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People face trade-offs correct answers (principle 1 of economics) To get one thing, you have to give up something else. Making decision requires trading off one goal against another. efficiency correct answers the property of a resource allocation of maximizing the total surplus received by all m...
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Ajouter au panierPeople face trade-offs correct answers (principle 1 of economics) To get one thing, you have to give up something else. Making decision requires trading off one goal against another. efficiency correct answers the property of a resource allocation of maximizing the total surplus received by all m...
Hypothesis Test correct answers 1) form alternative and state null 2)calculate test stat 3)find rejection region's critical value or p value 4)make decision based on where test statistic falls (within or not within rejection region) (p value higher than alpha= DNR p value lower than alpha=R) ...
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Ajouter au panierHypothesis Test correct answers 1) form alternative and state null 2)calculate test stat 3)find rejection region's critical value or p value 4)make decision based on where test statistic falls (within or not within rejection region) (p value higher than alpha= DNR p value lower than alpha=R) ...
What does the amount of money you hold in your wallet include? correct answers currency (the bills and coins in your wallet) and demand deposits (the balance in your checking account) Who influences the quantity of demand deposits and money supply? correct answers Banks influence the quantity of ...
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Ajouter au panierWhat does the amount of money you hold in your wallet include? correct answers currency (the bills and coins in your wallet) and demand deposits (the balance in your checking account) Who influences the quantity of demand deposits and money supply? correct answers Banks influence the quantity of ...
Fiscal policy correct answers Government decisions about the level of taxation or government spending AD= correct answers C+I+G+NX Government can affect AD by correct answers - changing G - changing taxes an increase in government spending shifts AD.... a decrease in government spending...
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Ajouter au panierFiscal policy correct answers Government decisions about the level of taxation or government spending AD= correct answers C+I+G+NX Government can affect AD by correct answers - changing G - changing taxes an increase in government spending shifts AD.... a decrease in government spending...
What are 3 gains from society when countries decide to specialize? correct answers -specialization and trade -more resources -Improvements in technology/productivity True or False: Every country have comparative advantage in something. correct answers True What are 2 gains when two countries...
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Ajouter au panierWhat are 3 gains from society when countries decide to specialize? correct answers -specialization and trade -more resources -Improvements in technology/productivity True or False: Every country have comparative advantage in something. correct answers True What are 2 gains when two countries...
1) If the MPC is 0.95, then a $10 million increase in disposable income will: A) increase consumption by $200 million. B) increase consumption by $9.5 million. C) decrease consumption by $105 million D) increase consumption by $950 million. correct answers B) increase consumption by $9.5 million...
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Ajouter au panier1) If the MPC is 0.95, then a $10 million increase in disposable income will: A) increase consumption by $200 million. B) increase consumption by $9.5 million. C) decrease consumption by $105 million D) increase consumption by $950 million. correct answers B) increase consumption by $9.5 million...
10 principles of economics consist of correct answers 1. people face tradeoffs 2. the cost of something is what you give up to get it 3. rational people think at the margin 4. people respond to incentives 5. trade makes everyone better off 6. markets are usually a good way to organize...
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Ajouter au panier10 principles of economics consist of correct answers 1. people face tradeoffs 2. the cost of something is what you give up to get it 3. rational people think at the margin 4. people respond to incentives 5. trade makes everyone better off 6. markets are usually a good way to organize...
The Federal Reserve correct answers in charge of monetary policy in U.S., adjusts the money supply to help achieve its monetary policy goals Monetary correct answers increasing and decreasing amount of money in the economy Monetary Policy Goals correct answers e prices (low inflation) and maxi...
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Ajouter au panierThe Federal Reserve correct answers in charge of monetary policy in U.S., adjusts the money supply to help achieve its monetary policy goals Monetary correct answers increasing and decreasing amount of money in the economy Monetary Policy Goals correct answers e prices (low inflation) and maxi...
What is a financial market? correct answers a market in which people trade future claims on funds or goods (ex: a loan, stocks, insurance) Examples of "future claims": correct answers 1.) Loan: the bank gives you money now in return for repayment in the future 2.) Stocks: buying a company stoc...
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Ajouter au panierWhat is a financial market? correct answers a market in which people trade future claims on funds or goods (ex: a loan, stocks, insurance) Examples of "future claims": correct answers 1.) Loan: the bank gives you money now in return for repayment in the future 2.) Stocks: buying a company stoc...
Multiplier effect correct answers The increase in consumer spending that occurs when spending by one person causes others to spend more too Disposable income correct answers Income left after paying taxes -consumption is based on the amount of disposable income -people usually consume part of t...
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Ajouter au panierMultiplier effect correct answers The increase in consumer spending that occurs when spending by one person causes others to spend more too Disposable income correct answers Income left after paying taxes -consumption is based on the amount of disposable income -people usually consume part of t...
What is Macroeconomics?* correct answers Macroeconomics is the study of aggregate behavior, including, unemployment, inflation, recessions, and other economy wide phenomenon. What is the difference between microeconomics and macroeconomics?* correct answers Macroeconomics = the study of aggregate...
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Ajouter au panierWhat is Macroeconomics?* correct answers Macroeconomics is the study of aggregate behavior, including, unemployment, inflation, recessions, and other economy wide phenomenon. What is the difference between microeconomics and macroeconomics?* correct answers Macroeconomics = the study of aggregate...
Elastic Demand correct answers Change in price (%) causes a relatively large change in the quantity demanded (%) Quantity changes faster than price Total revenue increases when price decreases, consumers are more responsive to change >1.0 is elastic Inelastic Demand correct answers Ch...
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Ajouter au panierElastic Demand correct answers Change in price (%) causes a relatively large change in the quantity demanded (%) Quantity changes faster than price Total revenue increases when price decreases, consumers are more responsive to change >1.0 is elastic Inelastic Demand correct answers Ch...
Macroeconomists study? correct answers Economy Wide phenomena Which of the following statistics is the best single measure of an economy's well being? correct answers GDP The 3 main concerns of Macro are? correct answers Inflation, Unemployment and output growth According to the Classical ...
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Ajouter au panierMacroeconomists study? correct answers Economy Wide phenomena Which of the following statistics is the best single measure of an economy's well being? correct answers GDP The 3 main concerns of Macro are? correct answers Inflation, Unemployment and output growth According to the Classical ...
unemployment correct answers the proportion of the labor force actively seeking work but unable to find jobs labor force correct answers the number of people aged 16 and older who are available for employment frictional unemployment correct answers the unemployment that results from workers se...
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Ajouter au panierunemployment correct answers the proportion of the labor force actively seeking work but unable to find jobs labor force correct answers the number of people aged 16 and older who are available for employment frictional unemployment correct answers the unemployment that results from workers se...
Which of he following about the Chi-squared distribution is FALSE a. We use the Chi-squared distribution to perform a test on variance. b. The Chi-squared is not symmetrical. c. Only positive Chi-squared values are possible. d. The Chi-squared distribution is asymptotic to the horizontal axis ...
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Ajouter au panierWhich of he following about the Chi-squared distribution is FALSE a. We use the Chi-squared distribution to perform a test on variance. b. The Chi-squared is not symmetrical. c. Only positive Chi-squared values are possible. d. The Chi-squared distribution is asymptotic to the horizontal axis ...
What three things do you look at to determine living standards? correct answers 1. GDP 2. Life Expectancy 3. Literacy Rate There is a high correlation between living standards and ... correct answers GDP Per Capita Who is Oliver Blanchard. What did he say about the financial crisis and recov...
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Ajouter au panierWhat three things do you look at to determine living standards? correct answers 1. GDP 2. Life Expectancy 3. Literacy Rate There is a high correlation between living standards and ... correct answers GDP Per Capita Who is Oliver Blanchard. What did he say about the financial crisis and recov...
The Overriding reason as to why households and societies face many decisions is that A. Resources are scarce B. Goods and services are not scarce C. Incomes fluctuate with business cycles D. People, by nature, tend to disagree correct answers A. Resources are scarce Economics is the study ...
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Ajouter au panierThe Overriding reason as to why households and societies face many decisions is that A. Resources are scarce B. Goods and services are not scarce C. Incomes fluctuate with business cycles D. People, by nature, tend to disagree correct answers A. Resources are scarce Economics is the study ...
Macroeconomics correct answers The branch of economics that studies the economy as a whole 1) Slowing/rising production in the economy 2) Rising/falling unemployment in the economy 3) Inflation/Deflation in the economy correct answers Macroeconomics examines the causes and consequences of: ...
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Ajouter au panierMacroeconomics correct answers The branch of economics that studies the economy as a whole 1) Slowing/rising production in the economy 2) Rising/falling unemployment in the economy 3) Inflation/Deflation in the economy correct answers Macroeconomics examines the causes and consequences of: ...
Society's Goal correct answers To produce an optimal mix of output Optimal mix of output correct answers the most desirable combination of output attainable using existing resources, technology, and social values. Market Failure correct answers an imperfection in the market mechanism that pre...
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Ajouter au panierSociety's Goal correct answers To produce an optimal mix of output Optimal mix of output correct answers the most desirable combination of output attainable using existing resources, technology, and social values. Market Failure correct answers an imperfection in the market mechanism that pre...
Liquidity correct answers the ease with which an asset can be converted into the economy's medium of exchange Commodity Money correct answers money that takes the form of a commodity WITH intrinsic value (has value even if it were not used as money) - ex: gold M1 = correct answers - currency...
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Ajouter au panierLiquidity correct answers the ease with which an asset can be converted into the economy's medium of exchange Commodity Money correct answers money that takes the form of a commodity WITH intrinsic value (has value even if it were not used as money) - ex: gold M1 = correct answers - currency...
Explain in simple words what do "sticky prices" mean. correct answers Some prices, like wages and long term contracts, cannot adjust right away when the conditions in the economy change. Since prices cannot react, that means that the self-adjustment mechanism that we studied in the past will be in...
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Ajouter au panierExplain in simple words what do "sticky prices" mean. correct answers Some prices, like wages and long term contracts, cannot adjust right away when the conditions in the economy change. Since prices cannot react, that means that the self-adjustment mechanism that we studied in the past will be in...
Normal Profit correct answers The opportunity cost of capital -equivalent to an implicit cost -it is earned if economic profit is zero, which, maybe surprisingly, is the typical case. Market Structure correct answers -the number and relative size of firms in an industry Perfect competition c...
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Ajouter au panierNormal Profit correct answers The opportunity cost of capital -equivalent to an implicit cost -it is earned if economic profit is zero, which, maybe surprisingly, is the typical case. Market Structure correct answers -the number and relative size of firms in an industry Perfect competition c...
Economics is the study of... correct answers -individual decision making -organization/allocation of resources -strategic interaction material prosperity and development/growth (wealth,GDP) Economic issues of market interactions and allocations correct answers -how should people decide what an...
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Ajouter au panierEconomics is the study of... correct answers -individual decision making -organization/allocation of resources -strategic interaction material prosperity and development/growth (wealth,GDP) Economic issues of market interactions and allocations correct answers -how should people decide what an...
Expansion remains slow The Commerce Department reported that retail sales increased 1.3 percent in June. Net exports were up 0.8 percent in the first quarter and inventories held by businesses rose by 0.3 percent in June. Total sales by businesses rose 0.3 percent. What is the effect of the rise...
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Ajouter au panierExpansion remains slow The Commerce Department reported that retail sales increased 1.3 percent in June. Net exports were up 0.8 percent in the first quarter and inventories held by businesses rose by 0.3 percent in June. Total sales by businesses rose 0.3 percent. What is the effect of the rise...
______ is/are the market value of final goods and services produced within a country during a given period of time. correct answers GDP Suppose that the total production of an economy consists of 10 oranges and 5 candy bars, each orange sells for $0.20, and each candy bar sells for $1.00. What is...
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Ajouter au panier______ is/are the market value of final goods and services produced within a country during a given period of time. correct answers GDP Suppose that the total production of an economy consists of 10 oranges and 5 candy bars, each orange sells for $0.20, and each candy bar sells for $1.00. What is...
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