Econ 103 final - Study guides, Class notes & Summaries

ECON 103 FINAL EXAM QUESTIONS AND A Limited goods and services - ANSWER-Scarcity This type of economics deals with judgments about what the economy should be like. - ANSWER-Normative Economics "To obtain more of one thing, we have to forgo the next best option" - ANSWER-Opportunity Cost This type of economics deals with facts and cause-and-effects - ANSWER-Positive Economics Characteristics of a market economy - ANSWER-- Self-interest - Capitalism - Private Property Competiti...

ECON 103 Final Exam Questions and Answers 100% accurate! economic systems differ according to which two main characteristics - ANSWER-who owns the factors of production and the methods used to coordinate economic activity private property: - ANSWER-encourages owners to maintain or improve their property so as to preserve or enhance value the regulatory mechanism of the market system is: - ANSWER-competition which of the following characteristics is least unique to a market system? -...

ECON 1103 Final Exam Questions with 100% Correct Answers Absolute advantage - the comparison among producers of a good according to their productivity Aggregate-demand curve - a curve that shows the quantity of goods and services that households, firms, and the government want to buy at each price level Aggregate-supply curve - a curve that shows the quantity of goods and services that firms choose to produce and sell at each price level Appreciation - an increase in the value of a curr...

Gross Domestic Product (GDP) - ANSWER-the total dollar amount of all final goods and services produced in a country in one year Microeconomics - ANSWER-the branch of economics that studies the economy of consumers or households or individual firms Macroeconomics - ANSWER-the branch of economics that studies the overall working of a national economy - growth, unemployment, inflation Monetary Policy - ANSWER-economic policies conducted by the countries' central bank, which manipulates th...

Characteristics of a market economy - ANSWER-- Self-interest - Capitalism - Private Property Competitions requires what two things? - ANSWER-- Two or more buyers and sellers - The freedom to enter or leave markets Human-specialization is referred to as... - ANSWER-Division of Labor Characteristics of a Command Economy - ANSWER-- Socialism - Communism - Government owned resources A business owned and operated by a single individual is a... - ANSWER-Sole Proprietorship A busine...

which of the following characteristics is least unique to a market system? - ANSWER-the widespread use of money if competitive industry z is making substantial economic profit, output will: - ANSWER-expand in industry z as more resources will move to that industry from societys point of view, the economic function of profits and losses is to: - ANSWER-reallocate resources from less desired to more desired uses economic profits in an industry suggest the industry: - ANSWER-should be larg...

Econ 103 Test Questions and Answers 100% CorrectEcon 103 Test Questions and Answers 100% CorrectEcon 103 Test Questions and Answers 100% CorrectEcon 103 Test Questions and Answers 100% Correct 1. The field of macroeconomics studies ______ and microeconomics studies ______. A. variables within a single economy; international variables B. individual markets; economic aggregates C. international variables; variables within a single economy D. economic aggregates; individual markets - ANSW...

Econ 103: Exam 1 Study Guide with Complete SolutionsEcon 103: Exam 1 Study Guide with Complete SolutionsEcon 103: Exam 1 Study Guide with Complete SolutionsEcon 103: Exam 1 Study Guide with Complete Solutions it is reduced - ANSWER-when government spending, and lump sum taxes are reduced, what happens to GDP? automatic stabilizers - ANSWER-revenue and expenditure items in the federal budget that automatically change with the state of the economy in such a way as to stabilize the economy. ...

ECON 103- First Exam Questions and Answers 100% CorrectECON 103- First Exam Questions and Answers 100% CorrectECON 103- First Exam Questions and Answers 100% CorrectECON 103- First Exam Questions and Answers 100% Correct GDP is defined as - ANSWER-value of all final goods and services produced within a country in a given period of time Over time, people have come to rely more on market produced goods and services and less on goods and services they produce for themselves. For example, busy...

Econ 103 Test Questions and Answers 100% accurate! 1. The field of macroeconomics studies ______ and microeconomics studies ______. A. variables within a single economy; international variables B. individual markets; economic aggregates C. international variables; variables within a single economy D. economic aggregates; individual markets - ANSWER-D. Economic aggregates; individual markets 2. The most commonly used metric for measuring the value of a national economy is: A. gross ...