Econ 203 exam 1 - Study guides, Class notes & Summaries

Econ 203 Exam 1 Detailed Questions And Expert Answers 2024

Production Possibility CORRECT ANSWER a countries production capabilities modeled by the PPF PPF (Production Possibilities Frontier) CORRECT ANSWER -Line or curve that shows all possible combos of 2 outputs Points on PPF CORRECT ANSWER -points outside line are unattainable -points within are attainable but inefficient -points on line are attainable and efficient Opportunity Cost CORRECT ANSWER tradeoff between producing more of a good, or less of a good Opportunity Cost Formula COR...

Principles of Economics: People face trade-offs CORRECT ANSWER Have to make choices because of scarcity Scarcity CORRECT ANSWER A situation in which unlimited wants exceed the limited resources available to fulfill those wants Principles of Economics: The cost of something is what you give up to get it. CORRECT ANSWER Opportunity Costs Principles of Economics: Rational people think at the margin CORRECT ANSWER Weighs marginal costs and marginal benefits. (See Transactional Utility) T...

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 economic activity 7. governments can sometimes improve market outcomes 8. a country standard of living depends on its ability to produce goods and services 9. prices rise when government pri...

ECON 203 EXAM 1 TAMU QUESTIONS AND ANSWERS 2024

What is left out of official GDP measures? CORRECT ANSWER 1) Goods and services not exchanged in the markets 2) Underground economy - Cash, Not reported, Not Taxes (Legal and Illegal) 3) Environment (pollution affects the quality of life) 4) •Amount of leisure time affects the quality of life What causes an increase in nominal GDP? CORRECT ANSWER Growth in quantity and/or price GDP Deflator CORRECT ANSWER Measure of the overall change in prices in an economy using the ratio between ...

ECON 203 EXAM 1 TAMU QUESTIONS AND ANSWERS (100% PASS)

Econ 203 Exam 1 Equations Detailed Questions And Expert Answers 2024

ECON 203 (INTERMEDIATE MICRO ELECTRONICS I) SAMPLE FINAL EXAM 1 UNIVERSITY OF CONCORDIA.