Econ 2301 exam - Study guides, Class notes & Summaries

Which of the following contributes to implementation lag for discretionary fiscal policy? 1) the time it takes to secure bureaucratic approval for policy actions 2) the time it takes for economic agents to respond to policy actions 3) the difficulty of collecting economic data in a timely manner 4) the time it takes to borrow funds to finance the fiscal policy - ANSWER 1) the time it takes to secure bureaucratic approval for policy actions Refer to Figure 7-1. What could have caused a ...

Economics - ANSWER Economics is the study of the choices, methods or systems used by societies to allocate scarce resources. Fallacy of Composition - ANSWER The fallacy of composition exists when we conclude that something that is appropriate for an individual must be also appropriate for society. Example: If it is good for the individual it must be good for the overall economy. Marginal Analysis - ANSWER Comparing the marginal (extra) costs to the marginal (extra) benefits as an aid to de...

In terms of the circular flow diagram, households make expenditures in the _____ market and receive income through the _____ market. - ANSWER product; resource Which of the following is a positive statement? - ANSWER The temperature is 92 degrees today. Refer to the diagram. Flow 1 represents - ANSWER wage, rent, interest, and profit income.D The two basic markets shown by the simple circular flow model are - ANSWER product and resource. The four factors of production are - ANSWER land, la...

GDP is: - ANSWER the total value of all final goods and services plus intermediate goods and services produced domestically within a given period. Final goods or services used to compute GDP refer to: - ANSWER goods and services purchased by the ultimate users. Intermediate products - ANSWER produced domestically are not directly reflected in a nation's GDP.

All economic questions are about - ANSWER how to cope with scarcity Fundamental economic problems basically arise from - ANSWER our wants exceeding our scarce resources When producing at a production efficient point, - ANSWER we face a tradeoff and incur an opportunity cost

econ 2301 Exam 2| Questions with 100% Solutions/Verified Answers

The concept of ________ implies that we have a limited amount of all resources (or assets) compared to our desire to have more of everything which they can provide. - ANSWER Scarcity IE 1-1 ... On your PPF graph from the Interactive Exercises, Point "W" represents the production of $ ____________ worth of Private Sector goods and $ _____________ worth of Public Sector goods. - ANSWER 4000 and 1000 IE 1-1 ... On your PPF graph from the Interactive Exercises, Point "Y" represents the prod...

Which of the following equations represents the unemployment rate? - ANSWER (number of unemployed / labor force) × 100 Individuals who are working part-time but would prefer to be working full-time are defined as - ANSWER underemployed workers Inflation is defined as - ANSWER an increase in the overall level of prices The consumer price index (CPI) in the base year will always have the value of - ANSWER 100

econ 2301 Exam 3| Questions with 100% Solutions/Verified Answers

econ 2301 Exam| Questions with 100% Solutions/Verified Answers