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Econ unit 2

A desire to buy a product is the only requirement needed for demand to exist False Marginal utility describes the decreasing satisfaction a consumer receives with the purchase of each additional unite False A demand curve illustrates the quantity demanded at all possible prices at a given time True The Law of Demand states that […]

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Econ unit 1

any resources that are made by humans and used to create other goods and services capital resources used to make all goods and services factors of production purpose of production possibilities graph show alternative ways to use an economy’s resources production possibilities frontiers curve when they are charted on a graph because they show the […]

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Econ Test 5 – Macroeconomics and the Business Cycle

You buy a hover board from Amazon. Yes, Consumption You and your family paint your house. No, Non-market Transaction You buy 100 shares of Microsoft. No, Purely Financial Transaction You are paid to babysit your neighbor’s son, but don’t report the income on your tax return. No, Unreported Income Today, Bob buys a 1965 Ford […]

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Econ Test #4 Review

Products that would be used in calculating US GDP in 2014 would include… Cars manufactured in Tennessee in 2014 at a factory owned by a Japanese automobile company and sold in 2015 in Canada What is the general impact of a growing economy/increasing GDP? More jobs In a typical business cycle, what stage immediately follows […]

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econ test 3

A key characteristic of a competitive market is that Producers sell nearly identical products Which of the following is a characteristic of a competitive market? Buyers and sellers are price takers Which of the following is not a characteristic of a perfectly competitive marker Firms have difficulty entering the market. Free entry means that No […]

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econ test 2

One major component of GDP that can be negative is net exports. Ambrosia, a small country in the Mediterranean? region, has an? agriculture-based economy. In recent? years, a decline in global trade barriers has led to a massive increase in agricultural production in Ambrosia. The government of Ambrosia has claimed that this expansion has increased […]

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Econ Test 1 Multiple Choice

1. Resources are a. scarce for households but plentiful for economies. b. plentiful for households but scarce for economies. c. scarce for households and scarce for economies. d. plentiful for households and plentiful for economies. C 2. Economics deals primarily with the concept of a. scarcity. b. money. c. poverty. d. banking. A 3. The […]

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Econ Test 1

What event was a major influence on the development of macroeconomics? the great depression A business cycle is? the periodic fluctuation of economic activity U.S. business cycles since 1950 have shown expansions to be longer than recessions Which organization determines the beginning and end dates of a recession? the National Bureau of Economic Research The […]

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Econ Study Guide

The market value of all final goods and services in an economy produced by resources owned by people of that economy: gross national product The sum of payments made to resource owners for the use of their resources is: National Income GDP underestimates our economic well-being: because it ignores leisure. In the circular flow model, […]

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Econ set 1

GDP may be defined as Monetary value of all final domestic goods and services produced within a nation in a given year The term final goods and services refers to Goods and services purchased by ultimate users as opposed to resell or further processing If intermediate goods and services were included in GDP: The GDP […]

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Econ Quiz 15

The Taylor rule for federal funds rate targeting does which of the? following? It links the? Fed’s target for the federal funds rate to economic variables. According to the Taylor? Rule, if the Fed reduces its target for the inflation? rate, the result will be a higher target federal funds rate. The federal funds rate […]

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Econ Quiz

what percentage of businesses are sole proprietorships? 75 percent If a general partnership fails, who is responsible for debts? all of them A joining of two or more businesses that are involved in different stages of producing the same good or service is called which of the following? vertical merger Which of the following is […]

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Econ pt 2

What is an oligopoly? a market structure in which a small number of interdependent firms compete Three examples of an oligopoly. cigarettes, beer, aircraft, breakfast cereals, automobiles, pet food What barriers to entry have to do with the extent of competition? patents, occupational licenses, barriers to international trade, franchises governments are willing to erect barriers […]

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ECON PRACTICE TEST 3

Jessica makes photo frames. She spends $5 on the materials for each photo frame. She can create one photo frame in an hour. She earns $10 per hour at a part-time job at the local coffee shop. She can sell a photo frame for $30 each. An accountant would calculate the total profit for one […]

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econ over all

In this type of economic system, the government controls all aspects of the economy and makes all decisions about what goods will be produced, who will produce them, and how they will be produced. Command What is the ability to repay a loan. Capacity A left shift of the aggregate supply line causes an increase […]

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Economy: Chapter 8

If a general partnership fails, who is responsible for the debts? anyone who works for the partnership all the partners only the most senior general partner no one all the partners In the United States, the type of corporation that makes up the largest percentage of all business enterprises is ____________ . mining services manufacturing […]

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Economy: Chapter 2

Which is characteristic of a traditional economy? Communities tend to be fast-growing. They are usually based on light industrial production. They have a high standard of living. Children tend to have the same jobs as their parents did. Children tend to have the same jobs as their parents did. Why does even a free market […]

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Economy: Chapter 12

An accurate statement about the Great Depression is . . . it was a normal part of the business cycle. it was caused primarily by overspending on government programs. it ended largely because of an increase in defense spending related to World War II. while its effects were severe among the lowest income levels, it […]

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Economy ch.3

Why has America been referred to as the land of opportunity It provides anyone with the possibility of success through hard work What basic principles are fundamental to American free enterprise Open opportunity, private property, contract, &voluntary exchange In what way does the Bill of Rights protect individuals freedom to engage in business activities It […]

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economis eoct review

Buyer This is the person or persons who purchase a good or service. Capital This is equipment and factories used in the production of goods and services. one of the four factors of production Capital Good A tool or equipment used to produce other goods. Example: a printing press, a lathe, a blast furnace Capitalism […]

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Economics Vocabulary for EOCT

Income Effect There is a change in quantity demanded as price changes. When something gets cheaper, we have extra money left over in which we might buy more of that item. Substitution Effect Change in quantity demanded due to change in relative price Diminishing Marginal Utility more we get of an item, the less useful […]

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