Econ 203 - Study guides, Class notes & Summaries

What is a financial market? correct answers a market in which people trade future claims on funds or goods (ex: a loan, stocks, insurance) Examples of "future claims": correct answers 1.) Loan: the bank gives you money now in return for repayment in the future 2.) Stocks: buying a company stock today gives you a right to a share of profits in the future 3.) Insurance: you pay premiums now in return for the right to submit a claim for compensation in the future What is a "buyer" in a ...

What is Macroeconomics?* correct answers Macroeconomics is the study of aggregate behavior, including, unemployment, inflation, recessions, and other economy wide phenomenon. What is the difference between microeconomics and macroeconomics?* correct answers Macroeconomics = the study of aggregate behavior, including, unemployment, inflation, recessions, and other economy wide phenomenon. Microeconomics = The study of individual decision making by firms and individuals. What are the thr...

Economics is the study of... correct answers -individual decision making -organization/allocation of resources -strategic interaction material prosperity and development/growth (wealth,GDP) Economic issues of market interactions and allocations correct answers -how should people decide what and how much to buy of a goos -how should firms decide how much to produce and how many inputs to use (i.e. employment) -how should people make time/education choices Economic issues of the environ...

ECON 203 EXAM 1 TAMU QUESTIONS AND ANSWERS GRADED A+ What are 3 gains from society when countries decide to specialize? -specialization and trade -more resources -Improvements in technology/productivity True or False: Every country have comparative advantage in something. True What are 2 gains when two countries engage in specialization and trade? -total production increases -new points reached on the PPF that were originally unattainable What are the 4 characteristics of competitive ...

Econ 203 Quiz 1 Detailed Questions And Expert Answers 2024

______ is/are the market value of final goods and services produced within a country during a given period of time. correct answers GDP Suppose that the total production of an economy consists of 10 oranges and 5 candy bars, each orange sells for $0.20, and each candy bar sells for $1.00. What is the market value of production in this economy? correct answers $7.00 The value of unpaid childcare services provided by a stay-at-home dad ______ included in GDP; the value of daycare services pu...

ECON 203 PRACTICE MIDTERM EXAM QUESTIONS AND ANSWERS INTRODUCTION TO MACROECONOMICS (CONCORDIA UNIVERSITY)

ECON 203 EXAM 1 TAMU QUESTIONS AND ANSWERS 2024 SOLVED 100%

Econ 203 Midterm Exam Actual Questions and Answers Complete 1. Commercial banks create money by: A. printing them. B. keeping a fraction of deposits as reserves and lending the rest. C. they do not, only the central bank can create money. D. none of the above. 2. What is the role of a commercial bank? A. To maximize profits for its shareholders B. To take customers’ deposits and make loans C. To create money through the banking system D. All the answers are correct 3. Which of th...

Normal Profit correct answers The opportunity cost of capital -equivalent to an implicit cost -it is earned if economic profit is zero, which, maybe surprisingly, is the typical case. Market Structure correct answers -the number and relative size of firms in an industry Perfect competition correct answers -a market in which no buyer or seller has market power Monopolistic competition correct answers -many firms, a little market power Oligopoly correct answers -a few firms, consider...