Econ 103 final exam Study guides, Class notes & Summaries

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 FINAL EXAM QUESTIONS AND ANSWERS ALL CORRECT Limited goods and services Correct Answer: Scarcity This type of economics deals with judgments about what the economy should be like. Correct Answer: Normative Economics "To obtain more of one thing, we have to forgo the next best option" Correct Answer: Opportunity Cost This type of economics deals with facts and cause-and-effects Correct Answer: Positive Economics Characteristics of a market economy Correct Answer: - ...

History of Financial Planning - ANSWER-1960's - few stock brokers and insurance salesmen 1970's - industry went from stock and insurance sales to comprehensive financial plans 1971 - College of Financial Planning founded 1973 - first CFP's issued to 42 people 1990's - booming economy entrance of many traditional banks and brokerage houses into financial planning area Name different duties of a financial planner - ANSWER-- comprehensive financial plan - selecting overall asset alloc...

Consider the market for pencils. Describe the graphical changes that occur following this statement: The price of graphite (an input in production) increases. - correct answer Demand remains constant, supply shifts to the left. Increase in production cost causes a decrease in supply. Consider the market for pencils. Describe the graphical changes that occur following this statement: The price of pencil sharpeners (a complement) increases. - correct answer Supply remains constant,...

John buys a used car for 5,400 and spends 600 on new parts, made in the US, to fix his car. The end result of theses two transactions is - ANSWER-US consumption purchases increase by 600 and US GDP increases by 600 When the consumer price fix index rises, the typical family - ANSWER-has to spend more dollars to maintain the same standard of living If in a closed economy the national savings are equal to 70,000 and the public savings are equal to 35,000, then how much is the private savings...