Eco 2023 final exam Study guides, Class notes & Summaries

eco 2023 final exam questions | with complete solution a combination of goods on a given PPF is - Both obtainable and Efficient For a normal good, if INCOME goes UP, what happens to supply? Demand? - Demand shifts right and the supply remains unchanged For an inferior good, if INCOME goes UP, what happens to supply? Demand? - Demand shifts left and the supply remains unchanged bananas and oranges are perfect substitutes. If the PRICE of bananas goes UP, what happens to the demand for or...

Adam Smith believed that if people were free to pursue their own interests correct answers public interest would be served quite well Andre, a wheat farmer, is deciding whether or not to add fertilizer to his crops. If he adds 1 pound of fertilizer per acre, the value of the resulting crops rises from $80 to $100 per acre. According to marginal analysis, Andre should add fertilizer if it costs less than correct answers $20 per pund The expression, "There's no such thing as a free lunch,...

T/F: scarcity implies choice correct answers true what is the difference between positive and normative economics correct answers Positive economics states the world how it is, normative states how it should be. The production possibilities frontier proves that correct answers -tradeoffs exist -resources can either be used efficiently (wisely) or inefficiently (wastefully) What are the factors that matter when buying what you enjoy correct answers -Income -Taste and preference -Pric...

In order to be Economically Efficient...(2) - ANSWER-1. All actions where the Benefits > Costs should be undertaken 2. No actions where the Costs > Benefits should be undertaken What are the 2 Roles for the Government when it comes to Economic Efficiency? - ANSWER-1. Protect Individuals and Property Rights 2. Provide Goods that cannot be easily provided by the Market (Overcome Market Failure) Market Failure includes...(4) - ANSWER-1. Lack of Competition 2. Externalities 3. Un...

Economics correct answers The study of how we make choices under scarcity Scarcity correct answers The concept that there is less of a good freely available in nature than we would like. Leads to competitive behavior. 3 types of resources correct answers Human Resources Physical Resources Natural Resources Opportunity Cost correct answers The highest valued alternative that is and must be sacrificed when making a decision Incentives matter correct answers Choice is influenced in a...

ECO 2023 final exam questions and answer complete expected exam open questions and answers

ECO 550 ECO550 Final Exam (36 Questions with Answers) 100% Correct Answers 2023 Question 1 The short-run cost function is: Answer where all inputs to the production process are variable relevant to decisions in which one or more inputs to the production process are fixed not relevant to optimal pricing and production output decisions crucial in making optimal investment decisions in new production facilities In a study of banking by asset size over time, we can find which asset siz...

Economics Correct answerThe study of how we make choices under scarcity Scarcity Correct answerThe concept that there is less of a good freely available in nature than we would like. Leads to competitive behavior. 3 types of resources Correct answerHuman Resources Physical Resources Natural Resources Opportunity Cost Correct answerThe highest valued alternative that is and must be sacrificed when making a decision Incentives matter Correct answerChoice is influenced in a predictab...