Eco 2023 Study guides, Class notes & Summaries

Scarcity correct answers unlimited wants but limited resources what is produced? correct answers economic question "what" How will goods and services be produced? correct answers economic question "how" Who will get the goods and services? correct answers economic question "who" Traditional approach correct answers do what we have always done. Inflexible Command approach correct answers government dictates what to produce market-based approach correct answers let prices, ...

Eco 2023 Final Exam Questions and answers latest update

EMCC Eco 2123 Final Exam With 100% Correct Answers 2023

the study of economics correct answers the choices people make to attain their goals, given their scarce resources productive efficiency correct answers when goods and services are produced at the lowest possible cost _________ occurs a statement that is true about competition in a market correct answers competitions forces firms to produce and sell products as long as the margin benefit to consumers exceeds the marginal cost of production whether or not consumers will buy its products ...

Law of diminishing marginal utility correct answers The basic economic principle that as the consumption of a product increases, the marginal utility derived from consuming more of it (per unit of time) will eventually decline marginal utility correct answers the additional utility, or satisfaction, derived from consuming an additional unit of a good marginal benefit correct answers the maximum price a consumer will be willing to pay for an additional unit of a product. It is the dollar va...

Robert withdrew $100,000 from an account that paid 10 percent annual interest and used the funds to purchase real estate. After one year he sold the property for $120,000. Robert's economic profit on this deal was: a) $120,000 b) $100,000 c) $20,000 d) $10,000 correct answers D, $10,000 In the long run: a)some inputs are fixed. b) the firm is constrained in regard to what production decisions it can make. c) all inputs are variable. d) some inputs are variable and some are fixed. cor...

1.The best Example of capital intensive industry in India is- (A) Textile industry (B) Steel industry (C) Tourism industry (D) Spare goods industry correct answers (B) [S.S.C (10+2) 2011] Exp: Capital intesive industry are those industries which need large amount of investment in capital i.e. large investment in machinery and infrastructure. In the above industries, steel industry is best example of capital intensive industry in India. 2.The Removal of prohibitions and hindrance by government...

Mini- Sim Integrated Marketing Communication verified answers and questions 2023. Look at the PREFERENCES for the CHARACTERISTICS that matter the most to this target segment. What is most important in a backpack to this segment? - correct answers.Capacity and Eco-Friendly At 68%, Capacity and Eco-Friendly are tied for being the most important characteristics for this segment. Both CAPACITY and ECO-FRIENDLY are important for this market. In particular, why does the imp...

ECO 202: Exam 1 (Unit 1) Summer 2023-2024 with Complete Solutions ECO 202: Exam 1 (Unit 1) Summer 2023-2024 with Complete Solutions ECO 202: Exam 1 (Unit 1) Summer 2023-2024 with Complete Solutions ECO 202: Exam 1 (Unit 1) Summer 2023-2024 with Complete Solutions Which of the following would not cause a shift in the supply curve for a good? - ANSWER-An increase in demand for that good. The question "Should more capital goods be produced instead of consumer goods?" is an example of...

a combination of goods on a given PPF is correct answers Both obtainable and Efficient For a normal good, if INCOME goes UP, what happens to supply? Demand? correct answers Demand shifts right and the supply remains unchanged For an inferior good, if INCOME goes UP, what happens to supply? Demand? correct answers Demand shifts left and the supply remains unchanged bananas and oranges are perfect substitutes. If the PRICE of bananas goes UP, what happens to the demand for oranges? the Su...