Econ 1000 exam - Study guides, Class notes & Summaries

Econ 248 Final Review UPDATED Exam Questions and CORRECT Answers In economics, the pleasure, happiness, or satisfaction received from a product is called: - Correct ANSWER- Utility Joe sold gold coins for $1000 that he bought a year ago for $1000. He says, "At least I didn't lose any money on my financial investment." His economist friend points out that in effect he did lose money, because he could have received a 3 percent return on the $1000 if he had bought a bank certificate of ...

ECON 1000 exam 1 UPDATED Exam Questions and CORRECT Answers Efficient - CORRECT ANSWER- Point on the PPF that lies exactly on the line Production Possibilities Schedule: 0 80 20 60 40 40 60 20 80 0 GB Corn What does this show? - CORRECT ANSWER- There is an opportunity cost when

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