Econ 101 exam - Study guides, Class notes & Summaries

Econ 101 - Final Exam 2023 GRADED A LATEST VERSION 2OO QUESTIONS AND ANSWERS

ECON 101 FINAL EXAM SUMMER 2024 VERIFIED QUESTIONS AND ANSWERS GRADED A+(GUARANTEED PASS )

Econ 101 Final Exam 104 QUESTIONS AND ANSWERS GRADED A LATEST VERSION In a competitive market, excess demand for a good exists whenever....? a. resources are scarce b. the current price is below the equilibrium price c. the current price is above the equilibrium price d. sellers are subject to the constraints imposed by input prices and technology e. the quantity supplied at the current price exceeds the quantity demanded - CORRECT ANSWERS b. the current price is below the equilibr...

Econ 101 - Final Exam 2023 GRADED A LATEST VERSION 2OO QUESTIONS AND ANSWERS Which of the following statements correctly identifies a reason why low inflation can have a positive benefit to the economy? A) Inflation increases consumer demand which is necessary for combating slowdowns. B) Inflation increases consumer confidence, which is an absolute necessity to counteract business cycles. C)Inflation reduces money costs and hence stimulates an economy during slowdowns. D) Infla...

Final Exam Econ 101 2023

Final Exam Econ 101 2023 What behavior does the phenomenon known as comparative advantage encourage? specialization in production The government has been trying to encourage the use of fuel-efficient cars. One way it does this is by allowing fuel-efficient cars to use a separate highway lane. This separate lane encourages people to use fuel-efficient cars because those who place a high value on their scarce time may be encouraged to buy a fuel-efficient car to take advantage of the sep...

Econ 101 - Final Exam 2023 GRADED A LATEST VERSION 2OO QUESTIONS AND ANSWERS Which of the following statements correctly identifies a reason why low inflation can have a positive benefit to the economy? A) Inflation increases consumer demand which is necessary for combating slowdowns. B) Inflation increases consumer confidence, which is an absolute necessity to counteract business cycles. C)Inflation reduces money costs and hence stimulates an economy during slowdowns. D) Infla...

ECON 101 EXAM PRACTICE QUESTIONS AND ANSWERS Economic Benefit - CORRECT ANSWER-value of something that provides "utility" (utility-derive from clean air, wilderness and wildlife, from recreation--- Positive, monetary effects local businesses have on a community. Economic Cost - CORRECT ANSWER-The value of all resources used to produce a good or service; opportunity cost Marginal benefit - CORRECT ANSWER-= additional benefit (change in total benefits) from an additional unit of t...

Econ 101 umich Exam 1 Questions & Answers 2023/2024 Positive Economics - ANSWER-What is Normative Economics - ANSWER-What ought to be 4 Keys of Good Decision-Making - ANSWER-1) Cost-benefit 2) Opportunity cost 3) Marginal principle 4) Connectedness principle Cost-benefit - ANSWER-evaluate full set of cost and benefits, then pursue benefit that is at least as large as the cost Consumer Surplus - ANSWER-difference between willingness to pay and the price Producer Surplus - A...

Final Exam Econ 101 2023 What behavior does the phenomenon known as comparative advantage encourage? specialization in production The government has been trying to encourage the use of fuel-efficient cars. One way it does this is by allowing fuel-efficient cars to use a separate highway lane. This separate lane encourages people to use fuel-efficient cars because those who place a high value on their scarce time may be encouraged to buy a fuel-efficient car to take advantage of the sep...