ECO 2023 final exam review (100% verified with correct answers) Microeconomics 2023 Final Exam (A+ GRADED; 100% correct answers) ECO 2023 Final Exam (Questions with error-free answers)
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Adam Smith believed that if people were free to pursue their own interests correct answers public interest would be served quite well Andre, a wheat farmer, is deciding whether or not to add fertilizer to his crops. If he adds 1 pound of fertilizer per acre, the value of the resulting crops rises...
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Add to cartAdam Smith believed that if people were free to pursue their own interests correct answers public interest would be served quite well Andre, a wheat farmer, is deciding whether or not to add fertilizer to his crops. If he adds 1 pound of fertilizer per acre, the value of the resulting crops rises...
a combination of goods on a given PPF is correct answers Both obtainable and Efficient For a normal good, if INCOME goes UP, what happens to supply? Demand? correct answers Demand shifts right and the supply remains unchanged For an inferior good, if INCOME goes UP, what happens to supply? Dem...
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Add to carta combination of goods on a given PPF is correct answers Both obtainable and Efficient For a normal good, if INCOME goes UP, what happens to supply? Demand? correct answers Demand shifts right and the supply remains unchanged For an inferior good, if INCOME goes UP, what happens to supply? Dem...
Economics correct answers The study of how we make choices under scarcity Scarcity correct answers The concept that there is less of a good freely available in nature than we would like. Leads to competitive behavior. 3 types of resources correct answers Human Resources Physical Resources N...
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Add to cartEconomics correct answers The study of how we make choices under scarcity Scarcity correct answers The concept that there is less of a good freely available in nature than we would like. Leads to competitive behavior. 3 types of resources correct answers Human Resources Physical Resources N...
According to the basic economic decision rule, the economically efficient crime rate is correct answers the rate at which the additional benefits from a small decrease in the crime rate are just equal to the additional cost of crime prevention The relationship between two variables that are unrel...
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Add to cartAccording to the basic economic decision rule, the economically efficient crime rate is correct answers the rate at which the additional benefits from a small decrease in the crime rate are just equal to the additional cost of crime prevention The relationship between two variables that are unrel...
T/F: scarcity implies choice correct answers true what is the difference between positive and normative economics correct answers Positive economics states the world how it is, normative states how it should be. The production possibilities frontier proves that correct answers -tradeoffs exist...
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Add to cartT/F: scarcity implies choice correct answers true what is the difference between positive and normative economics correct answers Positive economics states the world how it is, normative states how it should be. The production possibilities frontier proves that correct answers -tradeoffs exist...
What is Economics? correct answers Econ is study of how we make choices (act of selecting alternatives) under scarcity (concept that there is less of a good freely available from nature than people would like) Scarcity correct answers Necessitated rationing (allocating scarce good to those who wa...
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Add to cartWhat is Economics? correct answers Econ is study of how we make choices (act of selecting alternatives) under scarcity (concept that there is less of a good freely available from nature than people would like) Scarcity correct answers Necessitated rationing (allocating scarce good to those who wa...
Product Market correct answers Any place where finished goods and services are bought and sold Factor Market correct answers Any place where factors of production are bought and sold Law of Demand correct answers The quantity of a good demanded in a given time period increases as price falls ...
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Add to cartProduct Market correct answers Any place where finished goods and services are bought and sold Factor Market correct answers Any place where factors of production are bought and sold Law of Demand correct answers The quantity of a good demanded in a given time period increases as price falls ...
economics correct answers study of how we make choices under scarcity choice correct answers the act of selecting among alternatives scarcity correct answers the concept that there is less of a good freely available from nature than people would like -not the same thing as poverty -necessit...
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Add to carteconomics correct answers study of how we make choices under scarcity choice correct answers the act of selecting among alternatives scarcity correct answers the concept that there is less of a good freely available from nature than people would like -not the same thing as poverty -necessit...
Ch. 10 correct answers Ch. 10 Utility is correct answers subjective and difficult to measure. If, as a person consumes more and more of a good, each additional unit adds less satisfation than the previous unit consumed, we are seeing the workings of correct answers the law of diminishing margi...
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Add to cartCh. 10 correct answers Ch. 10 Utility is correct answers subjective and difficult to measure. If, as a person consumes more and more of a good, each additional unit adds less satisfation than the previous unit consumed, we are seeing the workings of correct answers the law of diminishing margi...
3 big economic questions correct answers 1. What: what and how much is produced? 2. How: how are goods and services produced? 3. Who: who will get the goods and services? 3 approaches to answering 3 big questions correct answers 1.Tradition approach: do what we've always done. 2. Command appr...
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Add to cart3 big economic questions correct answers 1. What: what and how much is produced? 2. How: how are goods and services produced? 3. Who: who will get the goods and services? 3 approaches to answering 3 big questions correct answers 1.Tradition approach: do what we've always done. 2. Command appr...
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