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Econ 101 Final Exam 1 And Guaranteed Pass Solutions.
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scarcity - Answer A situation in which unlimited wants exceed the limited resources available to fulfill those wants opportunity cost - Answer what you had to give up to make that choice or obtain that item marginal analysis - Answer the study of the costs and benefits of doing a little bit m...

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  • 9 de octubre de 2024
  • 7
  • 2024/2025
  • Examen
  • Preguntas y respuestas

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  • scarcity

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  • Econ 101
  • Econ 101

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Econ 101 Final Exam 1 And Guaranteed
Pass Solutions.

scarcity - Answer A situation in which unlimited wants exceed the limited resources available to fulfill
those wants



opportunity cost - Answer what you had to give up to make that choice or obtain that item



marginal analysis - Answer the study of the costs and benefits of doing a little bit more of an activity
versus a little bit less



incentives - Answer idea that people will take advantage of opportunities to make themselves better off



underlies almost all economic models



gains from trade - Answer people can get more of what they want through trade than they could if they
tried to be self-sufficient



equilibrium - Answer economic outcome is efficient if it full exploits all opportunities to make everyone
better off



does NOT equal equity



market interventions - Answer markets don't always deliver efficient outcomes (market failure)

Government's role is to address market failures



productive efficiency - Answer no more of any good could be produced without reducing production of
another good

, allocative efficiency - Answer goods are allocated to consumers in a way that makes them as well off as
possible (to consumers who want them most)



absolute advantage - Answer an individual, firm, or country, has a __________ if she can do it better
than other individuals, firms, or countries



comparative advantage - Answer an individual, firm, or country, has a _________ if her opportunity cost
of producing a good is lower than that of other individuals, firms, or countries



terms of trade - Answer neither party will accept a trade in which the price of a good is greater than her
opportunity cost



international trade - Answer two countries can benefit from trade even if one of them has an absolute
advantage in producing every good



to achieve gains from trade, countries will specialize in producing the goods or services for which they
have a comparative advantage



positive economics - Answer describes the way the economy actually works



have correct answers



normative economics - Answer makes policy prescriptions about the way the economy should work



involves judgements



buyers make up - Answer demand side



sellers make up - Answer supply side

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