100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
Previously searched by you
PSU Econ 102 Exam 1 Latest Update Actual Exam from Credible Sources with 115 Questions and 100% Verified Correct Answers Guaranteed A+ Verified by Professor$20.49
Add to cart
PSU Econ 102 Exam 1 Latest Update Actual Exam from Credible Sources with 115 Questions and 100% Verified Correct Answers Guaranteed A+ Verified by Professor
0 view 0 purchase
Course
PSU Econ 102
Institution
PSU Econ 102
PSU Econ 102 Exam 1 Latest Update Actual Exam from Credible Sources with 115 Questions and 100% Verified Correct Answers Guaranteed A+ Verified by Professor
PSU Econ 102 Exam 1 Latest Update 2024-2025
Actual Exam from Credible Sources with 115
Questions and 100% Verified Correct Answers
Guaranteed A+ Verified by Professor
Absolute Advantage - CORRECT ANSWER: Ability of a country to produce more of a
good than competitors, using the same amount of resources
Ceteris Paribus - CORRECT ANSWER: "Holding all else constant"
(assuming all other variables do not change)
Club Good - CORRECT ANSWER: Excludable & Non-Rival
Ex: Cable TV, Direct TV
Coase Theorem - CORRECT ANSWER: If there are no barriers to negotiations, and if
property rights are fully specified (well-defined), interested parties will bargain to correct
any externalities
Common-Resource Good - CORRECT ANSWER: Non-Excludable & Rival
Ex: Fishing, Hunting, Free LOOP service
Comparative Advantage - CORRECT ANSWER: Ability of a county to produce a good at
a lower opportunity cost than competitors
Complements - CORRECT ANSWER: Used together
Consumer Surplus - CORRECT ANSWER: Difference between the willingness to pay
for a good and the actual price paid to get it
, Deadweight Loss - CORRECT ANSWER: Resulting loss of total surplus due to market
failure
Downward Sloping Demand - CORRECT ANSWER: Substitution Effect - relatively more
expensive compared to other products
Income Effect - takes up larger share of income
Economic Model - CORRECT ANSWER: Simplification of a complex portion of the
economy
(Underlying assumptions)
Economic Variable - CORRECT ANSWER: Something measurable that can take on
different values
Ex: the price of an orange or income of a teacher
-Endogenous (within model) or Exogenous (outside model)
Economics - CORRECT ANSWER: Study of the choices people make to attain their
goals, given their scarce resources
Excise Tax - CORRECT ANSWER: Tax levied on a particular good or service
Ex: Alcohol, Gasoline, Cigarettes
Excludable - CORRECT ANSWER: Consumer must purchase to use
External Benefits - CORRECT ANSWER: Benefits of a market activity received by
people who are not participants
External Costs - CORRECT ANSWER: Costs of a market activity paid by people who
are not participants
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 Tutordiligent. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $20.49. You're not tied to anything after your purchase.
