Econ Exam Correctly Answered.
Gross Domestic Product (GDP) is the value of goods and services produced in a country annually. It can best be described as measuring an economy's - CORRECT ANSWER total output
What is an example of scarcity - CORRECT ANSWER limited resources
The Fed may res...
Econ Exam Correctly Answered.
Gross Domestic Product (GDP) is the value of goods and services produced in a country annually. It can best be described as measuring an economy's - CORRECT ANSWER total output
What is an example of scarcity - CORRECT ANSWER limited resources
The Fed may respond to a recession by - CORRECT ANSWER decreasing intrest rates
People who oppose labor unions believe that unions - CORRECT ANSWER keep more qualified workers from being hired
Which are indicators that economists use to measure how an economy grows? Select all that apply. - CORRECT ANSWER measuring how much the conomy produces, tudying the economy of another country, and tracking the unemplyment rate
A cooperative enables members to pool their products for a better - CORRECT ANSWER sale price
Who was Adam Smith? - CORRECT ANSWER He was a philosopher who promoted the idea of free enterprise.
Aggregate supply is best described as the - CORRECT ANSWER total output of all products and services.
When it spends money on education, a government is trying to - CORRECT ANSWER meet a social need and improve the economy.
The graph shows the price of a good compared to the quantity demanded.
This graph demonstrates how - CORRECT ANSWER the quantity demanded changes greatly with the price. What is one example of a closed economy? - CORRECT ANSWER a restricted system that blocks trade with international partners
Which best describes what happens to a corporation after its owners retire? - CORRECT ANSWER It transfers to new owners.
Jacob is considering buying a new car. Which nonrenewable resource should influence the decision? - CORRECT ANSWER petroleum
Embargoes, quotas, and standards are tools that countries use - CORRECT ANSWER to restrict imports.
Economists use changes in GDP to measure - CORRECT ANSWER any economic growth or shrinkage.
If expansionary taxation policies are left unchecked, which is the most likely result? - CORRECT ANSWER high inflation
The factors of production include the number of - CORRECT ANSWER employees needed to manufacture
a good.
What is one main objective in the study of economics? - CORRECT ANSWER recognizing the relationship between producers and consumers
The graph shows the marginal cost of producing soccer cleats for Sabrina's Soccer.
At which level of production does the company make the most profit? - CORRECT ANSWER the first pair of cleats
Economic policy must strike a balance between ideals and - CORRECT ANSWER needs
Which best describes an opportunity cost? - CORRECT ANSWER giving up an opportunity to do something else when making an economic decision
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ROSEGRADES. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.99. You're not tied to anything after your purchase.
