Econ 103 - Study guides, Class notes & Summaries

Which of the following involves a trade-off? a.Taking a nap b. Watching a football game on Saturday afternoon c. Going to university d. All of these answers involve trade-offs. d. All of these answers involve trade-offs. A rational person does not act unless a. the action is ethical. b. the action produces marginal costs that exceed marginal benefits. c. the action produces marginal benefits that exceed marginal costs. d. the action makes money for the person. c. the action produces mar...

ECON 103: Microeconomics (Rustici) Test #1

ECON 103 Final Exam Questions and Answers 100% CorrectECON 103 Final Exam Questions and Answers 100% CorrectECON 103 Final Exam Questions and Answers 100% Correct economic systems differ according to which two main characteristics - ANSWER-who owns the factors of production and the methods used to coordinate economic activity private property: - ANSWER-encourages owners to maintain or improve their property so as to preserve or enhance value the regulatory mechanism of the market sys...

Econ 103 Exam 1 Questions and Answers (Graded A)Econ 103 Exam 1 Questions and Answers (Graded A)Econ 103 Exam 1 Questions and Answers (Graded A)Econ 103 Exam 1 Questions and Answers (Graded A) Economics - ANSWER-The study of peoples choices; how agents choose to allocate scarce resources and how those choices affect society First Principle of Economics - ANSWER-People try to optimize; they try to choose the best available option Second Principle of Economics - ANSWER-Economic systems te...

UNLV Econ 103 Exam III Questions with Correct Answers 100% Solved Classical economics was discredited by The Great Depression John Maynard Keynes outlined his theory in his book The General Theory of Employment, Money, and Interest (1936) Keynes argued that ________ was the most important part of the circular flow Investment According to Keynes, recessions are typically caused by insufficient investment Autonomous consumption Consumption that is independent of current income. induced c...

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: Exam 1 Study Guide with Complete Solutions!! it is reduced - ANSWER-when government spending, and lump sum taxes are reduced, what happens to GDP? automatic stabilizers - ANSWER-revenue and expenditure items in the federal budget that automatically change with the state of the economy in such a way as to stabilize the economy. multiplier effect - ANSWER-- the increase in final income arising from any new injection of spending. - the size of the multiplier depends upon ho...

ECON 103: Microeconomics (Rustici) Test #1

ECON 103 Exam 1 Questions and Answers 100% Correct ECON 103 Exam 1 Questions and Answers 100% Correct ECON 103 Exam 1 Questions and Answers 100% Correct What is economics? - ANSWER-the science of purposeful human actions and the unintended consequences of that action What are some spontaneous orders? (6) - ANSWER-The Price System, Money, Banks, Stock and Bonds, Future Markets, and Accounting Systems What is the difference of Normative and Positive questions? - ANSWER-N: "what shoul...

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 following is not an example of a graph of a single variable a) a pie chart b) bar graph c) time-series graph d) a scatterplot - ANSW...