People face trade offs - Study guides, Class notes & Summaries

Principles of Economics: People face trade-offs CORRECT ANSWER Have to make choices because of scarcity Scarcity CORRECT ANSWER A situation in which unlimited wants exceed the limited resources available to fulfill those wants Principles of Economics: The cost of something is what you give up to get it. CORRECT ANSWER Opportunity Costs Principles of Economics: Rational people think at the margin CORRECT ANSWER Weighs marginal costs and marginal benefits. (See Transactional Utility) T...

Refer to the figure. If the government imposes a minimum wage of $9, then how many workers will be employed? - correct answer 6,000 Which of the following Fed actions would increase the money supply? - correct answer Buy bonds A soft drink cost $1.75 in 2019. The value for the CPI in 1965 is 60.2 and the value of the CPI for 2019 is 236.2, what is the price of a soft drink in 1965 dollars? - correct answer $0.45 Refer to the figure. If the economy starts at Y, then W represents: -...

TEST BANK for Macroeconomics in Modules, 3rd Edition by Paul Krugman, Robin Wells. All Chapters (Complete download). 1248 Pages Test Bank for Macroeconomics in Modules, 3e Paul Krugman, Robin Wells (All Chapters) Chapter 1 1. Scarcity in economics means: *a. we do not have sufficient resources to produce all the goods and services we want. b. the wants of people are limited. c. there must be poor people in rich countries. d. shortages exist in nearly all markets. 2. If resources ar...

WGU D089 Unit 2 Economic Way of Thinking Questions and Answers Rated A Economics studies human actions and decisions related to the production and distribution of scarce resources. There are two main areas of economics macroeconomics (focusing on large economic systems) and microeconomics (focusing on organizations and individuals). Individuals, organizations, governments, and countries must make decisions about how, what, and for whom to produce. The ten principles of economics are interrel...

ECON 211 Exam 1 (UNL) Complete Guide Fundamental Economic Concepts 1. Study of Economists: - ️ Economists study all human behavior. 2. Economic Agent: - ️ An economic agent is an individual or a group that makes choices (examples include consumers choosing between a bacon cheeseburger or tofu burger, and a parent deciding between public or private school for their child). 3. Scarce Resources: - ️ Scarce resources are things that people want, where the quantity that people want ...

Refer to the figure. If the government imposes a minimum wage of $9, then how many workers will be employed? - correct answer 6,000 Which of the following Fed actions would increase the money supply? - correct answer Buy bonds A soft drink cost $1.75 in 2019. The value for the CPI in 1965 is 60.2 and the value of the CPI for 2019 is 236.2, what is the price of a soft drink in 1965 dollars? - correct answer $0.45 Refer to the figure. If the economy starts at Y, then W represents: -...

Economics DEFINITIONS Latest 2023 Graded A economics the study of how individuals and nations make choices about ways to use scarce resources to fulfill their needs and wants consumer someone who buys a good or service needs requirements for survival, such as food, clothing, and shelter wants things we would like to have, such as entertainment, vacations, items that make life comfortable and enjoyable scarcity not having enough resources to produce all of the things we would like to have tr...

Economics correct answers the study of how society manages its scarce resources 5 principles correct answers 1. People Face Trade-Offs 2. Opportunity Cost 3. People respond to incentives 4. Markets are usually a good way to organize economic activities 5. Governments can sometimes improve market outcomes 1. People Face Trade-Offs correct answers Individual Trade-Offs Society's Trade-Offs -efficiency and equality -ex: progressive income tax (equ. inc, effic. dec) 2. Opportunity...

Economics Questions and Answers Graded A+ What is Economics? Economics is the study of how people seek to satisfy their needs and wants by making choices. Economics is about solving the problem of scarcity. Scarcity All goods and services we produce are scarce. Scarcity implies quantities of resources to meet unlimited wants. Scarcity always exists because our needs and wants are always greater than our resource supply. Shortage Not the same as Scarcity. A shortage is a temporary situation. Oc...

which principle of economics does the $6 price from the China vendor represent if the company decides to produce the sheet set in its Mexico facility - Answer- principle 2:cost is determined by what is given up also known as opportunity cost which economic system is represented by thr governments actions to regulate the production of ABC company's products - Answer- mixed which economies have characteristics of all the economic systems with market system being the most prevalent - Answer-...