Eco 201 - Study guides, Class notes & Summaries

ECO 201 UPDATED Exam Questions and CORRECT Answers Economics is best defined as the study of - Ans how society manages its scarce resources. Your opportunity cost of going to a movie is - Ans the total cash expenditure needed to go to the movie plus the value of your time. A marginal change is one that - Ans incrementally alters an existing plan.

ECO 201 - Exam 3 Review Questions And Answers sales tax tax on seller (we often times end up paying it but it is the businesses on whom that tax falls) two types of sales tax ad valorem and per unit B example of per unit sales tax gasoline (a tax per gallon) adding tax (inc or dec) the cost of the producer? increases what parts of graph are sales tax revenue? B + D what group is affected by sales tax? loss of welfare is on producers AND consumers tax revenue are made up of b...

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ECO 201 PASSED Exam Questions and CORRECT Answers economics - Ans a social science that studies the choices that individuals, businesses, governments, and entire societies make as they cope with SCARCITY & the incentives The big economic questions - Ans what, how, and for whom? choices are based off of _______ - Ans self interest social interest - Ans choices that are best for society as a WHOLE efficiency & social interest - Ans resource use is efficient if it is not possible to make s...

ECO 201 Miami University Exam 3 Questions And Answers accounting total cost - ANS explicit costs only economic total cost - ANS accounting total cost + implicit costs economic total cost is opportunity cost accounting profit = - ANS total revenue - accounting total costs economic profit = - ANS total revenue - economic total costs when economic profit = 0 - ANS normal economic profit; means that the firm is doing as well as it could in it's next best alt...