True or False: Majority voting on whether a public good should be produced could lead to a result where a public good whose cost are bigger than the benefits would end up getting approved by the voters. Correct Answer-True
Understand diminishing marginal utility Correct Answer-The benefit/value ...
Econ 202 Carlisle Exam 1 (Chapters 1-5) Questions
with Correct Answers
True or False: Majority voting on whether a public good should be
produced could lead to a result where a public good whose cost are
bigger than the benefits would end up getting approved by the voters.
Correct Answer-True
Understand diminishing marginal utility Correct Answer-The
benefit/value of a good or service decreases with each additional unit
bought
Understand diminishing returns Correct Answer-The principle that as
successive increments of a variable resource are added to a fixed
resource, the marginal product of the variable resource will eventually
decrease
The law of demand states that, other things equal, ..... Correct Answer-
As price increases, the demand decreases
Understand production possibilities curves Correct Answer-
A.Downward slope/curve
I.Reflects the law of increasing opportunity costs
B.The opportunity cost of each additional unit is greater than the
opportunity cost of the preceding one -different combinations of two
goods or services that can be produced in a full employment, full
production economy
, Definition of monetary policy to recognize an example of it Correct
Answer-A central bank's changing of the money supply to influence
interest rates and assist the economy in achieving price level stability
full employment, and economic growth
The government of Southland wants to improve resource allocation in
the country. Which of the following actions by the Southland
government is most likely to accomplish this?
a. weakening enforcement of laws and contracts
b.coercing all firms to innovate and invest
c.taxing polluters and subsidizing firms that are creating significant
positive externalities
d.promising to cover every risk of loss for private firms Correct Answer-
C. .taxing polluters and subsidizing firms that are creating significant
positive externalities
How do self-interest and the invisible hand work together in a
competitive market economy. Read and understand generally. Correct
Answer--unity of private and social interest -Efficiency -incentives -
freedom
Los beneficios de comprar resúmenes en Stuvia estan en línea:
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
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
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 cracker. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for $13.99. You're not tied to anything after your purchase.
