Econ 130 || with Error-free Solutions. UHM ECON 130 Exam 1 || with 100% Error-free Answers. UH Mānoa ECON 130 Midterm 1 || with Complete Solutions. ECON 130: Lecture #2 (Economic Theory and Models) || with 100% Errorless Answers. ECON 130, QUIZ 4 || A Verified A+ Pass. ECON 130- Exam #3 || All Cor...
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PPC Shifters correct answers 1. Change in quality or quantity of resources. 2. Change in technology. Equilibrium is the state that correct answers Where supply meets demand. The system moves towards spontaneously. Opportunity cost correct answers The next most desirable alternative given...
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Add to cartPPC Shifters correct answers 1. Change in quality or quantity of resources. 2. Change in technology. Equilibrium is the state that correct answers Where supply meets demand. The system moves towards spontaneously. Opportunity cost correct answers The next most desirable alternative given...
Differences between macroeconomics and microeconomics correct answers Microeconomics -deals with the micro unit of economy such as individual consumer, producer or specific industry Macroeconomics -deals with the macro picture of the whole economy The fundamental problem of economics is. c...
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Add to cartDifferences between macroeconomics and microeconomics correct answers Microeconomics -deals with the micro unit of economy such as individual consumer, producer or specific industry Macroeconomics -deals with the macro picture of the whole economy The fundamental problem of economics is. c...
A situation where people have unlimited wants but face limited resources is known as: A. Economic efficiency B. Factors of production C. Macroeconomics D. Scarcity correct answers D. Scarcity The branch of economics that focuses on the study of output, inflation, and unemployment is known as:...
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Add to cartA situation where people have unlimited wants but face limited resources is known as: A. Economic efficiency B. Factors of production C. Macroeconomics D. Scarcity correct answers D. Scarcity The branch of economics that focuses on the study of output, inflation, and unemployment is known as:...
Market failure occurs when correct answers the unrestrained market economy leads to too few or too many resources going to a specific economic activity. Market failure occurs because correct answers the market system does not make individuals responsible for the social costs/benefits of their act...
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Add to cartMarket failure occurs when correct answers the unrestrained market economy leads to too few or too many resources going to a specific economic activity. Market failure occurs because correct answers the market system does not make individuals responsible for the social costs/benefits of their act...
Microeconomics correct answers the branch of economics that studies the choices of individuals, including households, business firms, and government agencies. Macroeconomics correct answers the branch of economics that studies large-scale economic phenomena, particularly inflation, unemployment, ...
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Add to cartMicroeconomics correct answers the branch of economics that studies the choices of individuals, including households, business firms, and government agencies. Macroeconomics correct answers the branch of economics that studies large-scale economic phenomena, particularly inflation, unemployment, ...
Efficiency from The First Fundamental Theorem of Welfare Economics requires correct answers that the economy is competitive. The marginal rate of substitution is correct answers the slope of the indifference curve. Market failure can occur when correct answers monopoly power exists in the mark...
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Add to cartEfficiency from The First Fundamental Theorem of Welfare Economics requires correct answers that the economy is competitive. The marginal rate of substitution is correct answers the slope of the indifference curve. Market failure can occur when correct answers monopoly power exists in the mark...
Voluntary exchange benefits all parties if (a) it results in a lower price than the buyer's opportunity cost of producing the good themselves. (b) at least one party is indifferent between trading and not trading. (c) anyone who did not expect to gain would refuse to make the exchange. (d) gai...
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Add to cartVoluntary exchange benefits all parties if (a) it results in a lower price than the buyer's opportunity cost of producing the good themselves. (b) at least one party is indifferent between trading and not trading. (c) anyone who did not expect to gain would refuse to make the exchange. (d) gai...
The word that comes from the Greek word for "one who manages a household" is correct answers economy. The word "margin" means correct answers edge. Which of the following products would be considered scarce? correct answers All of the above are correct. The primary determinant of a coun...
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Add to cartThe word that comes from the Greek word for "one who manages a household" is correct answers economy. The word "margin" means correct answers edge. Which of the following products would be considered scarce? correct answers All of the above are correct. The primary determinant of a coun...
Money Market correct answers Where financial instruments with high liquidity and short maturities are traded. Capital Market correct answers - Capital generates economic output - Market in which stocks and bonds are sold. - Consists of primary (new stocks sold directly from company to investor)...
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Add to cartMoney Market correct answers Where financial instruments with high liquidity and short maturities are traded. Capital Market correct answers - Capital generates economic output - Market in which stocks and bonds are sold. - Consists of primary (new stocks sold directly from company to investor)...
Metropolitan area (MSA) correct answers group counties into socioeconomically linked surroundings; contain city w/ 50k+ inhabitants or urban area with 100k+ population Commuting Zone ("CZ") correct answers group of counties based on commuting flows (i.e. economically integrated); covers entire ...
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Add to cartMetropolitan area (MSA) correct answers group counties into socioeconomically linked surroundings; contain city w/ 50k+ inhabitants or urban area with 100k+ population Commuting Zone ("CZ") correct answers group of counties based on commuting flows (i.e. economically integrated); covers entire ...
Which of the following defines economics? Economics is the social science that studies ___________. correct answers The choices made to cope with scarcity, how incentives influence those choices, and how the choices are coordinated Microeconomics is the study of correct answers How individual hou...
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Add to cartWhich of the following defines economics? Economics is the social science that studies ___________. correct answers The choices made to cope with scarcity, how incentives influence those choices, and how the choices are coordinated Microeconomics is the study of correct answers How individual hou...
Efficiency in production refers to the situation where all but one of the following apply: A. Production can not be increased B. production of one good means forgoing some other good C. all given resources are fully employed D. production must be reduced correct answers D. production must be ...
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Add to cartEfficiency in production refers to the situation where all but one of the following apply: A. Production can not be increased B. production of one good means forgoing some other good C. all given resources are fully employed D. production must be reduced correct answers D. production must be ...
Which of the following statement is false with respect to monopolistically competitive firms and monopolies? a. both face a downward sloping marginal revenue curve b. both will reduce quantity produced in order to raise prices and extract greater profits c. both will experience sustained pr...
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Add to cartWhich of the following statement is false with respect to monopolistically competitive firms and monopolies? a. both face a downward sloping marginal revenue curve b. both will reduce quantity produced in order to raise prices and extract greater profits c. both will experience sustained pr...
The total product of labor is... A. The change in total output when an additional worker is hired. B. The total output produced by a given number of workers. C. The labor required to make a single good. D. The labor required to make one more good. correct answers B. The total output produced b...
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Add to cartThe total product of labor is... A. The change in total output when an additional worker is hired. B. The total output produced by a given number of workers. C. The labor required to make a single good. D. The labor required to make one more good. correct answers B. The total output produced b...
Which of the following are examples of command economies? correct answers Cuba and North Korea In a command economy, which of the following entities makes most economic decisions itself or at least strongly influences how the decisions are made? correct answers Government Which of the followin...
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Add to cartWhich of the following are examples of command economies? correct answers Cuba and North Korea In a command economy, which of the following entities makes most economic decisions itself or at least strongly influences how the decisions are made? correct answers Government Which of the followin...
Among the fundamental concepts in economics is (a) opportunity cost. (b) marginal analysis. (c) efficient markets. (d) (a) and (b). correct answers D Which of the following is a positive (descriptive) economics question? (a) Will unemployment amongst teenagers increase if the minimum wage is...
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Add to cartAmong the fundamental concepts in economics is (a) opportunity cost. (b) marginal analysis. (c) efficient markets. (d) (a) and (b). correct answers D Which of the following is a positive (descriptive) economics question? (a) Will unemployment amongst teenagers increase if the minimum wage is...
GDP is officially measured by adding together the... correct answers ...market value of all final goods and services produced within the borders of a nation Which of the following items is included in the calculation of GDP? correct answers None (not purchase of apple stock, purchase of used car...
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Add to cartGDP is officially measured by adding together the... correct answers ...market value of all final goods and services produced within the borders of a nation Which of the following items is included in the calculation of GDP? correct answers None (not purchase of apple stock, purchase of used car...
Opportunity Cost correct answers Cost of the next best alternative use of money, time, or resources when one choice is made rather than another. e.g. A friend will 1. clean the house ($20) or 2. cook dinner ($15) or 3. Laundry ($10). The opportunity cost of having dinner cooked is $20. If you cho...
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Add to cartOpportunity Cost correct answers Cost of the next best alternative use of money, time, or resources when one choice is made rather than another. e.g. A friend will 1. clean the house ($20) or 2. cook dinner ($15) or 3. Laundry ($10). The opportunity cost of having dinner cooked is $20. If you cho...
If the demand for sardines increases as income decreases, sardines are a(n) correct answers Inferior Goods Demand for one item goes down when the price of another item goes up. These items must be correct answers Complements Refer to Figure 3.2. Which of the following would be most likely to c...
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Add to cartIf the demand for sardines increases as income decreases, sardines are a(n) correct answers Inferior Goods Demand for one item goes down when the price of another item goes up. These items must be correct answers Complements Refer to Figure 3.2. Which of the following would be most likely to c...
In the long run, what costs do firms have to pay? correct answers Variable Costs (no fixed costs) If you're incurring losses in the long run, will you live immediately or stay? Why correct answers Leave Immediately bc there are no fixed costs to recuperate What are the different types of mono...
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Add to cartIn the long run, what costs do firms have to pay? correct answers Variable Costs (no fixed costs) If you're incurring losses in the long run, will you live immediately or stay? Why correct answers Leave Immediately bc there are no fixed costs to recuperate What are the different types of mono...
How does economics fit in as a science? (give examples) correct answers Economics is a hard science and a soft science hard (macro)- calc algebra stats physics soft (mirco)- psychology marketing economic inequality game theory why should you learn economics? (4) correct answers 1. to be...
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Add to cartHow does economics fit in as a science? (give examples) correct answers Economics is a hard science and a soft science hard (macro)- calc algebra stats physics soft (mirco)- psychology marketing economic inequality game theory why should you learn economics? (4) correct answers 1. to be...
determinants of demand correct answers change in consumer tastes and preferences. change in number of buyers. change in income (affects normal vs inferior goods). change in prices of related goods (complementary or substitute goods). change in buyer expectations (future prices vs future incomes)...
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Add to cartdeterminants of demand correct answers change in consumer tastes and preferences. change in number of buyers. change in income (affects normal vs inferior goods). change in prices of related goods (complementary or substitute goods). change in buyer expectations (future prices vs future incomes)...
economics is best defined as the study of correct answers the choices that societies, and the people and institutions that make up societies, make in dealing with issues of scarcity example of microeconomics issue correct answers the increase in quantity of wheat grown in the us to economists,...
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Add to carteconomics is best defined as the study of correct answers the choices that societies, and the people and institutions that make up societies, make in dealing with issues of scarcity example of microeconomics issue correct answers the increase in quantity of wheat grown in the us to economists,...
In a market-oriented economy, the amount of a good that is produced is primarily decided by the interaction of: A. all consumers. B. buyers and sellers. C. producers and input suppliers. D. producers and government planning committees. correct answers B. buyers and sellers. In the _________...
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Add to cartIn a market-oriented economy, the amount of a good that is produced is primarily decided by the interaction of: A. all consumers. B. buyers and sellers. C. producers and input suppliers. D. producers and government planning committees. correct answers B. buyers and sellers. In the _________...
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