ECON 212 ; PACKAGE DEAL || TESTS & EXAMS ; GUARANTEED PASS!!

Which of the following lies primarily within the realm of macroeconomics? correct answers a study of how tax cuts stimulate aggregate production In which of the following countries will the national government have the greatest influence with respect to the nation's economy? correct answers Cuba...

A consumer's willingness to pay reflects the correct answers minimum price at which an individual would buy a given good or service Consumers' willingness to pay for a good is used to derive the _____ for that good correct answers cost production Consumer surplus is represented by the area _...

The Study of how people, institutions, and society make economic choices under conditions of scarcity. correct answers economics The Value of the good, service, or time forgone to obtain something else. correct answers opportunity cost A viewpoint that envisions individuals and institutions ma...

1. Why do countries trade? What causes there to be benefits to trade? correct answers Trade makes everyone better off because consumptions is much higher when trade is involved. Causes- Absolute Advantage: producing a good using fewer inputs than another producer. If Each country has absolute advant...

Short Run correct answers a period of time when plant capacity and the number of firms in the industry cannot change. The Long Run correct answers a period of time long enough for firms to alter their plant capacity and for the number of firms in the industry to change. Elastic supplies are ve...

Economic Rent correct answers Payment of use of any resource above opportunity cost Disadvantage of Corporate form of business organization correct answers Double taxation Economic profit can be calculated as correct answers Total revenue-explicit costs-implicit cost In a partnership legal ...

Suppose that an economy is producing on its production possibilities curve but is not producing quantities of each good where the marginal benefit equals the marginal cost for each good. This economy . . . correct answers can improve its allocation by producing more of one good and less of the other...

Which of the following best describes scarce resources? correct answers Resources for which the quantity that people want exceeds the quantity that is freely available Which of the following statements is TRUE? correct answers Both life-saving drugs and ice cream are examples of scarce goods. ...

Total Revenue correct answers Price x Quantity consumer surplus correct answers difference between market price and what consumers are willing to pay producer surplus correct answers difference between market price and the price at which firms are willing to supply it Deadweight loss correc...

economics correct answers social science concerned with making optimal choices under conditions of scarcity -economics wants exceed productive capacity economic perspective correct answers features of WHAT: -scarcity and choice -purposeful behavior -marginal analysis scarcity and choice co...

utility correct answers measure of personal satisfaction util correct answers hypothetical unit of utility marginal utility correct answers good or service is the change in total utility generated by consuming one additional unit of that good or service marginal utility curve correct answer...

Economy of Communion correct answers breaking down divide between people on which economic exchanges are based Eucharist correct answers consumption means assimilation to a public body (christ), doesn't consume goods for private use Benevolence correct answers free suspension of self-interest...

GDP correct answers Gross Domestic Product- the total market value of all final goods and services produced annually in an economy GDP per capita correct answers The market value of all final goods and services produced within a country in a year divided by the population The growth rate of GD...

production possibilities frontier correct answers curve that graphs maximum attainable combinations of two given goods that an economy can produce with available resources and technology We can show economic inefficiency: correct answers with points inside the production possibilities frontier. ...