Econ graph - Study guides, Class notes & Summaries

UNT ECON 1100 EXAM 2: DADRES A perfectly competitive firm producing where P = MR = MC = ATC in the short run is: - ANSWER-making an economic profit equal to zero. Costs that must be paid in the short run even when no output is produced are called - ANSWER-total fixed costs. When output sells for a price that is higher than its marginal cost to the seller (the minimum price the seller is willing to accept), the seller: - ANSWER-enjoys a producer surplus. In a perfectly competitive m...

Econ 1100 Exam 3 UNT Questions and Answers A firm is a pure monopoly when: ANSWER it is the only seller of a unique product and barriers to entry prevent other sellers from entering the market in the long run. A firm gains monopoly power when barriers to entry can be _____ and _____. ANSWER erected; maintained The market for _____ is most likely a monopoly. ANSWER local utilities Barriers to entry: ANSWER are obstacles that make it impossible or unprofitable for new firms to enter a ...

CPCU 500 - Foundations Of Risk Management And Insurance Updated Questions And Answers. Quiz :What are the two elements of risk? - Answer :-Uncertainty of outcome - Time of the outcome and type of outcome are uncertain -possibility of a negative outcome - at least 1 outcome is negative Quiz :What is the difference between probability and possibility? - Answer :Possibility - an outcome or event may or may not occur. It does not quantify the risk, only verifies the risk is there Probability...

UNT ECON 1100 Exam 1 Questions and Answers Economics is the study of how society manages its ANSWER unlimited wants and limited resources Which of the following is least likely to be associated with the study of microeconomics? ANSWER the domestic steel industry produced 10 percent less output this year When calculating the opportunity cost of attending a basketball game, you should include: ANSWER The price you pay for the ticket and the value of your time Which of the following is ...

ECON CBE Libertynominal GDP is calculated using ___ prices - correct answer current which entrepreneurs is best known for revolutionizing the communications industry with his inventions - correct answer Alexander Graham Bell as prices rise, producers will increase production of a product because - correct answer they want to obtain higher profits which are ways a person can earn an income - correct answer salary and wage the consumer price index is used to calculate how - correct ans...

ECON 102 Exam 1 Latest Update 100% Pass Economic Analysis People making decisions economic wat of thinking Choices: Costs and Benefits Performing a certain economic action will increase our well-being if the benefits are greater than the costs (choices are the result of scarcity) Self Interest The pursuit of one's own goals (does not always mean increasing one's wealth; could also include prestige, friendship, love, and feeling good) Rationality Assumption The assumption that people do not ...

ECON 1040 CH 12 QUESTION AND CORRECT ANSWER . 1. Suppose an economy produces only ice cream cones. If the price level rises, the value of currency a. rises, because one unit of currency buys more ice cream cones. b. rises, because one unit of currency buys fewer ice cream cones. c. falls, because one unit of currency buys more ice cream cones. d. falls, because one unit of currency buys fewer ice cream cones. - ANSWER 1. ANSWER: D 2. If P denotes the price of goods and services ...

UNT Econ 1100 Exam 1 Questions and Answers 100% Pass The primary difference between a change in supply and a change in the quantity supplied is: a change in quantity supplied is caused by a change in the price of the good itself, and a change in supply is caused by a change in a non-price determinant of supply Which of the following will cause a decrease in the demand for batteries? An increase in the price of digital cameras, a complement for batteries Based on the information in the table b...

Econ Chapter 14 CORRECT ANSWERS 100% When reference is made to the ____________, it means the specific amount of income needed for a basic standard of living. A. poverty trap B. income line C. income gap D. poverty line - ANSWER D A situation of __________ arises when one group receives a higher share of total income or wealth than others. A. poverty B. inequality C. poverty entrapment D. quintiles - ANSWER B Antipoverty programs that are set up so that the amount of government...

Econ Final Exam Review: Nisha Aroskar Questions and Answer 100% Pass What is economics? -Answer-Science of making choices, science of scarcity What is scarcity? -Answer-Limited resources to satisfy unlimited human wants What are the factors of production and their rewards? -Answer-Land = rent Labor = wages Capital = interest Entrepreneur = profit What is opportunity cost? -Answer-The value of the next best alternative given up What is Production Possibilities Frontier? -Answer-Graph tha...