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ECO 201 (NOVA) -- Ch. 10 SG EXAM QUESTIONS AND ANSWERS 100% PASS Savings-Investment Spending Identity - savings and investment spending are always equal for the economy as a whole Total Income = Total Spending - GDP = C + I + G Total Income = Consumption Spending + Savings - GDP = C + S +G Budget Surplus - difference between tax revenue and government spending when tax revenue exceeds government spending Budget Deficit - difference between tax revenue and government spending when gover...

Econ 201 Exam Questions and Answers 100% Pass Historical evidence suggests that: - free economies perform better than command economies in the long run. Understanding the impact of carbon taxes on the energy usage of individual households and firms is studied under: - microeconomics. Which of the following is an example of a topic studied by macroeconomists? - Total output of an economy An outcome is Pareto efficient if: - no individual can be made better off without making someone else...

ECON 201 (CHAPTER 1 TEN PRINCIPLES OF ECONOMICS) QUESTIONS AND ANSWERS 100% PASS economics - the study of the choices that individuals make given the presence of scarcity scarcity - limited resources but unlimited wants there are many types of resources (or factors of production) - - We combine (1)-(16) to produce commodities- economic goods and services - 1) land: water, air, oil, land, natural resources - 2) nonhuman animal resources - 3) labor: human capital (physical and mental) -...

Econ 201 formulas Exam Questions and Answers 100% Pass elasticity of demand/supply - Ed=(change in q/ change in p)(p/q) total revenue - TR=PQ Income elasticity - Ei=(change in q/change in I)(I/Q) cross-price elasticity of demand/supply - Ecp=% change in q demanded of good x/ % change in price of good y Consumer surplus - C.S.=demand1-demand P equilibrium) Q equilibrium/2 producer surplus - P.S.=supply P equilibrium-supply1)Q equilibrium/2 total surplus - TS=CS+PS deadweight loss - chan...

ECO 201 - Exam 3 Review Questions and Answers 100% Pass sales tax - tax on seller (we often times end up paying it but it is the businesses on whom that tax falls) two types of sales tax - ad valorum and per unit example of per unit sales tax - gasoline (a tax per gallon) adding tax (inc or dec) the cost of the producer? - increases what parts of graph are sales tax revenue? - B + D what group is affected by sales tax? - loss of welfare is on producers AND consumers tax revenue are mad...

ECO 201 Miami University Final Exam Questions and Answers 100% Pass market - a group of buyers and sellers of a good or service and the institution or arrangement by which they come together to trade economic assumptions (3 of them) - people are rational people respond to economic incentives optimal decisions are made at the margin economics - the study of the choices consumers, business managers, and government officials make to attain their goals, given scarce resources economic mode...

Econ 201 - Exam 1 Questions and Answers 100% Pass Graphing Data - -coordinates *Scatter Diagram: one variable against another Economics - study of all allocation of scarce resources to satisfy competing ends Scarcity - unlimited wants vs limited resources forces people to make decision and have opportunity cost Economic model - simplified description of an economy Graph directions - -same -opposite -max/min -unrelated Same direction - positive/direct EMILY CHARLENE © 2025, ALL RIGH...

ECON 201 - Chapter 2 Questions and Answers 100% Pass Capital - things that are produced and then used in the production of other goods and services factors of production - the inputs into the process of production. another term for resources production - the process that transforms scarce resources into useful goods and services inputs or resources - anything provided by nature or previous generations that can be used directly or indirectly to satisfy human wants outputs - goods and se...

Eco 201 - Exam #3 Study Guide Questions and Answers 100% Pass (E1) Economic Development - The sustained concerted actions of *policy makers* that promote the *standard of living* and *economic health* of a specific area (country) -Indicators: GDP, Income distribution, education and literacy, access to healthcare. (E1) Economic Growth - A phenomenon of *market productivity* and an increase in *GDP*. It is *one aspect* of economic development (E2) GDP - Gross Domestic Product - Measures the...

ECO 201 Chapters 1,2,3,6,7,8,9,16,20 Questions and Answers 100% Pass Macroeconomics primarily examines: Start of Chapter 1 - broad issues such as national output, employment and inflation. In which of the following countries will the national government have the greatest influence with respect to the nation's economy? - Cuba The two main tools of macroeconomic policy are monetary policy and fiscal policy. Fiscal policy involves __________ spending. - government Because of their relati...