ECO 201 Miami University Tests Bundle Set

market Answer a group of buyers and sellers of a good or service and the institution or arrangement by which they come together to trade economic assumptions (3 of them) Answer people are rational people respond to economic incentives optimal decisions are made at the margin economics Answer...

consumer surplus Answer the sum (of each unit sold) of the difference between what the buyer is willing to pay (given by the height of the demand curve) and the price the buyer actually pays (market price) how is consumer surplus calculated? Answer area beneath the demand curve and above market p...

Willingness to Pay (WTP) Answer the maximum amount that a buyer will pay for a good total willingness to pay (TWTP) Answer the maximum amount of money that buyers in a market are willing and able to give up the index change for Q units of the good Marginal Willingness to Pay (MWTP) Answer the ...

ECO201 Final Exam - Miami University questions with correct answers

Eco201 - Miami University - Final Exam Review questions with correct answers

Economics Answer A social science where we describe how individuals and socities allocate scare or limited resources in order to meet their wants to demands Principle I Answer People and society have tradeoffs Trade offs Answer When we have to give up something for more of another Principle...

If the price of the good increases and the number of unit people want to buy decreases we call this a change in quantity demanded. Answer True The National Weather Service announces in August that they forecast a very good winter. Demand for heavy winter coats increases due to Answer changes in e...

Vygotsky's view of development Answer children influenced through interactions with others; zone of proximal development; language + dialogue = development; continuous; nurture; culture specific Piaget's view of development Answer development happens in different stages, discontinuous; both nat...