Econ 101 exam 2 - Study guides, Class notes & Summaries

ECON 101 (ECON101) midterm exam Economics is the study of: A.increasing the level of productive resources so there is maximum output in society. B.increasing the level of productive resources so there is a minimum level of income. C.how people, institutions, and society make choices under conditions of scarcity. D.the efficient use of scarce resources paid for at the minimum level of cost to consumers and businesses. Answer Key: C Question 2 of 20 4.45 Points Which of the following is n...

History of Financial Planning - ANSWER-1960's - few stock brokers and insurance salesmen 1970's - industry went from stock and insurance sales to comprehensive financial plans 1971 - College of Financial Planning founded 1973 - first CFP's issued to 42 people 1990's - booming economy entrance of many traditional banks and brokerage houses into financial planning area Name different duties of a financial planner - ANSWER-- comprehensive financial plan - selecting overall asset alloc...

ECON 101 FINAL EXAM PRACTICE QUESTIONS | latest 2023/24 2. Suppose you are forced to take a pay cut of 5% when the economy is experiencing overall deflation of 5%. If in response to your pay cut you also reduce your consumption by 5%, then economists would say: A) the quantity theory of money held. B) you are exhibiting money illusion. C) you made a rational decision. D) your real wage decreased by 5%. - B 3. Continued long-run economic growth requires that economies: A) continue to i...

Econ 101: Exam 2 When the price goes down, the quantity demanded goes up. The price elasticity of demand measures: A) how much the price goes down. B) how much the equilibrium price goes up. C) the responsiveness of the price change to an income change. D) the responsiveness of the quantity change to the price change. - ANSWER D The price of gasoline rises 5% and the quantity of gasoline purchased falls 1%. The price elasticity of demand is equal to _____, and demand is described as ____...

When the price goes down, the quantity demanded goes up. The price elasticity of demand measures: A) how much the price goes down. B) how much the equilibrium price goes up. C) the responsiveness of the price change to an income change. D) the responsiveness of the quantity change to the price change. - ANSWER D The price of gasoline rises 5% and the quantity of gasoline purchased falls 1%. The price elasticity of demand is equal to _____, and demand is described as _____. A) 0.2; inelas...

Econ 101 - Chapter 2 Exam Questions with Verified Answers Latest Update (Already Passed) The principal printed source for reporting the U.S. National Income and Product Accounts is called the A) Monthly Labor Review. B) Survey of Current Business. C) Current Population Survey. D) GDP Statistical Review - Answers B) Survey of Current Business. The three approaches to measuring GDP are called the A) accounting approach, the income approach, and the expenditure approach. B) product...

Econ 101 Study guide for exam 1 ISU | questions and answers Economy - comes from the Greek word for "ones who manages a household" Economics - is the study of how society manages its scarce resources to produce valuable commodities and distribute them among different people. Scarcity - society has limited resources and therefore cannot produce all the goods and services people wish to have. How do people make decisions? - 1. People face trade offs. 2. The cost of something is ...

ECON 101 EXAM REVIEWS WITH CORRECT ANSWERS what is economics? - CORRECT ANSWER-study of how a society manages its scarce resourses resources - CORRECT ANSWER-input, factors of production economy's resources - CORRECT ANSWER-1. labor 2. capital 3. natural resources 4. entrepreneurial ability labor - CORRECT ANSWER-physical capital (machines, buildings, roads) capital - CORRECT ANSWER-human capital (education, knowledge) scarcity - CORRECT ANSWER-nobody can have everything they...

When the price goes down, the quantity demanded goes up. The price elasticity of demand measures: A) how much the price goes down. B) how much the equilibrium price goes up. C) the responsiveness of the price change to an income change. D) the responsiveness of the quantity change to the price change. - ANSWER D The price of gasoline rises 5% and the quantity of gasoline purchased falls 1%. The price elasticity of demand is equal to _____, and demand is described as _____. A) 0.2; inelas...