Econ 103 Study guides, Class notes & Summaries

Econ 103 Test Questions and Answers 100% accurate! 1. The field of macroeconomics studies ______ and microeconomics studies ______. A. variables within a single economy; international variables B. individual markets; economic aggregates C. international variables; variables within a single economy D. economic aggregates; individual markets - ANSWER-D. Economic aggregates; individual markets 2. The most commonly used metric for measuring the value of a national economy is: A. gross ...

ECON 103 FINAL EXAM QUESTIONS AND ANSWERS 100% ACCURATE ECON 103 FINAL EXAM QUESTIONS AND ANSWERS 100% ACCURATE ECON 103 FINAL EXAM QUESTIONS AND ANSWERS 100% ACCURATE ECON 103 FINAL EXAM QUESTIONS AND ANSWERS 100% ACCURATELimited goods and services - ANSWER-Scarcity This type of economics deals with judgments about what the economy should be like. - ANSWER-Normative Economics "To obtain more of one thing, we have to forgo the next best option" - ANSWER-Opportunity Cost ...

Econ 103 Exam 1 Questions and Answers (Graded A)Econ 103 Exam 1 Questions and Answers (Graded A)Econ 103 Exam 1 Questions and Answers (Graded A)Econ 103 Exam 1 Questions and Answers (Graded A) Economics - ANSWER-The study of peoples choices; how agents choose to allocate scarce resources and how those choices affect society First Principle of Economics - ANSWER-People try to optimize; they try to choose the best available option Second Principle of Economics - ANSWER-Economic systems te...

Econ 103 Past Exam Questions and Answers 100% CorrectEcon 103 Past Exam Questions and Answers 100% CorrectEcon 103 Past Exam Questions and Answers 100% CorrectEcon 103 Past Exam Questions and Answers 100% Correct The development of money as a medium of exchange has facilitated - ANSWER-Money eliminates double coincidence of wants If interest rates are lower than what individuals consider normal, they will - ANSWER-increase their speculative money demand The interest rate that banks are ...

ECON 103 Exam 1 Questions and Answers 100% Correct ECON 103 Exam 1 Questions and Answers 100% Correct ECON 103 Exam 1 Questions and Answers 100% Correct What is economics? - ANSWER-the science of purposeful human actions and the unintended consequences of that action What are some spontaneous orders? (6) - ANSWER-The Price System, Money, Banks, Stock and Bonds, Future Markets, and Accounting Systems What is the difference of Normative and Positive questions? - ANSWER-N: "what shoul...

ECON 103- First Exam Questions and Answers 100% CorrectECON 103- First Exam Questions and Answers 100% CorrectECON 103- First Exam Questions and Answers 100% CorrectECON 103- First Exam Questions and Answers 100% Correct GDP is defined as - ANSWER-value of all final goods and services produced within a country in a given period of time Over time, people have come to rely more on market produced goods and services and less on goods and services they produce for themselves. For example, busy...

Econ 103: Exam 1 Study Guide with Complete Solutions!! it is reduced - ANSWER-when government spending, and lump sum taxes are reduced, what happens to GDP? automatic stabilizers - ANSWER-revenue and expenditure items in the federal budget that automatically change with the state of the economy in such a way as to stabilize the economy. multiplier effect - ANSWER-- the increase in final income arising from any new injection of spending. - the size of the multiplier depends upon ho...

Econ 103 Exam 1 Study Guide with Complete Solutioeconomics - ANSWER-A way of looking at human actions, choices, decisions, and how they connect. The Wealth Of Nations - ANSWER-Written in 1776 by Adam Smith(founder of modern economics) Economics is a - ANSWER-science difficult to make predictions a search for understanding normative statements - ANSWER-opinion, expression of opinions not right or wrong positive analysis - ANSWER-pertaining to verifiable reality/facts/not opinions ...

ECON 103 - Exam #1 Questions and Answers 100% CorrectECON 103 - Exam #1 Questions and Answers 100% CorrectECON 103 - Exam #1 Questions and Answers 100% CorrectECON 103 - Exam #1 Questions and Answers 100% Correct Economics - ANSWER-The study of how an economy manages its scarce resources; the study of how societies provisions (Reardon). Microeconomics - ANSWER-The study of how household and firms make decisions and how they interact in markets.

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