Ecn 1500 - Study guides, Class notes & Summaries

ECN 1500 Questions with 100% Actual correct answer

ECN 1500 Exam Review Questions and answers, verified/ What is the great economic problem? -- to satisfy as many wants as possible with our limited resources Emily is deciding between her two favorite restaurants. One makes Indian food and the other makes Chinese food. The Indian restaurant has just raised its prices. The opportunity cost of Chinese food has - - decreased Jacob has a bagel or a muffin for breakfast. Muffins are on sale, so they cost $1 less than usual. The opportunity...

ECN 1500.

ECN 1500 Final Exam with Correct Answers 100% Verified 2024/2025 LO14.1 - Correct Answer Conceptually, money is any item that society accepts as (a) a medium of exchange, (b) a unit of monetary account, and (c) a store of value. In the United States, two "official" definitions of money are M1, consisting of currency (outside banks) and checkable deposits, and M2, consisting of M1 plus savings deposits, including money market deposit accounts, small-denominated (less than $100,000) time dep...

ECN 1500 Exam 3 chapters 10-13 Questions with Correct Answers 100% Verified 2024/2025 According to T. Bowles, which of the following should be included in any list of great intellectual achievements of the human mind? A. Save today for a better tomorrow. B. A medium of exchange. C. Fiat money D. All of the above. - Correct Answer All of the above (A. Save today for a better tomorrow. B. A medium of exchange. C. Fiat money) Assume Eve has 10 pounds of gold and issues 10 notes on anima...

Exam 2 - ecn 1500 Study Questions with Correct Answers 100% Verified 2024/2025 The focus of the Classical growth model is: aggregate demand interest rates investment technology - Correct Answer investment The focus on the New Growth model is: aggregate demand interest rates investment technology - Correct Answer technology Which of the following factors will not shift the long-run aggregate supply curve to the right? An increase in the labor force participation rate Better in...

ECN 1500 Problem set 2 Study Questions and Correct Answers 100% Verified 2024/2025 What historical event led to Keynesian Economics? - Correct Answer The Great Depression What was there about this event that was inconsistent with generally accepted economic theory at that time? - Correct Answer The recession lasted a long time despite classical economics "laissez faire" where the market would eventually fix itself with no government spending. Which of the two economists represents Class...

ECN 1500 Study Questions and Correct Answers 100% Verified 2024/2025 Scarcity - Correct Answer The principle that there are scare resources, not enough to meet all of human demand Because resources are limited, we have to answer 4 questions about how to use our scarce resources. What are they: - Correct Answer 1. What to produce? 2. How much to produce? 3. How to produce it? 4. For whom to produce? Microeconomics - Correct Answer economics looking at individuals and how firms behave ...

ECN 1500 Final Study Guide Questions with Correct Answers 100% Verified 2024/2025 incentives - Correct Answer rewards and penalties that motivate behavior invisible hand - Correct Answer the unseen force that moves the free market economy, motivated by our wants and desires The Great Economic problem - Correct Answer Having unlimited needs and limited resources to fulfill those needs What is the great economic problem - Correct Answer How to arrange our resources to satisfy as many wan...