Econ 200 Study guides, Class notes & Summaries

Market Failure An imperfection in the market mechanism that prevents optimal outcomes Government Failure Government intervention that fails to improve economic outcomes Factors of Production Resource inputs used to produce goods and services, such as land, labor, capital, and entrepreneurship. Scarcity Lack of enough resources to satisfy all desired uses of those resources Land All natural resources (ex. crude oil, water, air, and minerals) Capital Final ...

User Glenn Hayden Course ECON-1002-3/MGMT-3503-3-Microeconomics2018 Spring Qtr 02/26-05/20-PT5 Test Exam - Week 3 Started 4/26/18 12:29 PM Submitted 4/26/18 12:56 PM Due Date 4/30/18 1:59 AM Status Completed Attempt Score Time Elapsed 100 out of 100 points 26 minutes out of 2 hours and 30 minutes Instructions Please answer each question below and click Submit when you have completed the Quiz. Results Displayed Submitted Answers, Correct Answers, Feedback A dem...

Sunk cost - a cost that has already been committed and cannot be recovered opportunity cost - whatever must be given up to obtain some item Factors of production - land, capital, labor, entrepreneurship, also known as limited resources or inputs Markets for... - Factors of production, goods and services, also known as outputs or unlimited needs Markets are... - Where you can buy or sell Land includes all... - Natural resources

The equation that expresses gross domestic product (GDP) as different types of expenditures is GDP =C + I + G + NX Inflation necessarily occurs whena measure of the overall price level, such as the consumer price index (CPI), rises. When a U.S. firm buys a new refrigerator made in the United States for use in the company lunchroom, the refrigerator is included in the ________ category of gross domestic product (GDP).investment Compared to Idaho, Arizona's warm climate gives it a(n) __...

SEXTON PEPPERDINE ECON 200 FINAL - PART ONE Why does the quantity of a good demanded decrease when its price level increases? The equilibrium price of bread is $2/loaf. If the government sets a price ceiling of $1.50/loaf: A safety report is released that contends that sport utility vehicles are more prone to roll over during crashes than was previously thought. At the same time, the price of steel (used to produce motor vehicles) increases. The net effect of these two incidents on the marke...

True / False 1. The Clayton Act of 1914 makes price discrimination, exclusive dealers, tying contracts, and the acquisition of competing companies' stock illegal when their effects "substantially lessen competition or tend to create a monopoly." a. True b. Fals e ANSWER: True POINTS: 1 DIFFICULTY: Moderate NATIONAL STANDARDS: United States - BUSPROG: Analytic LOCAL STANDARDS: United States - OH - Default City - DISC: The role of government KEYWORDS: Bloom's: Knowledge 2. The Whee...

ECON 2001 QUIZ MARGINAL UTILITY, SUPPLY, DEMAND Q & A 2024

(WGU D089) ECON 2000 PRINCIPLES OF ECONOMICS FINAL EXAM REVIEW Q & A 2024.(WGU D089) ECON 2000 PRINCIPLES OF ECONOMICS FINAL EXAM REVIEW Q & A 2024.(WGU D089) ECON 2000 PRINCIPLES OF ECONOMICS FINAL EXAM REVIEW Q & A 2024.

ECON 2001 QUIZ MARGINAL UTILITY, SUPPLY, DEMAND Q & A 2024.