Econ graph - Study guides, Class notes & Summaries

Econ Exam Correctly Answered. Gross Domestic Product (GDP) is the value of goods and services produced in a country annually. It can best be described as measuring an economy's - CORRECT ANSWER total output What is an example of scarcity - CORRECT ANSWER limited resources The Fed may respond to a recession by - CORRECT ANSWER decreasing intrest rates People who oppose labor unions believe that unions - CORRECT ANSWER keep more qualified workers from being hired Which are indica...

UNT ECON 1100 Exam 1, Microeconomics chapter 4 Questions and Answers The primary difference between a change in supply and a change in the quantity supplied is: ANSWER a change in quantity supplied is caused by a change in the price of the good itself, and a change in supply is caused by a change in a non-price determinant of supply Which of the following will cause a decrease in the demand for batteries? ANSWER An increase in the price of digital cameras, a complement for batteries Whi...

Econ: Banking Study Guide Test. Bank deposits help the nation's economy by - CORRECT ANSWER giving banks the money to loan and invest. Read the graph that displays interest and total payments on a loan. Banks make the most money and take the most risk with an interest rate of - CORRECT ANSWER 18% A fee banks charge in exchange for borrowing money is called - CORRECT ANSWER interest How do central banks govern the banking industry? Check all that apply. - CORRECT ANSWER by d...

Econ Final Exam Review: Nisha Aroskar Questions and Answer 100% Pass What is economics? -Answer-Science of making choices, science of scarcity What is scarcity? -Answer-Limited resources to satisfy unlimited human wants What are the factors of production and their rewards? -Answer-Land = rent Labor = wages Capital = interest Entrepreneur = profit What is opportunity cost? -Answer-The value of the next best alternative given up What is Production Possibilities Frontier? -Answer-Graph tha...

UNT ECON 1100 Final Exam Review With 100% Correct Answers 2023 Microeconomics - Correct Answer-The study of decisions made by individuals, households, and firms Macroeconomics - Correct Answer-The study of economics aggregates, such as the national unemployment rate, the rate of inflation, and the economy's growth rate, as well as macroeconomic policies designed to promote full employment, price stability, and a healthy rate of economic growth ` Positive economics - Correct Answer-The...

Econ Final Exam Review: Nisha Aroskar Questions and Answer 100% Pass What is economics? -Answer-Science of making choices, science of scarcity What is scarcity? -Answer-Limited resources to satisfy unlimited human wants What are the factors of production and their rewards? -Answer-Land = rent Labor = wages Capital = interest Entrepreneur = profit What is opportunity cost? -Answer-The value of the next best alternative given up What is Production Possibilities Frontier? -Answer-Graph tha...

Econ 10a Midterm 1 Test with Questions and Answers Budget Constraint Graph Set Up ANSWER x-axis=good 1 y-axis=good 2 x intercept=m/p1 y intercept=m/p2 slope=-p1/p2 Budget Constraint Equation and Slope ANSWER p1x1+p2x2=m slope=-p1/p2 Change of Income effect on budget constraint ANSWER shifts line up or down Sales Tax effect on budget constraint ANSWER changes intercepts so changes the slope of the line Price Change effect on budget constraint ANSWER changes intercepts so chang...

UNT ECON 1100 Exam 1 The primary difference between a change in supply and a change in the quantity supplied is: - a change in quantity supplied is caused by a change in the price of the good itself, and a change in supply is caused by a change in a non-price determinant of supply Which of the following will cause a decrease in the demand for batteries? - An increase in the price of digital cameras, a complement for batteries Based on the information in the table below, the opportuni...

ECON 105 CH2 SAPLING study guide 2023.Suppose the following represents the Canadian production possibilities frontier for two of its most important exports: maple syrup and tree logs (in millions) POINT H: below the PPF POINT M: on the PPF POINT Y: above the PPF-Answer POINT H: is possible, not efficient POINT M: is possible and efficient POINT Y: is not possible and is unobtainable, unless international trade occurs Why is the shape of the PPF often curved instead of straight?-Answer...

ECON 1100 UNT DADRES FINAL EXAM Questions and Answers When wants and needs exceed the resources available to satisfy them: ANSWER scarcity exists and decisions must be made about how to allocate limited resources among competing uses. Which of the following is a normative microeconomic statement? ANSWER Government should lower the taxes paid by small businesses. Which of the following is an example of capital as a factor of production? ANSWER Kitchen equipment for a new restaurant ventu...