Econ 2301 exam 2024 - Study guides, Class notes & Summaries

TJC ECON 2301 FINAL - Vocab Written Exam 2024. Economics - correct answer social science concerned with how individuals, institutions, and society make optimal (best) choices under conditions of scarcity Scarcity - correct answer limited supply of economic resources needed to make goods and services...demands choices; resources are scarce Opportunity cost - correct answer a sacrifice one makes makes choosing between two things... "choosing is refusing" Utility - correct answer the ...

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 ...

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...

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