ECO 1102 Study Guide - Final Guide: Loanable Funds, Nominal Interest Rate, Gross Domestic Product
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10 Apr 2014
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ECO 1102 Full Course Notes
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Microeconomics: the study of how individuals and firms make decisions and interact within the market. Macroeconomics: the economy wide phenomena including inflation, economic growth and unemployment, studies the economy as a whole, goal is to explain the economic changes that affect many households, firms, and markets simultaneously. Is the market value of all final goods and services produced within a country in a given period of time. Consumption: spending by households on goods and services. Goods include household spending on durable goods such as cars and appliances and nondurable goods such as food and clothing. Services include intangible items such as haircuts: household spending on post secondary is also counted in consumption. Investment: purchase of goods that will be used in the future to produce more goods and services it is the sum of purchases of capital equipment, inventories and structures investment in structures includes expenditures on new housing.
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21. The English word that comes from the Greek word for "one who manages a household" is
A- market
B- consumer
C- producer
D- economy
B- should be counted only to the extent that they are more expensive at college than elsewhere. C- usually exceed the opportunity cost of going to college. D- plus the cost of tuition, equals the opportunity cost of going to college. |
B- in most economies, wealthy people consume disproportionate quantities of goods and services. C- governments restrict the production of too many goods and services. D- resources are limited. |
B- markets guiding economic activity. Today many countries that did not have this system have implemented it. C- government guiding economic activity. Today many countries that had this system have abandoned it. D- government guiding economic activity. Today many countries that did not have this system have implemented it. |
B- we should agree with Senator Johnson. C- a good decision requires that we recognize both viewpoints. D- there are no tradeoffs between equity and efficiency. |
B- it does not matter if they charge $10 or $15. C- they would do better charging $15 than $10. D- they should raise the price even more. |
B- helps to explain how the economy is organized. C- incorporates all aspects of the real economy. D- Both (a) and (b) are correct. |
B- households provide firms with labor, land, and capital. C- firms provide households with output. D- firms provide households with profit. |
B- grew rapidly, due to several increases in the minimum wage during those decades. C- grew rapidly, due to government policies that discouraged the importation of foreign products during those decades. D- grew slowly, due to the slow growth of the output of goods and services per hour of U.S. workers' time during those decades. |
Question 30. 30. For economists, statements about the world are of two types: |
A- assumptions and theories.
B- true statements and false statements.
C- specific statements and general statements.
D- positive statements and normative statements.