ECON 2001.01 Study Guide - Final Guide: Planned Economy, Ceteris Paribus, Economic Equilibrium

• School: Ohio State University
• Department: Economics
• Course: ECON 2001.01
• Professor: All

Document Summary

What kind of economy does the us most closely resemble: market economy, mixed economy, centrally planned economy, traditional economy. Answer: b), the us has a combination of market systems and government intervention, which are hallmarks of a mixed economy: (medium) competition among sellers generates, productive efficiency, input efficiency, equity, scarcity. Productive efficiency occurs when a good or service is produced at the lowest possible cost. Answer: a), rise=-1, run=4, therefore the slope is -1/4: -1/4, -5/4, -4, 1/4. 2. 6 (p. 55): (medium) goods and services come from, firms, households, product markets, factor markets, (medium) if property rights are not well enforced, a foreseeable economic consequence would be: Consumers at his store decide to drink more budweiser. Mountain dew: dale will increase the price of budweiser relative to mountain dew, more mountain dew is produced relative to budweiser, dale will increase the price of mountain dew relative to budweiser, more budweiser is produced relative to.