ECON1002 Study guides, Class notes & Summaries

REVISED ECONOMIC 1002 EXAM QUESTIONS AND ANSWERS What are the broad issues that macroeconomists study and the types of data they use and interpret? - CORRECT ANSWER -Macroeconomists study the performance of the national economy as well as the policies used to improve that performance as well as the aggregate impact of individual decisions. They study changes in economic output (GDP), inflation (CPI), interest and foreign exchange rates, and the balance of payments. Poverty reduction, social e...

EXAMINED ECONOMIC 1002 FINAL EXAM The law of demand states that: - CORRECT ANSWER -The lower the price, the greater the quantity demanded. Which of the following is TRUE about demand curves? A. Demand curves are negatively sloped. B. Demand curves reflect the law of demand. C.Demand curves are plots of quantities demanded at various prices. - CORRECT ANSWER -All of the answers are correct. (Figure: Willingness to Pay) Refer to the figure. What is the maximum amount that buyer...

EVALUATED ECONOMIC 1002 EXAM QUESTIONS AND ANSWERS The benefits of trade include: I. Higher output due to specialization II. Higher output due to comparative advantage III. Increased welfare when preferences differ - CORRECT ANSWER -I, II, and III If instead of specialized doctors (neurologists, cardiologists, gastroenterologists, etc.) we had doctors who each knew the same thing about all aspects of medicine it would be: - CORRECT ANSWER -Worse because total medical knowledge in s...

Notes cover content for entire semester Topics covered: * Introduction to macroeconomics * Measuring macroeconomic performance: output, the price level, savings, investment and wealth, wages, employment and the labour market * An introduction to short-term economic fluctuations * Macroeconomics in the short-run: the basic Keynesian model * Fiscal policy * Money, prices and the Reserve Bank, monetary policy and the economy * Aggregate demand and aggregate supply * Macroeconomic policy ...

ECON1002: Microeconomics Exam2 1. If many people in a community install fire hydrants, the whole community benefits including those that did not install it. Therefore, not enough people may decide to install the fire hydrant. This is one illustration of: A. The market allocating resources efficiently B. Monopoly power due to lack of competition C. Supply-side market failure D. Demand-side market failure 2. When a private firm provides fireworks, it could not produce the efficient amount of it be...

ECON1002: Microeconomics Exam2 1. If many people in a community install fire hydrants, the whole community benefits including those that did not install it. Therefore, not enough people may decide to install the fire hydrant. This is one illustration of: A. The market allocating resources efficiently B. Monopoly power due to lack of competition C. Supply-side market failure D. Demand-side market failure 2. When a private firm provides fireworks, it could not produce the efficient amount of...

The quiz outlines key principles of macroeconomics within the context of an open economy and provides a framework for understanding.

ECON1002: Microeconomics Instructor: Qingbin Wang Exam2 Instruction: You have 115 minutes to finish the quiz. Please choose the most appropriate answer to each question and mark it in the Scantron answer sheet. Any answer in the problem set will NOT be graded. 1. If many people in a community install fire hydrants, the whole community benefits including those that did not install it. Therefore, not enough people may decide to install the fire hydrant. This is one illustration of: A. The...

econ1002-hd-in-depth-notes

Sophia Microeconomics Milestone 1