Econ 315 exam 1 - Study guides, Class notes & Summaries

ECON 315 - Exam 1 Questions And Answers With Verified Solutions How is the labor market different from the typical market for products? - Goods are sold in the market (typical) - Labor is rented in a market - Institutions exist to connect employers and employees - Information about quality and price are exchanged Non-Pecuniary Reasons to Pick a Job: - Salary - Location - Opportunity - Reputation Pecuniary Relating to money Numerous insititions and legislations influence the e...

Econ 315 Exam 1 Complete Questions And Answers Graded A+

Econ 315 Exam 1 Questions And Answers With Verified Solutions 2023 What are pecuniary factors? Factors related to money and compensation that influence workers decisions to take a job or not What are nonpecuniary factors? Factors not related to money that influence workers decisions to take a job or not Locations, commute time, growth opportunities, etc What is positive economics and what are the two assumptions? Positive economics can be tested "what is" economics" Assumption 1: ...

ECON 315 Exam 1 Review Complete Study Solutions Graded A+ 2023 List the five core principles of money and banking Time has value Risk requires compensation Information is the basis for decisions Markets determine prices and allocate resources Stability improves welfare List the six parts of the financial system Money Financial Instruments Financial Markets Financial Institutions Government Regulatory Agencies Central Banks Why has the financial system become more globally integr...

Econ 315 Exam 2 Complete Questions And Answers With Verified Solutions An increase in the wage rate when the substitution effect dominated will labor force participation and hours of work increase, increase Indifference curves drawn with leisure and income on the axes have negative slopes because people are willing to give up income to obtain more leisure and vice versa An increase in non labor income due to a rise in the value of stocks and bonds will cause a pure income effect If a ...

ECON 315-70 PRACTICE FINAL EXAM 2 KEY| 2022 UPDATE ECON 315-70 PRACTICE FINAL EXAM 2 KEY| 2022 UPDATE 1. You are given a total cost function as 100 + 10Q – 6Q2 + Q3. What is the minimum level of average variable cost, and thus the minimum price the firm needs to stay open? A. $1. B. $3 C. $5 D. $7 2. Should a firm shut down if its weekly revenue is $1, 000, its variable cost is $800, and its fixed cost is $1, 500? Why? The firm should A.shut down because revenue of $1 000 is l...

ECON 315-70 PRACTICE FINAL EXAM 2 KEY| 2022 UPDATE ECON 315-70 PRACTICE FINAL EXAM 2 KEY| 2022 UPDATE 1. You are given a total cost function as 100 + 10Q – 6Q2 + Q3. What is the minimum level of average variable cost, and thus the minimum price the firm needs to stay open? A. $1. B. $3 C. $5 D. $7 2. Should a firm shut down if its weekly revenue is $1, 000, its variable cost is $800, and its fixed cost is $1, 500? Why? The firm should A.shut down because revenue of $1 000 is l...