Econ 2105 - Study guides, Class notes & Summaries

ECON 2105- FINAL EXAM LATEST 2024 QUESTIONS WITH COMPLETE ANSWERS!!

Define GDP Gross Domestic Product; The market value of all final goods and services produced within a nation during a specific period of time—typically a year What does GDP measure? overall health of an economy; primary measure to gauge nation's output and income What information about the economy does GDP provide? standard of living, economic growth, business cycles Measuring standard of living from GDP -generally nations with highest GDP have greatest standards of living - total...

Given that total spending for a certain household will always include a base amount of $1,000/month, and that additional spending is equal to half of any income earned, we can predict total household spending with a model y=b+mx. X represents income earned In a world of scarcity, we will never meet all of society's wants Due to limits on out time and effort, we are best off when we allocate our time, money, and effort According to the opportunity cost of out choices If Stan's Shoemake...

ECON 2105 Exam Questions With Verified Answers...

Which of the following statements demonstrates that economic agents respond to incentives? Consumers rent more DVDs from a video store that rents DVD's at a lower price than other rival video stores in the area. AND Department stores take steps to increase security since they believe it is more costly to allow shoplifting than to install expensive monitoring equipment. Holding all other personal characteristics-- such as age, gender, and income-- constant economists would expect that...

all final goods and services produced for the marketplace during a given year within a nation's borders. Gross domestic product (GDP) is the total value of the average price level over time. An inflation rate is a continuous increase of The difference between the level of real GDP per capita in the United States and real GDP per capita in Bolivia will increase over time. If real GDP in the United States is growing at an annual rate of 3.2% per capita and Bolivia's real GDP per capita i...

allocative efficiency correct answers A state of the economy in which production is in accordance with consumer preferences; in particular, every good or service is produced up to the point where the last unit provides a marginal benefit to society equal to the marginal cost of producing it productive efficiency correct answers a situation in which a good or service is produced at the lowest possible cost equity correct answers the fair distribution of economic benefits factors of produ...

Define GDP Gross Domestic Product; The market value of all final goods and services produced within a nation during a specific period of time—typically a year What does GDP measure? overall health of an economy; primary measure to gauge nation's output and income What information about the economy does GDP provide? standard of living, economic growth, business cycles Measuring standard of living from GDP -generally nations with highest GDP have greatest standards of living - total...

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Given that total spending for a certain household will always include a base amount of $1,000/month, and that additional spending is equal to half of any income earned, we can predict total household spending with a model y=b+mx. X represents income earned In a world of scarcity, we will never meet all of society's wants Due to limits on out time and effort, we are best off when we allocate our time, money, and effort According to the opportunity cost of out choices If Stan's Shoemake...