Econ graph - Study guides, Class notes & Summaries

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...

ECON 1040 CH 12 QUESTION AND CORRECT ANSWER . 1. Suppose an economy produces only ice cream cones. If the price level rises, the value of currency a. rises, because one unit of currency buys more ice cream cones. b. rises, because one unit of currency buys fewer ice cream cones. c. falls, because one unit of currency buys more ice cream cones. d. falls, because one unit of currency buys fewer ice cream cones. - ANSWER 1. ANSWER: D 2. If P denotes the price of goods and services ...

CPCU 500 - Foundations Of Risk Management And Insurance Updated Questions And Answers. Quiz :What are the two elements of risk? - Answer :-Uncertainty of outcome - Time of the outcome and type of outcome are uncertain -possibility of a negative outcome - at least 1 outcome is negative Quiz :What is the difference between probability and possibility? - Answer :Possibility - an outcome or event may or may not occur. It does not quantify the risk, only verifies the risk is there Probability...

UNT ECON 1100 EXAM 3 | Questions and Correct Solutions 2024 A firm gains monopoly power when: - Answer -barriers to entry can be erected and maintained. A natural monopoly can: - Answer -supply the entire market at a lower cost than many competing firms. A monopolist maximizes short-run profit by producing the level of output where: - Answer -MR = MC. A monopolist that earns positive economic profit in the short run will: - Answer -earn positive economic profit in the long run if it can ma...

ECON 304 Final Exam - Questions with Verified Answers The law of demand suggests that as price rise the quantity of a good purchased will also rise. False When drawing a graph of demand, price is generally placed on the vertical axis. True Changes in the price of a good are considered demand shifters. False Demand is defined as the various quantities of a good or service that people are willing and able to buy at various prices during some time period. True The law of demand is a fairly weak l...

Econ Post Test with Verified Answers Graded A+ 1. When the price of good A rises, people start to drink good B. In this case. 2. An increase in the price of a good would be illustrated on a demand graph as a: 3. If the number of consumers in the market for good A increases, what will happen to the equi- librium price and quantity of good A? 4. According to the law of demand, as a price of a good or service increases, the 5. If producers expect the price of a good to rise, what will ha...

CPCU 500 - Foundations Of Risk Management And Insurance Updated Questions And Answers. Quiz :What are the two elements of risk? - Answer :-Uncertainty of outcome - Time of the outcome and type of outcome are uncertain -possibility of a negative outcome - at least 1 outcome is negative Quiz :What is the difference between probability and possibility? - Answer :Possibility - an outcome or event may or may not occur. It does not quantify the risk, only verifies the risk is there Probability...

UNT ECON 1100 EXAM 2: DADRES A perfectly competitive firm producing where P = MR = MC = ATC in the short run is: - ANSWER-making an economic profit equal to zero. Costs that must be paid in the short run even when no output is produced are called - ANSWER-total fixed costs. When output sells for a price that is higher than its marginal cost to the seller (the minimum price the seller is willing to accept), the seller: - ANSWER-enjoys a producer surplus. In a perfectly competitive m...

CPCU 500 - Foundations Of Risk Management And Insurance Updated Questions And Answers. Quiz :What are the two elements of risk? - Answer :-Uncertainty of outcome - Time of the outcome and type of outcome are uncertain -possibility of a negative outcome - at least 1 outcome is negative Quiz :What is the difference between probability and possibility? - Answer :Possibility - an outcome or event may or may not occur. It does not quantify the risk, only verifies the risk is there Probability...

ECON CBE Libertynominal GDP is calculated using ___ prices - correct answer current which entrepreneurs is best known for revolutionizing the communications industry with his inventions - correct answer Alexander Graham Bell as prices rise, producers will increase production of a product because - correct answer they want to obtain higher profits which are ways a person can earn an income - correct answer salary and wage the consumer price index is used to calculate how - correct ans...