Econ exam - Study guides, Class notes & Summaries

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ECON EXAM QUESTIONS & ANSWERS 2023-24 Which of the following is NOT a producer? - ANSWER-An unemployed college student Which of the following is an ethereal added utility to a consumer? - ANSWER-The smell of espresso What is the primary difference between microeconomics and macroeconomics? - ANSWER-Microeconomics looks at scarcity for companies, while macroeconomics looks at it for entire economies. In economics, scarcity means that: - ANSWER-There is a finite amount of resources. ...

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Micro Econ Exam Questions Correctly Answered. A market with well-established rules and structure is a(n) _______ market. - CORRECT ANSWER formal Which of the following is consistent with the law of demand? - CORRECT ANSWER An increase in the price of hamburgers causes buyers to buy fewer hamburgers. The relationship between quantity demanded and price is a(n) _____ relationship. - CORRECT ANSWER inverse In understanding and analyzing "market demand," we focus on how much all buye...

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Multiplier effect CORRECT ANSWER The increase in consumer spending that occurs when spending by one person causes others to spend more too Disposable income CORRECT ANSWER Income left after paying taxes -consumption is based on the amount of disposable income -people usually consume part of their disposable income and save the rest MPC CORRECT ANSWER Marginal propensity to consume -the amount consumption increases when disposable income increases by $1 -the MPC is a number between 0 an...

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