Econ 210 - Study guides, Class notes & Summaries

Define elasticity: Correct Answer-A dimensionless measure of sensitivity or responsiveness. EX: How responsive is the quantity of oil demanded to a change in the price of oil? Define the price elasticity of demand: Correct Answer-A measure of the responsiveness of quantity demanded to a change in price. More responsive equals more elastic. Price elasticity of demand = percentage change in quantity demanded / percentage change in price. Define the price elasticity of supply: Correct Answ...

Understand Andrew Jackson's economic policies, Specie Circular, Deposit Act, the Bank Wars, and the international events pertaining to the American economy from . Did Jackson decision not to renew the Second bank of U.S., for example, lead to the inflation of the early 1830's? Role of International Events correct answers Specie Circular was an executive order issued by Andrew Jackson that required the payment for the purchase of public lands be made exclusively in gold and silver. This was...

ECON 2100- Final Exam questions and answers.

Define GDP Gross Domestic Product; The market value of all final goods and services produced within a nation during a specific period of time—typically a year What does GDP measure? overall health of an economy; primary measure to gauge nation's output and income What information about the economy does GDP provide? standard of living, economic growth, business cycles Measuring standard of living from GDP -generally nations with highest GDP have greatest standards of living - total...

Economics can be defined as the study of correct answers How scarce resources are allocated. Opportunity cost may be defined as the correct answers Goods or services that are forgone in order to obtain something else. The opportunity cost of studying for an economics test is correct answers The activity that is best alternative use of your time. Which of the following is an assumption under which the production possibilities curve is drawn? correct answers The supply of resources is fix...

ECON 2105- FINAL EXAM LATEST 2024 QUESTIONS WITH COMPLETE ANSWERS!!

ECON 2100 FINAL TEST WITH VERIFIED SOLUTIONS 2025.

econ 2100 gsu final questions and answers

MODULE 1 - GRADED QUIZ_ CHAPTERS 1 & 2_ ECON 210 MICROECONOMICS Due Oct 20 at 11:59pm Points 100 Questions 25 Time Limit 60 Minutes Allowed Attempts 2 Instructions Graded Quiz Before the end of the module week, take the module quiz. The purpose of the quiz is to assess your mastery of the knowledge and skills presented in your assigned textbook readings. To prepare for the graded quiz, take the Module 1 - Practice Quiz: Chapters 1 & 2. Time Limit: The quiz contains 25 multip...

Economists often treat the economy's capital stock as fixed because Select one: a. unless the interest rate changes, the capital stock doesn't change. b. labour is a more important factor of production than capital, so economists ignore capital. c. there is very little capital in the economy compared to the amount of labour. d. it takes a long time for new investment and the scrapping of old capital to affect the overall quantity of capital.d. it takes a long time for new investment and...