Econ practice exam 3 - Study guides, Class notes & Summaries

Econ 430 Exam 1 Practice Questions and Answers When is an economy capitalized - ANSWERWhen most or a substantial portion of production are in price hands rather than the government State guilded capitalism -how does it occur -problems - ANSWEROccurs: government decides which industries will grow (property rights are enforced) Problems: high chance of corruption, government selects the wrong winners, difficult to re direct Oligarchic capitalism -how does it occur -problems - ANSWEROccu...

ECON 100 Exam Practice Questions and Answers | 100% Pass What is economics? - Answer️️ -A study of how people make choices to achieve goals with resource constraints. What is meant by "the invisible hand?" - Answer️️ -The "invisible hand" means that the division of labor and exchange occur naturally among people without being directed by anyone. What is the root of exchange behavior? - Answer️️ -Human natural tendency toward division of labor to gain efficiency. Division...

NCSU Econ 201 Practice Test 1 Questions and Answers Which of the following best describes the principle of comparative advantage? Select one: A. To produce more of one good, people have to produce less of another good. B. Someone has the ability to produce the same good for the lowest opportunity cost. C. Some people can produce the same good better than other producers can. D. Someone has the ability to produce the same good using fewer inputs than another producer. B The opportun...

Econ Exam 3 questions and answers 100% correct The urban consumers that the CPI is based on includes: the CPI does not include any of these. (institutionalized, incarcerated, and persons of the military) Which of the following doesn't characterize the properties of a dollar: it has a fixed value that doesn't change over time. An activity that would not be included in GDP would be: paying a company for cleaning your house. The natural rate of unemployment: is the norma...

Study Outline for Econ S10b Midterm Exam Harvard University, Summer School Note: The assigned readings are potential sources for exam questions. I will NOT ask narrow factual questions about these readings, but you should be able to relate their main arguments to the material we have discussed in class. Note: The following outline does NOT cover everything we have studied in the class. All concepts and applications that we have discussed in class are possible exam topics. Good items to st...

CADC Exam Prep Questions and answers, 100% Accurate. Graded A 1st step AA - Powerless over alcohol, lives have become unmanageable 2nd step AA - we turn to a power greater than ourselves to restore sanity 3rd step AA - Made a decision to turn our will and our lives over to the care of God as we understood Him 4th step AA - Made a searching and fearless moral inventory of ourselves. 5th step AA - Admitted to God, to ourselves, and to another human being the exact nature of our ...

MACRO ECON 101 PRACTICE QUESTIONS FOR THE FIRST EXAM 2022-2023 1. If a level of production is feasible then: a) it is efficient b) it is inefficient c) it can be either efficient or inefficient d) it is on the PPF 2. Consider the following PPF: Wheat 0 10 20 30 40 Corn 1000 900 700 450 0 Which of the following statements is true? a) the opportunity cost of 1000 units of corn is 0 units of wheat b) the opportunity cost of 10 units of wheat is 100 units of corn c) the oppor...

MACRO ECON 101 PRACTICE QUIZ ANSWERS AVAILABLE 2022-2023 1. If real GNP has doubled and nominal GNP has quadrupled we can say that: a) prices have quadrupled b) prices have doubled c) prices are unchanged d) prices have fallen by 50% 2. If you purchase $10 million worth of stock in IBM, GNP would: a) be unchanged b) rise by $10 million c) rise by $10 million plus a share of the profits earned by Digital d) rise, the exact amount of this increase would depend on whether the s...

Final Exam Practice Questions Econ 651 Dr. John Horowitz 1) The transactions costs of writing and enforcing contracts are higher: a) in countries with poorly-enforced property rights. (cost of making the deal) b) in countries with strongly-enforced property rights. c) in all counties with good court systems. d) in countries without political risks of property confiscation. 2) Informational deficits of producers or consumers, plus problems of externalities, can: a) cause market failur...