Econ 252 Study guides, Class notes & Summaries

Purdue ECON 252 Exam 2 Questions with 100% Correct Answers | Verified | Latest Update 2024 | 100% Pass| Rated A+ capital accumulation - the growth of capital resources, including human capital. when a country saves more, this grows faster. aggregate investment - savings rate x GDP political creative destruction - the process in which economic growth destabilizes existing regimes and reduces the political power of rulers. creative destruction - refers to the process by which new technologies ...

Purdue ECON 252 Exam 2 Latest Update Graded A capital accumulation the growth of capital resources, including human capital. when a country saves more, this grows faster. aggregate investment savings rate x GDP political creative destruction the process in which economic growth destabilizes existing regimes and reduces the political power of rulers. creative destruction refers to the process by which new technologies replace old ones, new businesses replace established companies, and new skil...

QUESTIONS AND ANSWERS

Econ 252 Exam Questions With Correct Answers | 100% VERIFIED Statements that claim to describe the way things are: - ANSWER- are positive statements can be tested for accuracy Both B and C above In determining how to use their resources, resource owners are motivated by: - ANSWER- self-interest Produced goods that are used in the production of other goods are: - ANSWER- capital The basic goal in dealing with the problem of scarcity is: - ANSWER- to produce as much consumer satisfacti...

capital accumulation - the growth of capital resources, including human capital. when a country saves more, this grows faster. aggregate investment - savings rate x GDP political creative destruction - the process in which economic growth destabilizes existing regimes and reduces the political power of rulers. creative destruction - refers to the process by which new technologies replace old ones, new businesses replace established companies, and new skills make old ones redundant. rev...

QUESTIONS AND ANSWERS

world price the price of a good that prevails in the world market for that good tariff a tax on goods produced abroad and sold domestically internalizing the externality altering incentives so that people take account of the external effects of their actions externality the uncompensated impact of one person's actions on the well-being of a bystander Coase theorem the proposition that if private parties can bargain without cost over the allocation of resources, ...

Econ 252 Exam Questions With Correct Answers | 100% VERIFIED Statements that claim to describe the way things are: - ANSWER- are positive statements can be tested for accuracy Both B and C above In determining how to use their resources, resource owners are motivated by: - ANSWER- self-interest Produced goods that are used in the production of other goods are: - ANSWER- capital The basic goal in dealing with the problem of scarcity is: - ANSWER- to produce as much consumer satisfacti...

Econ 252 Exam Questions With Correct Answers | 100% VERIFIED Statements that claim to describe the way things are: - ANSWER- are positive statements can be tested for accuracy Both B and C above In determining how to use their resources, resource owners are motivated by: - ANSWER- self-interest Produced goods that are used in the production of other goods are: - ANSWER- capital The basic goal in dealing with the problem of scarcity is: - ANSWER- to produce as much consumer satisfacti...

The definition of economics states that it is the study of how _________. A. agents choose to allocate scarce resources and the impact of those choices on society. B. money influences the economy in the short run and the long run. C. businesses make decisions and how those decisions impact other firms, the government, and consumers. D. the government determines policies, businesses set prices, and consumers choose how much to buy. - A. agents choose to allocate scarce resources and ...