Eco 2305 ttu - Study guides, Class notes & Summaries
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ECO 2305 TTU EXAM 1 Review (Questions & Answers) Rated 100% Correct!!
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Scarcity - Answer-Resources are limited 
(unlimited human needs, but limited resources) 
The Study of Economics - Answer-How to manage limited resource to maximize the outcome/output 
Goods - Answer-Tangible Items 
(clothes, food, etc) 
Services - Answer-Intangible Items 
(education, health care) 
3 Economic Questions - Answer-What to produce? 
How to produce? 
For whom to produce 
Command/Socialism System - Answer-Centralized decisions about production 
(ex: soviet union/china) 
Capitalized/ Fr...
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ECO 2305 TEST 3 TTU QUESTIONS WITH 100 % CORRECT ANSWERS | VERIFIED
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GDP does not directly include intermediate goods because - Answer-that would count the 
intermediate goods twice. 
Let C represent consumption expenditure, S saving, I gross private domestic investment, G 
government expenditure on goods and services, and X - M net exports of goods and services. Then 
GDP equals - Answer-C + I + G + X - M. 
Two methods of measuring GDP are - Answer-the income approach and the expenditure approach 
Nominal GDP is the value of final goods and services - Answer-at ...
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ECO 2305 TTU EXAM PACKAGE DEAL WITH COMPLETE SOLUTIONS.
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ECO 2305 TTU EXAM PACKAGE DEAL WITH COMPLETE SOLUTIONS.
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ECO 2305 Exam 1 TTU (Questions & Answers) Rated 100% Correct!!
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Economists recognize that because people have limited resources: - Answer-They have to make 
trade-offs 
If all the world's resources were to magically increase one hundredfold, then: - Answer-People would 
still have to make trade-offs 
Chris has a one-hour break between classes every Wednesday. Chris can either stay at the library and 
study or go to the gym and work out. The decision Chris must make is: - Answer-An economic 
problem because Chris has only one hour, and engaging in one activi...
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TTU ECO 2305 Final Exam Review Questions and Answers(A+ Solution guide)
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"other things equal, when the price of a good rises, the quantity demanded of the good falls, and 
when the price falls, the quantity demanded rises" - this relationship between price and quantity 
demanded is referred to as - Answer-the law of demand 
a basic principle of economics is that a country's standard of living depends on its - Answer-ability to 
produce goods and services 
a bond that never matures is known as a - Answer-perpetuity 
a circular flow diagram is a model that - Answer-...
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