Charlene's Scholastic Emporium.

ECO201 - chap 1 Exam Questions and Answers 100% Pass 1) Historians of economic thought often describe ________ written by ________ and published in ________ as the first real exposition of an economic model. A) "Of the Balance of Trade," David Hume, 1776 B) "Wealth of Nations," David Hume, 1758 C) "Wealth of Nations," Adam Smith, 1758 D) "Wealth of Nations," Adam Smith, 1776 E) "Of the Balance of Trade," David Hume, 1758 - E From 1960 to 2012 A) the U.S. e...

ECO 201 exam 2 Questions and Answers 100% Pass For a price ceiling to be a binding constraint on the market, the government must set it ________ .a. at any price because all price ceilings are binding constraints b. below the equilibrium price c. precisely at the equilibrium price d. above the equilibrium price - b. below the equilibrium price A binding price ceiling creates a(n) ________. a. surplus b. shortage c. shortage or a surplus depending on whether the price ceiling is set ab...

ECO 201 Exam 2 UKY Questions and Answers 100% Pass price elasticity of demand. (Ed) - a measure that indicates the degree of consumer response to a price change calculate price elasticity of demand - % change in Quantity / % change in Price midpoint elasticity formula - interpreting Ed - I Ed I > 1 demand is elastic I Ed I < 1 demand is inelastic I Ed I = 1 demand is unitary elastic perfectly elastic demand - Ed = 0 ex: insulin perfectly inelastic demand - Ed = infinite Determ...

ECO 201- EXAM 1 QUESTIONS AND ANSWERS 100% PASS A market includes both buyers and sellers. - TRUE Pizza (my cat) has a toy box where he held hostage several stuffed rats (R) and stuffed birds (B). The following equation represents his production possibility frontier: R = 100 - 4B. For Pizza, the opportunity cost of tearing apart 1 stuffed bird is 1/4 rabbits. - FALSE Consumers demanded googly eyes. The economy provided for that need. This represents an example of a Command economy. - FAL...

ECO 201 - Exam #2 Study Guide Questions and Answers 100% Pass (1) Demand - the quantity of a product that people are *willing* and *able* to buy during a specific period (2) Law of Demand - the *quantity* of a product *inversely* related to the *price* of the product, other things held constant (2) 'Other Things Held Constant ' - - indicates the effect of one economic variable on another, holding constant all other variables that may affect the second variable. -the dominant relati...

ECO 201 UKY final exam Questions and Answers 100% Pass scarcity - limited resources and unlimited wants types of resources - land (water, air, oil, land, natural resources), nonhuman animal resources, labor (human capital: physical and mental), capital (resources produced using land + labor (man-made)), technology, entrepreneurial ability opportunity cost - Cost of the next best alternative use of money, time, or resources when one choice is made rather than another sunk cost - has alrea...

ECO 201 final Exam Questions and Answers 100% Pass True or false: Computers are not capital: False, technology is the same thing as computers. True, computers are technology and capital is another form of resource. True, capital is a resource and computers are technology. None of these are correct. False, it is more efficient to use technology than capital as they are complements - none of these are correct The only reason for international trade is import goods that a nation cannot pro...

ECO 201 Exam 1 (Patel) Questions and Answers 100% Pass Understand what resources are and what it means for them to be scarce. - Scarcity - unlimited wants + limited resources Resources - Factors of Production (land, labor, animals, capital, technology, entrepreneurial activity) 3 most important economic questions: - 1) What/how much to produce? 2) How to produce? 3) For whom to produce? 7 Principles of Microeconomics: - 1) People face trade-offs 2) Opportunity costs (Highest valued ...

Economics 201 Exam #1 Questions and Answers 100% Pass Chapter 1 - .... Incentives - Rewards and penalties that motivate behavior Opportunity Cost - Choose is the value of the opportunities lost Inflation - Increase in the general level of prices Chapter 2 - ... Absolute Advantage - The ability to produce the same good using fewer inputs than another producer Production Possibilites Frontier (PPF) - Shows all the combinations of goods that a country can produce given its productivity an...

ECO 201 Hoyt Chapter 1-4 Terms (Exam 1) Questions and Answers 100% Pass Economics - The study of the choices that individuals make given the presence of scarcity Scarcity - the limited resources but unlimited wants Types of resources - land, nonhuman animal resources, labor, capital, technology, entrepreneurial ability Land - Water, air, oil, land, natural resources nonhuman animal resources - cows, pigs, chickens, etc. labor - human capital (physical and mental) capital - resources p...