Shift of demand curve - Study guides, Class notes & Summaries

normative statement an opinion that cannot be confirmed by referencing facts positive statement a statement that can be proved by referencing facts why are economic models used? theories cannot be tested in a controlled environment the basic economic problem scarcity - consumer wants are always greater than available resources opportunity cost the next best alternative foregone factors of production resources used by a firm in production list and define the factors of production lab...

Econ 101 Final Exam Brent Kreider| with full latest solution What is the difference between a positive and normative statement? - A positive statement is based on facts and a normative statement is an opinion. If I have to drop out of college, it will cost me all of the tuition I have paid and the income I could have earned during those years while I was in college. True or false. - False because income should be considered a sunk cost and therefore not relevant to the question. Tonight I...

Final Exams ECON 1580 Introduction to Economics Question 1 If the price of chocolate-covered peanuts increases and the demand for strawberry licorice twists increases, this indicates that these two goods are: a. unrelated goods. b. superior goods. c. inferior goods. d. substitute goods. Question 2 A decrease in the demand facing a monopoly firm would _______ quantity and _______ price. The demand is inelastic. a. increase; increase b. increase; decrease c. decrease; increase d. decrease; decreas...

BSNS 113 Final Exam Revision Questions And Correct Answers. Perfect Solution For Your Exam Preparation. "Economy-wide phenomena including inflation, unemployment and economic growth" is what type of economics? Macroeconomics "The study of how house holds and firms make decisions and how they interact in markets" is what type of economics? Microeconomics What is Positive Analysis? A statement describing how something is What is Normative Analysis? A statement describing how somethin...

UNIQUE NUMBER: PREVIEW OF QUESTION 1 1. 1 Reference: Prescribed book PG 361 The inverse relationship between the price level and the quantity of aggregate output demanded by households, firms, the government, and the rest of the world 1. 1 Reference: Prescribed book PG 361 The inverse relationship between the price level and the quantity of aggregate output demanded by households, firms, the government, and the rest of the world 2. 1 Reference: Prescribed book PG 362 If a fall...

_____________ 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...

Chapter 01 The Economic Problem     
Multiple Choice Questions
  1. What do economists mean when they say that the economy faces scarcity? 
A. There are fewer resources available than there were in the 1960s.
B. It is quite evident that the world is running out of resources.
C. The economy is producing far below its capacity to produce.
D. The resources available are not sufficient to produce all that everyone wants.   
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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...

Ivy Software MBA Prepworks Fundamentals of Economics / Ivy Software MBA Prepworks Fundamentals of Economics questions with correct answers Assume that the economy is currently at potential real GDP. Which of the following would put the economy in an inflationary gap? A) Temporary increase in wages B) greater stock market wealth C) higher business taxes D) decrease in income abroad - ANSWER-greater stock market wealth If an economy is producing below its potential real GDP, then it i...

Virtual SC Economics Honors Summer Course Exam Review Rated A+ _____ are opportunity costs of a decision (foregone benefits) that is not defined in money. Implicit costs _____ are taxes on _____ . Tariffs, imports _____ is harder to fix since it occurs with a change in technology or the market reduces the demand for certain types of products and workers. Structural unemployment _____ is the condition that exists when someone can produce a good or service with a lower opportunity ...