Econ 103 - Study guides, Class notes & Summaries

UWEC Econ 103 Exam 1 questions well answered to pass

Econ 103 Exam 1 Questions and Answers 100% CorrectEcon 103 Exam 1 Questions and Answers 100% CorrectEcon 103 Exam 1 Questions and Answers 100% CorrectEcon 103 Exam 1 Questions and Answers 100% Correct Economics - ANSWER-The study of mankind in the ordinary business of life (Alfred Marshall) What is scarcity caused by? - ANSWER-Human wants being unlimited but resources being limited Opportunity Cost - ANSWER-The value of what we give up when we make a choice (Explicit Cost + Implicit Costs...

Which of the following is among the reasons identified by Adam smith for why the division of labor increases an economy's total output? a) specialized workers are happier than are non specialized workers b) specialized workers each work on tasks for which they each have a comparative advantage c)specialized workers follow instructions better than do non specialized workers d) specialization of workers is more likely to encourage the development of machinery to perform specialized tas...

Econ 103 Final Exam Study Guide with Complete Solutions Econ 103 Final Exam Study Guide with Complete Solutions Econ 103 Final Exam Study Guide with Complete Solutions Economics - ANSWER-the social science which seeks to understand how humans make decisions in the face of scarcity given unlimited wants Scarcity - ANSWER-human wants for goods, services and resources exceed what is available Factors of Production - ANSWER-land, labor, capital Gross Domestic Product (GDP) - ANSW...

Which of the following is among the reasons identified by Adam smith for why the division of labor increases an economy's total output? a) specialized workers are happier than are non specialized workers b) specialized workers each work on tasks for which they each have a comparative advantage c)specialized workers follow instructions better than do non specialized workers d) specialization of workers is more likely to encourage the development of machinery to perform specialized tasks e...

Econ 103- Exam 1 (Chapters 1-4) with Complete SolutionsEcon 103- Exam 1 (Chapters 1-4) with Complete SolutionsEcon 103- Exam 1 (Chapters 1-4) with Complete SolutionsEcon 103- Exam 1 (Chapters 1-4) with Complete Solutions what percent of the worlds economics experience scarcity - ANSWER-100% economics is the study of - ANSWER-how society manages its scarce resources the principle that "people face tradeoffs" applies to - ANSWER-individuals, families, societies the opportunity cost...

ECON 103 Final Exam Qu The overriding reason why households and societies face many decision is that - ANSWER-resources are scarce Melody decides to spend three hours working overtime rather than going to the park with her friends. She earns $20 per hour for overtime work. Her opportunity cost of working is - ANSWER-the enjoyment she would have received had she gone to the park If a tax is levied on the buyers of a product, then the demand curve will - ANSWER-shift down Which of the f...

Econ 103 Test Questions and Answers 100% accurate! 1. The field of macroeconomics studies ______ and microeconomics studies ______. A. variables within a single economy; international variables B. individual markets; economic aggregates C. international variables; variables within a single economy D. economic aggregates; individual markets - ANSWER-D. Economic aggregates; individual markets 2. The most commonly used metric for measuring the value of a national economy is: A. gross ...

Define the overall system: Communism - ️️Means of production is owned by EVERYONE - Motivation: Good of the people - Examples: China, North Korea Define macro economics - ️️the study of economy wide phenomena Define Opportunity Cost (O. C.) - ️️what is given up to get an item Define the overall system: Socialism - ️️Means of production is owned by the GOVERNMENT Define micro economics - ️️The study of how households and firms make decisions and how they interact in m...

ECON 103 FINAL EXAM QUESTIONS AND ANSWERS 100% ACCURATE ECON 103 FINAL EXAM QUESTIONS AND ANSWERS 100% ACCURATE ECON 103 FINAL EXAM QUESTIONS AND ANSWERS 100% ACCURATE ECON 103 FINAL EXAM QUESTIONS AND ANSWERS 100% ACCURATELimited goods and services - ANSWER-Scarcity This type of economics deals with judgments about what the economy should be like. - ANSWER-Normative Economics "To obtain more of one thing, we have to forgo the next best option" - ANSWER-Opportunity Cost ...