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ECO 231 midterm || with A+ Guaranteed Solutions.
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  • ECO 231

invisible hand concept correct answers developed by Adam Smith, "people get their greatest reward by satisfying the needs and wants of others" Demand correct answers willingness to buy 2 reasons an individual buys less of of something when the price goes up correct answers income effect and s...

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  • August 16, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • invisible hand concept

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  • ECO 231
  • ECO 231

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ECO 231 midterm || with A+ Guaranteed Solutions.
invisible hand concept correct answers developed by Adam Smith, "people get their greatest
reward by satisfying the needs and wants of others"

Demand correct answers willingness to buy

2 reasons an individual buys less of of something when the price goes up correct answers income
effect and substitution effect

Law of demand correct answers the lower the price the greater the quantity demanded

Demand curve correct answers graph that show the relationship of price and quantity demanded,
example of the rationing function of price, reflects consumer choices and law of demand

Price correct answers found on the y-axis

quantity correct answers found on the x-axis

when the demand curve shifts to the right of the original demand curve this represents a/an
correct answers increase in demand

when the demand curve shifts to the left of the original demand curve this represents a/an correct
answers decrease in demand

__________ will shift the demand curve either direction before anything else even before price
correct answers income

Supply correct answers willingness to sell

Law of Supply correct answers the higher the price the greater the quantity supplied

Supply Curve correct answers graph that shows the relationship of price and quantity supplied,
reflects producers choices, example of the production motivation function of price and law of
supply

price is found on the correct answers y-axis

quantity is found on the correct answers x-axis

2 functions of price correct answers rationing function and production motivating function

Equilibrium correct answers point where the demand curve and supply curve intersect and there
are no surplus and shortanges

, Price Ceiling correct answers legal maximum price that can be charged for goods and services,
protects consumers

Price floor correct answers legal minimum price that can be charged for goods and services,
protects producer

inferior good correct answers purchased in order to save money

Aggregate correct answers total or combining many individual markets into one overall

the key to understand macroeconomics is correct answers total spending

Total spending correct answers the total money that is spent by everyone in our economy

the main concerns of macroeconomics are correct answers unemployment, inflation and
economic growth

inflation correct answers sustained increase in prices

Recession correct answers when the economy slows down

GDP correct answers economic indication used to help measure the speed of the economy, only
includes final goods and services, measure of production and not sales to consumers

GDP equation correct answers C + I + G + (Ex -Im)
C= consumers I=Investment by the producer G=Government spending Ex=exports Im=imports

Consumers spend ___ of all the spending in our economy correct answers 2/3

What are the leading economic indicators? correct answers Consumer price index, producers
price index, GDP, unemployment stats, inflation

Nominal GDP correct answers GDP that has not been adjusted for inflation

Real GDP correct answers GDP that has been adjusted for inflation

model used to determine real GDP is correct answers nominal GDP divided by price index times
100

Factors of production correct answers land, labor, capital, entrepreneurship

2 reasons why GDP is not an accurate measure of the economy correct answers household
production, underground economy

4 phases to a business cycle correct answers peak, trough, recision, expansion

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