Econ 203 exam - Study guides, Class notes & Summaries

Working Age Population (WAP)= CORRECT ANSWER total pop.-young (less than 16)-military-institutionalized(prison, asylums) labor force= CORRECT ANSWER employed + unemployed unemployment CORRECT ANSWER someone wants to work, but cant find a job in the current market people who dont have jobs, and arent seeking a job or are unable to work CORRECT ANSWER Not in the labor force not in the labor force CORRECT ANSWER -homemakers -full time students -retirees who choose not to or cant work ...

ECON 203 EXAM 1 TAMU Questions and Answers | 100% Verified and Updated 2024 What are 3 gains from society when countries decide to specialize? -Answer-- specialization and trade -more resources -Improvements in technology/productivity True or False: Every country have comparative advantage in something. -Answer-True What are 2 gains when two countries engage in specialization and trade? -Answer--total production increases -new points reached on the PPF that were originally unattainable ...

What are 3 gains from society when countries decide to specialize? CORRECT ANSWER -specialization and trade -more resources -Improvements in technology/productivity True or False: Every country have comparative advantage in something. CORRECT ANSWER True What are 2 gains when two countries engage in specialization and trade? CORRECT ANSWER -total production increases -new points reached on the PPF that were originally unattainable What are the 4 characteristics of competitive markets...

People face trade-offs correct answers (principle 1 of economics) To get one thing, you have to give up something else. Making decision requires trading off one goal against another. efficiency correct answers the property of a resource allocation of maximizing the total surplus received by all members of society. Refers to the size of the economic pie equality correct answers the property of distributing economic prosperity uniformly among the members of society. Refers to how the pie is ...

Multiplier effect correct answers The increase in consumer spending that occurs when spending by one person causes others to spend more too Disposable income correct answers Income left after paying taxes -consumption is based on the amount of disposable income -people usually consume part of their disposable income and save the rest MPC correct answers Marginal propensity to consume -the amount consumption increases when disposable income increases by $1 -the MPC is a number between 0...

Who is not in the working age population? correct answers Young (less than 16 years old) Military Institutionalized population (prison, mental hospitals) Working age population (calculation) correct answers Labor Force + Not in the labor force Labor Force correct answers working-age people who are either employed or unemployed Labor Force (calculation) correct answers employed + unemployed Employed correct answers 1)Everyone who during the week of survey had worked at least 1 hou...

ECON 203 EXAM 1 TAMU Questions and Answers | 100% Verified and Updated 2024 What are 3 gains from society when countries decide to specialize? -Answer-- specialization and trade -more resources -Improvements in technology/productivity True or False: Every country have comparative advantage in something. -Answer-True What are 2 gains when two countries engage in specialization and trade? -Answer--total production increases -new points reached on the PPF that were originally unattainable ...

1) If the MPC is 0.95, then a $10 million increase in disposable income will: A) increase consumption by $200 million. B) increase consumption by $9.5 million. C) decrease consumption by $105 million D) increase consumption by $950 million. correct answers B) increase consumption by $9.5 million. 3) The basic aggregate demand and aggregate supply curve model helps explain A) short-term fluctuations in real GDP and the price level. B) long-term growth. C) price fluctuations in an indivi...

ECON 203 EXAM 1 TAMU With 100% Correct Answers 2024/2025 What are 3 gains from society when countries decide to specialize? - answer-specialization and trade -more resources -Improvements in technology/productivity True or False: Every country have comparative advantage in something. - answerTrue What are 2 gains when two countries engage in specialization and trade? - answer-total production increases -new points reached on the PPF that were originally unattainable What are the 4 char...

what does economic growth do? correct answers increases opportunities and generates wealth rapid economic growth is a correct answers modern phenomenon growth rate correct answers [(value in current year - value in previous year)/value in previous year] *100 real GDP per capita growth rate= correct answers nominal GDP growth rate-inflation rate-population growth rate economic growth builds on- correct answers itself over time economic growth process is similar to correct answers c...