Econ 10 - Study guides, Class notes & Summaries

ECON 101-ECON Principles of Microeconomics final exam questions and answers Iowa State University The price of gold increased. The following is likely to happen on the gold market -the demand for gold will increase now and supply of gold will decrease now -the demand for gold will decrease now and supply of gold will increase now -both supply and demand now will decrease -both demand and supply now will increase -neither supply nor demand will shift - >>>>neither supply no...

SFU ECON 103 SAMPLE MIDTERM 1 QUESTIONS AND ANSWERS COMPLETE 2024 PREP SIMON FRASER UNIVERSITY Sample Midterm 1 Answers Unless told otherwise, assume throughout that demand curves slope downwards and supply curves slope upwards. 1. Which of the following statements about opportunity cost is TRUE? I. Opportunity cost is equal to implicit costs plus explicit costs. II. Opportunity cost only measures direct monetary costs. III. Opportunity cost accounts for alternative uses of resou...

ECON 101 Final Exam 2024 Questions and Answers Solved 100%;AMU Attempt 1 of 1 Written Apr 26, 2024 11:26 AM - Apr 26, 2024 11:37 AM Attempt Score 100 / 100 - 100 % Overall Grade (Highest Attempt) 100 / 100 - 100 % Question 1 6 / 6 points The representative firm in a purely competitive industry: Will always earn a profit in the short run May earn either an economic profit or a loss in the long run Will always earn an economic profit in the long run Will earn ...

What is an example of creative destruction? iPhone replacing old flip phones Changes in federal funds rate influences interest rates on car loans, mortgages and student loans (T or F) True In order to grow quickly, China concentrated spending in which piece of GDP? Investment What would be the best explanation for an economy with inflation and falling spending? Rising oil prices (SRAS shifts left) What will happen to the natural rate of unemployment if a new phone app were to speed up th...

QUESTIONS AND ANSWERS

PSU Econ 104 Final Exam – Brown (Graded A+) If the required reserve ration is 20%, the simple deposit multiplier is _______ A. 2 B. 5 C. 10 D. 20 -Answer-B. 5 1/.2 = 5 Imagine that Kristy deposits $10,000 of currency into her checking account deposit at Bank A and the reserve ratio is 20%. As a result of Kristy's deposit, Bank A's reserves immediately increase by: A. $2,000 B. $8,000 C. $ 10,000 D. $50,000 -Answer-C. $10,000 This is how much money she puts in the bank. Imagine...

ECON 101 Week 1 Quiz Winter 2024 Already passed;AMU Question 1 10 / 10 points The branch of economics that examines the impact of choices on aggregates in the economy is: positive economics. normative economics. macroeconomics. microeconomics. Question 2 10 / 10 points When we are forced to make choices we are facing the concept of: ceteris paribus. free goods. scarcity. the margin. Question 310 / 10 points An economic system is the set of rules that define a...

_____________ is calculated by taking the quantity of everything that is sold and multiplying it by the sale price. A. Total revenue B. Total profits C. Average profit margin D. Total cost - Answer-A. Total revenue A __________________ exists when the quantity demanded in the market is less than the quantity at the bottom of the long-run average cost curve. A. natural monopoly B. monopoly C. oligopoly D. monopolistic competition - Answer-A. natural monopoly A change in which of the f...

ECON 101 Week 2 Quiz Winter 2024 Already passed;AMU Question 1 10 / 10 points A shift of a demand curve to the right, all other things unchanged, will: . decrease equilibrium price and quantity. decrease quantity and increase price. increase quantity and decrease price. Question 2 10 / 10 points If the current price is above the equilibrium price, we would expect: quantity demanded to exceed quantity supplied. upward pressure on price. no change in the mar...

ECON 101 Week 6 Quiz Winter 2024 Already passed;AMU Question 1 10 / 10 points Perfect competition is characterized by: rivalry in advertising. fierce quality competition. the inability of any one firm to influence price. widely recognized brands. Question 2 10 / 10 points An industry that contains a firm that is the only producer of a good or service for which there are no close substitutes and for which entry by potential rivals is prohibitively difficult is: a duopo...