. - ✔✔outwards


Why may a PPF be bow shaped? - ✔✔-when different workers have different skills,

different opportunity costs of producing one good in terms of the other


-when there is some other resource, or mix of resources with varying opportunity costs


Demand schedule - ✔✔A table that shows the relationship between the price of a good

and the quantity demanded.


Quantity demanded - ✔✔is the sum of the quantities demanded by all buyers at each

pric


Demand Curve Shifters (5) - ✔✔-# of buyers


-income


-prices of




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