ECO 415 Final Exam Guide \u00a0\t\u00a0\t\u00a0\t\u00a0\tPage 1\t\u00a0\t\u00a0\t\u00a0\t\u00a0\t\u00a0\t1. \u00a0 \u00a0 \u00a0 \u00a0 According to Figure 1.3, The Production Possibilities Curve. the point where only satellites are produced is:\t\u00a0\t\u00a0\t\u00a0\t\u00a0\t\u00a0\t2. \u00a0 \u00a0 \u00a0 \u00a0 According to Figure 1.3, at which point is it possible for the economy to produce more of both goods?\t\u00a0\t\u00a0\t\u00a0\t\u00a0\t\u00a0\t3. \u00a0 \u00a0 \u00a0 \u00a0 According to Figure 1.3, which point cannot be obtained without an increase in production technology?\t\u00a0\t\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\t\u00a0\t4. \u00a0 \u00a0 \u00a0 \u00a0 The principle that the cost of something is what is sacrificed to get it, is known as the:\t\u00a0\t\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\t\u00a0\t\u00a0\t\u00a0\t5. \u00a0 \u00a0 \u00a0 \u00a0 The opportunity cost of going to college:\t\u00a0\t\u00a0\t\u00a0\t\u00a0\t\u00a0\tPAGE 2\t\u00a0\t\u00a0\t\u00a0\t6. \u00a0 \u00a0 \u00a0 \u00a0 A demand curve is defined as the relationship between\t\u00a0\t\u00a0\t\u00a0\t7. \u00a0 \u00a0 \u00a0 \u00a0 The law of demand states that quantity demanded of a product increases as\t\u00a0\t\u00a0\t\u00a0\t\u00a0\t\u00a0\t8. \u00a0 \u00a0 \u00a0 \u00a0 The law of supply states that\t\u00a0\t\u00a0\t\u00a0\tPAGE 3\t\u00a0\t\u00a0\t\u00a0\t\u00a0\t\u00a0\t\u00a0\t\u00a0\t9. \u00a0 \u00a0 \u00a0 \u00a0 Figure 4.1 illustrates the supply and demand for blue jeans. If the actual price of blue jeans is $30, there is\t\u00a0\t\u00a0\t\u00a0\t\u00a0\t\u00a0\t10. \u00a0 \u00a0 \u00a0 Figure 4.1 illustrates the supply and demand for blue jeans. If the actual price of blue jeans is $50, there is\t\u00a0\t\u00a0\t\u00a0\t\u00a0\t\u00a0\t11. \u00a0 \u00a0 \u00a0 Figure 4.1 illustrates the supply and demand for blue jeans. If the actual price of blue jeans is $30, we would expect that\t\u00a0\t\u00a0\t\u00a0\t12. \u00a0 \u00a0 \u00a0 Judy demands more peanuts as her income increases. From this, we can conclude that\t\u00a0\t\u00a0\t\u00a0\t13. \u00a0 \u00a0 \u00a0 A normal good is defined as a good for which demand decreases when\t\u00a0\t\u00a0\t\u00a0\tPAGE 4\t\u00a0\t14. \u00a0 \u00a0 \u00a0 Two goods are complements if\t\u00a0\t\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\t\u00a0\t\u00a0\t\u00a0\t15. \u00a0 \u00a0 \u00a0 Suppose that consumers expect the price of a product to decrease in the future. The result is that\t\u00a0\t\u00a0\t\u00a0\t\u00a0\t\u00a0\t\u00a0\t\u00a0\t16. \u00a0 \u00a0 \u00a0 Figure 4.2 illustrates the demand for guitars. An increase in the demand for guitars is represented by the movement from\t\u00a0\t\u00a0\t\u00a0\t\u00a0\t\u00a0\t17. \u00a0 \u00a0 \u00a0 Figure 4.2 illustrates the demand for guitars. A decrease in the demand for guitars is represented by the movement from\t\u00a0\t\u00a0\t\u00a0\tPAGE 5\t\u00a0\t\u00a0\t\u00a0\t\u00a0\t\u00a0\t18. \u00a0 \u00a0 \u00a0 An inferior good is defined as a good for which demand decreases when\t\u00a0\t\u00a0\t\u00a0\t19. \u00a0 \u00a0 \u00a0 When Mary’s income increases, she purchases less hamburger. We can conclude that hamburger is\t\u00a0\t\u00a0\t\u00a0\t20. \u00a0 \u00a0 \u00a0 If a technological advance makes it possible to produce bananas at a lower cost,\t\u00a0\t\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\t\u00a0\t21. \u00a0 \u00a0 \u00a0 The value of all final goods and services produced during a given time period measures a nation’s:\t\u00a0\t\u00a0\t\u00a0\t22. \u00a0 \u00a0 \u00a0 How does real gross domestic product (GDP) differ from nominal GDP?\t\u00a0\t\u00a0\t\u00a0\t23. \u00a0 \u00a0 \u00a0 If Sam does not have a job and is actively looking for work, he is considered:\t\u00a0\t\u00a0\t\u00a0\t24. \u00a0 \u00a0 \u00a0 Which of the following should be included in U.S. GDP?\t\u00a0\t\u00a0\t\u00a0\tPAGE 6\t\u00a0\t25. \u00a0 \u00a0 \u00a0 A period when economic growth is negative for at least six months is called a:\t\u00a0\t\u00a0\t\u00a0\t26. \u00a0 \u00a0 \u00a0 The period of time in which the level of output moves out of recession to a peak is called:\t\u00a0\t\u00a0\t\u00a0\t27. \u00a0 \u00a0 \u00a0 Which of the following would cause an increase in aggregate demand?\t\u00a0\t\u00a0\t\u00a0\t28. \u00a0 \u00a0 \u00a0 The relationship between the level of prices and the quantity of real GDP supplied is known as:\t\u00a0\t\u00a0\t\u00a0\t29. \u00a0 \u00a0 \u00a0 Which of the following factors influence the position of the aggregate demand curve?\t\u00a0\t\u00a0\t\u00a0\t30. \u00a0 \u00a0 \u00a0 Keynesian fiscal policy refers to:\t\u00a0\t\u00a0\t\u00a0\t31. \u00a0 \u00a0 \u00a0 Government policies designed to decrease total demand and GDP are called _________ policies.\t\u00a0\tPAGE 7\t\u00a0\t32. \u00a0 \u00a0 \u00a0 Government policies designed to increase total demand and GDP are called _________ policies.\t\u00a0\t\u00a0\t\u00a0\t33. \u00a0 \u00a0 \u00a0 When money is accepted as payment for a good or service, it is being used as a:\t\u00a0\t\u00a0\t\u00a0\t34. \u00a0 \u00a0 \u00a0 For the perfectly competitive firm:\t\u00a0\t\u00a0\t\u00a0\t35. \u00a0 \u00a0 \u00a0 A perfectly competitive market:\t\u00a0\t\u00a0\t\u00a0\t36. \u00a0 \u00a0 \u00a0 A market in which firms sell a homogenous product and cannot influence market price is most likely:\t\u00a0\t\u00a0\t\u00a0\t37. \u00a0 \u00a0 \u00a0 Pepsi uses advertising to create the impression that Pepsi is superior to any other soft drink. Pepsi is attempting to:\t\u00a0\t\u00a0\t\u00a0\t38. \u00a0 \u00a0 \u00a0 As compared to a perfectly competitive firm, a monopolistically competitive firm will:\t\u00a0\t\u00a0\t\u00a0\t39. \u00a0 \u00a0 \u00a0 Price fixing is an arrangement whereby firms agree to:\t\u00a0\t\u00a0\t\u00a0\tPAGE 8\t\u00a0\t\u00a0\t\u00a0\t40. \u00a0 \u00a0 \u00a0 Which of the following statements is false?<\/p>\n","protected":false},"excerpt":{"rendered":"
ECO 415 Final Exam Guide \u00a0 \u00a0 \u00a0 \u00a0 Page 1 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 1. \u00a0 \u00a0 \u00a0 \u00a0 According to Figure 1.3, The Production Possibilities Curve. the point where only satellites are produced is: \u00a0 \u00a0 \u00a0 Read More …<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-210761","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/210761","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=210761"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/210761\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=210761"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=210761"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=210761"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}