ECON 111 ; PACKAGE DEAL || GUARANTEED PASS!!

Economics correct answers study of how people make choices under conditions of scarcity and of the results of these choices for society Economics correct answers Way of describing economic events, explaining why such events occur, predicting under what circumstances such events might take place i...

Microeconomics correct answers the study of how households and firms make decisions and how they interact in markets Macroeconomics correct answers the study of economywide phenomena, including inflation, unemployment, and economic growth. Gross Domestic Product correct answers the market valu...

What are intermediate goods? correct answers Goods used in the production of final goods and services. A general rule of thumb says that a country has experienced a recession if: correct answers Real GDP has declined for two consecutive quarters. What does GDP per capita indicate about a parti...

What are the 3 Macroeconomic Goals? correct answers 1. Economic Growth 2. Price Stability 3. Full Employment Long run trend or "Potential GDP" associated (3%) Remember-more stuff per person means a higher standard of living GDP= another name for aggregated supply C+G+I+(Xg-M)= another na...

Economics correct answers the social science dealing with the allocation of scarce resources to meet unlimited wants; science of constrained choice Social Science correct answers a science dealing with human behavior Allocation correct answers distribution, assigning 4 correct answers How m...

Scarcity correct answers Limited quantities of resources to meet unlimited wants Resources as inputs to production correct answers Labor - wages Capital equipment - interest Natural Resources - rent Entrepreneurial Ability - profit circular flow model correct answers A model that shows the ...

Market Economy correct answers economic system where production and consumption decisions are made by individual procedures and consumers (system of cooperation based on voluntary production and exchange) market failure correct answers decision maker enjoys benefits of a decision but doesnt bear ...

In 2008, the United States was in recession. Which of the following things would you not expect to have happened? Increased layoffs and firings A higher rate of bankruptcy Increased claims for unemployment insurance Increased real GDP correct answers Increased real GDP The wealth effect, in...

How does the World Bank rank economies? correct answers WB ranks 213 economies with a population of at least 30,000 by their levels of gross national income (GNI) per capita GNI per capita often used as a summary index of the relative economic well-being of people in different nations Which gr...

When the government intervenes in markets with externalities, why does it do so? A.) to increase production when negative externalities are present B.) to better coordinate the actions of buyers and sellers C.) to make certain all benefits are received by market participants D.) To protect the i...

Both public goods and common resources are: a. excludable b. nonexcludable c. rival d. nonrival correct answers b. nonexcludable An uneducated grandmother who does not have children living with her but pays for public school education through her property tax is a: a. absent rider. b. ...

Money allows people to transfer dollars, and therefore purchasing power, into the future. This is an example of which of the 4 roles of money? correct answers Store of Value Money provides a common unit in which all prices and listed and all debts are recorded. This is an example of which of the ...

what fractions of the worlds poorest are in rural areas? correct answers 2/3. Their basic concern is survival Regarding the agricultural sector, most economists agree that correct answers The agricultural sector must play an indispensable part in any overall strategy of economic progress especial...

Economic Role of Government correct answers 1) Establish Suitable Framework 2) Provide Collective Goods and Services 3) Correct for externalities 4) Promote Competition 5) Promote Macroeconomic Stability 6) Redistribution of Income Externality correct answers An uncompensated gain or loss im...