Econ 2105 - Study guides, Class notes & Summaries

ECON 2105 MT 2 Exam Questions with Verified 100% Correct Answers

all final goods and services produced for the marketplace during a given year within a nation's borders. Gross domestic product (GDP) is the total value of the average price level over time. An inflation rate is a continuous increase of The difference between the level of real GDP per capita in the United States and real GDP per capita in Bolivia will increase over time. If real GDP in the United States is growing at an annual rate of 3.2% per capita and Bolivia's real GDP per capita i...

allocative efficiency correct answers A state of the economy in which production is in accordance with consumer preferences; in particular, every good or service is produced up to the point where the last unit provides a marginal benefit to society equal to the marginal cost of producing it productive efficiency correct answers a situation in which a good or service is produced at the lowest possible cost equity correct answers the fair distribution of economic benefits factors of produ...

Quiz: The likely result if government taxed away all profits would be a. a more rapid shift of resources to expanding industries. b. the removal of the most important incentive for resource allocation. c. improved market signals and responses. d. increased information about temporary shortages and surpluses e. enhanced efficiency in resource allocation. Ans: b. the removal of the most important incentive for resource allocation. Quiz: Which of the following is NOT a reason for incre...

Quiz: Why do prices vary so much? Ans: Changes in Supply and Demand conditions affects pattern of prices Quiz: competitive markets Ans: are those with sellers and buyers that are small and numerous enough that they take the market price as given when they decide how much to buy and sell. sell homogenous material. No barriers for entering or exiting the market as in No strict rules from government. buyers and sellers have perfect knowledge of material and price. Quiz: Market demand fu...

ECON 2150 Final Exam Questions And Answers 100% Guaranteed Pass The likely result if government taxed away all profits would be a. a more rapid shift of resources to expanding industries. b. the removal of the most important incentive for resource allocation. c. improved market signals and responses. d. increased information about temporary shortages and surpluses e. enhanced efficiency in resource allocation. - Answerb. the removal of the most important incentive for resource allocation...

Quiz: Factors of production Ans: Resources that are used to produce a good Quiz: Inputs Ans: Resources, such as labour, capital equipment, and raw materials, that are combined to produce finished goods Quiz: Output Ans: The amount of a good or service produced by a firm Quiz: Production function Ans: A mathematical representation that shows the maximum quantity of output a firm can produce given the quantities of inputs that it might employ o © 2025 TestTrackers o or call [] o ...

Quiz: Microeconomics definition Ans: Microeconomics is the study of how individual economic decision-makers such as consumers, workers, firms or managers allocate scarce resources among alternate uses. the social sciences that studies choices that cope with scarcity and incentives. This study involves both the behavior of these economic agents on their own and the way their behavior interacts to form larger units, such as markets. Quiz: Who should study microeconomics? 5 o © 2025 T...

Quiz: price elasticity of demand Ans: The ratio of the percentage change in quantity demanded of a product or resource to the percentage change in its price; a measure of the responsiveness of buyers to a change in the price of a product or resource. Quiz: unit elasticity Ans: The ratio of the percentage change in quantity demanded of a product or resource to the percentage change in its price; a measure of the responsiveness of buyers to a change in the price of a product or resource...

Quiz: what is the relationship between MC and AC when there is decreasing returns? Ans: MC > AC Quiz: what is the relationship between MC and AC when there is constant returns? Ans: MC = AC Quiz: what is the relationship between MC and AC when there is increasing returns? Ans: MC < AC Quiz: what type of return has no maximizers? o © 2025 TestTrackers o or call [] o Resources & Updates: [Testtrackers - Stuvia US] o Your Success is Our Mission! o For online exams and tu...