Charlene's Scholastic Emporium.

Econ 201 Midterm Questions and Answers 100% Pass Scarcity - Refers to the limited nature of a resource given society's unlimited wants and needs. Economics - How people allocate their limited resources to satisfy their unlimited wants. Microeconomics - study of individual units in an economy Macroeconomics - study of overall aspects of a working economy. Incentives - that factor that motivates people to do something or exert effort Opportunity Cost - highest valued alternative that m...

ECO 201 Miami University Exam 1 Questions and Answers 100% Pass microeconomics - studies the behavior of individual businesses and consumers and how they interact in markets. Assumptions play a big role in economics bc they allow us to simplify the world 3 assumptions of economics - 1) people are rational & use available info to make decisions 2) people respond to incentives 3) people make decisions at the margin (the next or additional unit) marginal cost - the cost of the next unit m...

ECO 201 Test 2 Questions and Answers 100% Pass GDP(Gross Domestic Product) - aggregate output as the dollar value of all final goods and services produced within the borders of a country during a specific period of time( year) What type of good are included in this economic indicator? - Market value final goods, Ignore intermediate goods, Count value added Final goods - products that are purchased by their end users Expenditure model formula and which is the largest component? - All Fina...

ECO 201 Exam 1 BCTC (TAHREEM) QUESTIONS AND ANSWERS 100% PASS Market - a group of buyers and sellers of a particular good or service Competitive market - a market with many buyers and sellers trading identical products so that each buyer and seller is a price taker Quantity demanded - the amount of a good that buyers are willing and able to purchase Law of demand - the claim that, other things being equal, the quantity demanded of a good falls when the price of the good rises Demand sc...

ECO 201 Exam 2 Questions and Answers 100% Pass For a middle tax rate country, tax decreases typically have what effects on an economy? - economic growth stays about the same over the long-run and economic growth speeds up over the short-run Suppose financial markets initially expected annual inflation to be 4% per year. However a year later, annual inflation actually turned out to be 1%. Because of this unexpected level of inflation - employers are hurt and employees are helped Suppose f...

ECO 201 EXAM 1 QUESTIONS AND ANSWERS 100% PASS The branch of economics that focuses on decision making for the economy as a whole is called: - macroeconomics Human wants: - are unlimited Scarcity: - is a problem that exists in every economy. A tractor is an example of which of the following factors of production? - capital. Which of the following is a resource or factor of production? - land, labor, entrepreneurship and capital Which of the following is the best example of a nonrenewabl...

ECON 201 Microeconomics Exam Questions and Answers 100% Pass Scarcity - refers to the limited nature of society's resources given the unlimited wants and needs Economics - the study of how people allocate their limited resources to satisfy their nearly unlimited wants Micrieconomics - the study of the individual units that make up the economy *determining if policies are effective at achieving their goal Macroeconomics - the study of the overall aspects and workings of an economy The...

ECON 201 Microeconomics Exam Questions and Answers 100% Pass Scarcity - refers to the limited nature of society's resources given the unlimited wants and needs Economics - the study of how people allocate their limited resources to satisfy their nearly unlimited wants Micrieconomics - the study of the individual units that make up the economy *determining if policies are effective at achieving their goal Macroeconomics - the study of the overall aspects and workings of an economy The...

Econ 201; Chapters 1-5 Exam Questions and Answers 100% Pass Outputs - Goods and services of value to households. Ceteris Paribus - All-else-equal; A device used to analyze the relationship between variable while the values of the other variables are held unchanged. Economics - The study how individuals and societies choose to use scarce resources that nature and previous generations have provided. Efficiency - In economics, allocative efficiency. An efficient economy is one that produces...

ECO 201 Dr. Elliott Exam 3 Questions and Answers 100% Pass Profit - Regardless of market type, firms are all about Profit - Revenue-Costs Revenue - -Amount of money the firm brings in -Price times quantity sold Cost - Amount the firm pays to produce the good Maximizing profits - Firms are all about Accounting Cost - -Visible costs -Costs of land, labor, and capital Economic Cost - -Visible costs -Opportunity cost of capital and time Economic costs - Accounting costs are smaller than ...