100% de satisfacción garantizada Inmediatamente disponible después del pago Tanto en línea como en PDF No estas atado a nada
logo-home
Buscado previamente por ti
Buscado previamente por ti
logo
FECN Fundamentals of Economics questions with correct answers $27.99   Añadir al carrito
Navegar rápidamente a
Vista previa
  2.  
  3. FECN Fundamentals Of Economics Questns With Corr
  4.  
  5. FECN Fundamentals of Economics questns with corr

Examen

FECN Fundamentals of Economics questions with correct answers

1 revisar
 12 vistas  0 veces vendidas
  • Grado
  • FECN Fundamentals of Economics questns with corr
  • Institución
  • FECN Fundamentals Of Economics Questns With Corr

Name | A graph that shows the combinations of two goods that the economy can produce given the available scarce resources and available technology is called a - ANSWproduction possibilities frontier The opportunity cost of an item is - ANSWwhatever must be given up to obtain the item. Economists ...

[Mostrar más]

Vista previa 2 fuera de 7  páginas

Información del documento

  • 7 de junio de 2024
  • 7
  • 2023/2024
  • Examen
  • Preguntas y respuestas

Temas

  • fecn fundamentals of economics questions with corr
  • fecn fundamentals of economics questions with cor
  • fecn fundamentals of economics questions with

Escuela, estudio y materia

  • FECN Fundamentals of Economics questns with corr
  • FECN Fundamentals of Economics questns with corr

1  revisar

review-writer-avatar

Por: WORLDNURSE • 3 meses hace

Vendedor

avatar-seller
doctorfirstbest

Comentarios recibidos

Vista previa del contenido

FECN Fundamentals of Economics questions with correct answers 1. Name | A graph that shows the combinations of two goods that the economy can produce given the available scarce resources and available technology is called a - ✔✔ ANSW✔✔ production possibilities frontier The opportunity cost of an item is - ✔✔ ANSW✔✔ whatever must be given up to obtain the item. Economists frequently say there' s no such thing as a free lunch. What do they mean by this? - ✔✔ ANSW✔✔ Even if someone literally offers you a free lunch, there is an PAGE 1 opportunity cost to the resources that are used to produce your free lunch When an economy does not fully use its factors of production, then it ends up at a location _____the production possibilities frontier. - ✔✔ ANSW✔✔ Outside As the income of consumers increases, the demand for pizza decreases. Pizza is called - ✔✔ ANSW✔✔ an inferior good Which of the following would lead to an increase in the current price of beef? Assume beef is a normal good. - ✔✔ ANSW✔✔ All of the above In words, what does it mean when an economic consultant states: Café Ana's elasticity of supply of fine meals is equal to +3? - ✔✔ ANSW✔✔ If the market pri ce increases by 1 percent, then Café Ana's quantity supplied of fine meals will increase by 3 percent. In words, what does it mean when an economic consultant states: Carl's income elasticity of chicken is equal to +2? - ✔✔ ANSW✔✔ If Carl's income increases by 1 percent, then his quantity demanded of chicken will increase by 2 percent. The profit maximizing rule states that a business maximizes profits when it produces where marginal revenue equals average variable cost. - ✔✔ ANSW✔✔ FALSE The four components of aggregate expenditure are - ✔✔ ANSW✔✔ Consumption, net exports, government spending and investment The negative movement from peak to trough of a business cycle is called _____because over this segment of the business cycle, real GDP is smaller than in the previous period. - ✔✔ ANSW✔✔ an economic contraction The measure of the economic value of all final goods and services sold inside the boundaries of the country, adjusted for changes in the price level, is called - ✔✔ ANSW✔✔ Real gross domestic product. The negative movement from peak to trough of a business cycle is called an economic contraction because over this segment of the business cycle real GDP is larger than the previous period. - ✔✔ ANSW✔✔ FALSE The measure of the cost of a ba sket of goods and services in any period relative to the cost of the same basket of goods and services of the base year is called - ✔✔ ANSW✔✔ The consumer price index Money demand increases when the Federal Reserve Bank decreases the desired reserve deposit ratio. - ✔✔ ANSW✔✔ TRUE Money demand decreases when the Federal Reserve Bank increases the Federal Reserve discount rate. - ✔✔ ANSW✔✔ TRUE A decrease in the value of money from one period to the next is called - ✔✔ ANSW✔✔ Inflation Money demand decreases whe n the Federal Reserve Bank buys back government bonds. - ✔✔ ANSW✔✔ FALSE What is some intrinsically valuable good that also serves as money? - ✔✔ ANSW✔✔ Commodity money A decrease in the value of money from one period to the next is called inflation. - ✔✔ ANS W✔✔ TRUE If the price level ___(1)___, the value of money ___(2)___. - ✔✔ ANSW✔✔ Increases, decreases An item that buyers give to sellers when they want to purchase goods and services is called - ✔✔ ANSW✔✔ Medium of exchange Misperceptions, sticky wages, and sticky prices are each theories that explain why in the short run the - ✔✔ ANSW✔✔ aggregate supply curve has a positive slope An inflationary gap occurs when an economy's - ✔✔ ANSW✔✔ real GDP is greater than its potential real GDP Suppose that the economy is in an inflationary gap. Which of the following public policies could help the

Los beneficios de comprar resúmenes en Stuvia estan en línea:

Garantiza la calidad de los comentarios

Garantiza la calidad de los comentarios

Compradores de Stuvia evaluaron más de 700.000 resúmenes. Así estas seguro que compras los mejores documentos!

Compra fácil y rápido

Compra fácil y rápido

Puedes pagar rápidamente y en una vez con iDeal, tarjeta de crédito o con tu crédito de Stuvia. Sin tener que hacerte miembro.

Enfócate en lo más importante

Enfócate en lo más importante

Tus compañeros escriben los resúmenes. Por eso tienes la seguridad que tienes un resumen actual y confiable. Así llegas a la conclusión rapidamente!

Preguntas frecuentes

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

100% de satisfacción garantizada: ¿Cómo funciona?

Nuestra garantía de satisfacción le asegura que siempre encontrará un documento de estudio a tu medida. Tu rellenas un formulario y nuestro equipo de atención al cliente se encarga del resto.

Who am I buying this summary from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller doctorfirstbest. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy this summary for $27.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

45,681 summaries were sold in the last 30 days

Founded in 2010, the go-to place to buy summaries for 14 years now

Empieza a vender
$27.99
  • (1)
  Añadir