What is the graph called that spikes during the industrial revolution? Correct Answer-Hockey Stick
Whats an example of a permanent change? Correct Answer-cell phones, computers
How do you measure living standard? Correct Answer-GDP/population
What is disposable income? Correct Answer-incom...
CSU Econ 202 Exam 1 (Units 1-4) Questions with
Correct Answers
What is the graph called that spikes during the industrial revolution?
Correct Answer-Hockey Stick
Whats an example of a permanent change? Correct Answer-cell phones,
computers
How do you measure living standard? Correct Answer-GDP/population
What is disposable income? Correct Answer-income after taxes and
other expenses
How do you measure growth rate? Correct Answer-change is
GDP/original level of GDP
what's the difference between a conventional and ratio scale graph?
Correct Answer-ratio uses straight lines
a recipe of inputs, materials, machinery, labor for output Correct
Answer-technology
what is capitalism? Correct Answer-an economic system based on
private property, markets, and firms
, in market failures we need the __ to step in Correct Answer-government
way to exchange with mutual benefits, voluntary actions, and
competition Correct Answer-markets
business organization that uses inputs to produce outputs and set prices
to cover production costs Correct Answer-firms
who was the father of economics Correct Answer-Adam Smith
What did Adam Smith believe? Correct Answer-self-interest and no
government or family intervention
something that does not change until an outside force acts on it Correct
Answer-equilibrium
everything is constant Correct Answer-ceteris paribus
drives interaction Correct Answer-incentives
price compared to other products Correct Answer-relative price
benefits received from choice, taking into account the next best
alternative Correct Answer-economic rent
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