Eco 2023 final exam - Study guides, Class notes & Summaries

eco 2023 final exam questions | with complete solution a combination of goods on a given PPF is - Both obtainable and Efficient For a normal good, if INCOME goes UP, what happens to supply? Demand? - Demand shifts right and the supply remains unchanged For an inferior good, if INCOME goes UP, what happens to supply? Demand? - Demand shifts left and the supply remains unchanged bananas and oranges are perfect substitutes. If the PRICE of bananas goes UP, what happens to the demand for or...

What is Economics? correct answers Econ is study of how we make choices (act of selecting alternatives) under scarcity (concept that there is less of a good freely available from nature than people would like) Scarcity correct answers Necessitated rationing (allocating scarce good to those who want them) in a market economy, price is used to ration goods & Leads to competitive behavior Resources correct answers Input used to produce econ good 1. Human Resources (human capital) 2. Physic...

ECO 2023 Final Exam Study Set Adam Smith believed that if people were free to pursue their own interests - public interest would be served quite well Andre, a wheat farmer, is deciding whether or not to add fertilizer to his crops. If he adds 1 pound of fertilizer per acre, the value of the resulting crops rises from $80 to $100 per acre. According to marginal analysis, Andre should add fertilizer if it costs less than - $20 per pund The expression, "There's no such thing as a free lunc...

Adam Smith believed that if people were free to pursue their own interests correct answers public interest would be served quite well Andre, a wheat farmer, is deciding whether or not to add fertilizer to his crops. If he adds 1 pound of fertilizer per acre, the value of the resulting crops rises from $80 to $100 per acre. According to marginal analysis, Andre should add fertilizer if it costs less than correct answers $20 per pund The expression, "There's no such thing as a free lunch,...

T/F: scarcity implies choice correct answers true what is the difference between positive and normative economics correct answers Positive economics states the world how it is, normative states how it should be. The production possibilities frontier proves that correct answers -tradeoffs exist -resources can either be used efficiently (wisely) or inefficiently (wastefully) What are the factors that matter when buying what you enjoy correct answers -Income -Taste and preference -Pric...

According to the basic economic decision rule, the economically efficient crime rate is correct answers the rate at which the additional benefits from a small decrease in the crime rate are just equal to the additional cost of crime prevention The relationship between two variables that are unrelated can be shown by _____. correct answers a vertical line The correlation between alcohol abuse and other risky behaviors has led many universities to adopt policies strictly regulating the consu...

Product Market correct answers Any place where finished goods and services are bought and sold Factor Market correct answers Any place where factors of production are bought and sold Law of Demand correct answers The quantity of a good demanded in a given time period increases as price falls Law of Supply correct answers The quantity of a good supplied in a given time period increases as its price increases Equilibrium Price correct answers The price at which the quantity of a good d...

ECO 2023 UNIT 3 CH 10, BE Homework 8 (1/2), Economics Exam, Econ 414 Final Chapter 14, Fin 321 Midterm 2, Macro Final Exam, Econ chapter 14 & 16, ManEcon - Chapter 14 quiz, quiz 4, ECON TEST 3, Managerial Economics Chapter 12 Test Bank, BE Homework 8 QUESTIONS AND CORRECT DETAILE ANSWERS

a combination of goods on a given PPF is correct answers Both obtainable and Efficient For a normal good, if INCOME goes UP, what happens to supply? Demand? correct answers Demand shifts right and the supply remains unchanged For an inferior good, if INCOME goes UP, what happens to supply? Demand? correct answers Demand shifts left and the supply remains unchanged bananas and oranges are perfect substitutes. If the PRICE of bananas goes UP, what happens to the demand for oranges? the Su...