Econ 102 Study guides, Class notes & Summaries

Econ 102 Midterm 1 Questions and Answers Rated A+ which of the following best describes scarce resources? resources for which the quantity demanded exceeds the quantity that is freely available economics is primarily the study of ____________ how agents choose to allocate scarce resources and how these choices affect society which of the following is an example of a positive economic statement? higher interest rates will encourage more savings ________ is the study of how individuals, househo...

Econ 102 Exam Review Questions and Answers 100% Solved The difference between nominal and real GDP is: a) Real GDP adjusts for inflation b) nominal GDP measures actual productivity c)real GDP excludes imports and exports d) nominal GDP adjusts for inflation ️️a) real GDP adjusts for inflation GDP is: A. the sum of all currency and coins in circulation. B. the value of all final goods and services produced by a government. C. the value of all final good and services produced anywhe...

ECON 102 Final Exam: Questions AND Correct Answers

Econ 102 Final Exam ISU Questions and Answers 100% Solved Economics ️️a social science that seeks to understand how humans make decisions in the face of scarcity Scarcity ️️One word- Limits factors of production ️️land, labor, capital Division and specialization of labor ️️the process in which workers select specialized tasks to make a product Specialization ️️when workers or firms focus on particular tasks for which they are wellsuited within the overall producti...

ECON 102 Quiz 3 Latest 2023 with complete solutions

Econ 102 Exam review Questions and Answers 100% Solved 1. In the CPI, goods and services are weighted according to a. how long a market has existed for each good or service. b. the extent to which each good or service is regarded by the government as a necessity. c. how much consumers buy of each good or service. d. the number of firms that produce and sell each good or service. C 2. In the calculation of the CPI, books are given greater weight than magazines if a. consumers buy more bo...

Econ 102 Exam 1 WSU Latest 2023 Graded A opportunity cost sacrifice the value of the output the person would have contributed to the civilian economy. The value of the sacrificed alternative is called the opportunity cost of an activity. Resources 1. Land includes natural resources, such as mineral deposits, oil, natural gas, water, and actual land acreage. 2. Labor is the effort of workers. 3. Physical capital is manufactured items used to produce other goods and services. 4. Human capital...

Econ 102 Exam 3 Test Questions and Answers 100% Solved c) Marginal Cost ️️Refers to the additional costs of producing one more unit. a) Total Cost b) Economic Profit c) Marginal Cost d) Accounting Profit a) Marginal Revenue ️️Refers to the additional revenue gained from selling one more unit. a) Marginal Revenue b) Total Revenue c) Economic Profit d) Accounting Profit

ECON 102 Quiz 4 Questions and Answers 2023

ECON 102 Final Exam(Topics 7-14) Questions and Answers 100% Solved What is a private good? ️️A good that is excludable and a rival What does it mean for something to be excludable? ️️It means the good must be purchased before use What does it mean for something to be a rival? ️️It means the good cannot be enjoyed by more than one person at the same time What type of good is pizza? ️️Private good What is a public good? ️️A good that is non-excludable and non-rival ...