Study guides, Class notes & Summaries

ECN 1500 Exam Review Questions and answers, verified/ What is the great economic problem? -- to satisfy as many wants as possible with our limited resources Emily is deciding between her two favorite restaurants. One makes Indian food and the other makes Chinese food. The Indian restaurant has just raised its prices. The opportunity cost of Chinese food has - - decreased Jacob has a bagel or a muffin for breakfast. Muffins are on sale, so they cost $1 less than usual. The opportunity...

ECN 1500 Exam 3 chapters 10-13 Questions with Correct Answers 100% Verified 2024/2025 According to T. Bowles, which of the following should be included in any list of great intellectual achievements of the human mind? A. Save today for a better tomorrow. B. A medium of exchange. C. Fiat money D. All of the above. - Correct Answer All of the above (A. Save today for a better tomorrow. B. A medium of exchange. C. Fiat money) Assume Eve has 10 pounds of gold and issues 10 notes on anima...

Exam 2 - ecn 1500 Study Questions with Correct Answers 100% Verified 2024/2025 The focus of the Classical growth model is: aggregate demand interest rates investment technology - Correct Answer investment The focus on the New Growth model is: aggregate demand interest rates investment technology - Correct Answer technology Which of the following factors will not shift the long-run aggregate supply curve to the right? An increase in the labor force participation rate Better in...

ECN 1500 Exam 2 Review Questions with Correct Answers 100% Verified 2024/2025 The focus of the Classical growth model is - Correct Answer Investment The focus on the New Growth model is - Correct Answer Technology Which of the following factors will not shift the long-run aggregate supply curve to the right? - Correct Answer An increase in the price level Which of the following policies will likely contribute to strong economy growth? - Correct Answer Low taxes on the returns to saving...

ECN 1500 - Exam 2 Questions with Correct Answers 100% Verified 2024/2025 The focus of the Classical growth model is - Correct Answer Investment The focus of the New Growth model is - Correct Answer Technology Which of the following factors will likely increase economic growth? - Correct Answer Effective Covid vaccine Concerning Say's Law, which of the following is/are correct? - Correct Answer It implies that President Biden's $1.9 trillion spending bill will not effect economic grow...

ECN 1500 Final Study Guide Questions with Correct Answers 100% Verified 2024/2025 incentives - Correct Answer rewards and penalties that motivate behavior invisible hand - Correct Answer the unseen force that moves the free market economy, motivated by our wants and desires The Great Economic problem - Correct Answer Having unlimited needs and limited resources to fulfill those needs What is the great economic problem - Correct Answer How to arrange our resources to satisfy as many wan...

ECN 1500 - Exam Questions with Correct Answer 100% Verified 2024/2025 Adam Smith's book, The Wealth of Nations, argued ... - Correct Answer Argued in favor of allowing markets to allocate resources According to the Invisible Hand Theorem, the market system will - Correct Answer produce goods efficiently AND goods that people demand What are scarce? - Correct Answer Natural resources Capital Goods and services If you make decisions as assumed by economists, you are in college rather ...

ECN 1500 Final Exam with Correct Answers 100% Verified 2024/2025 LO14.1 - Correct Answer Conceptually, money is any item that society accepts as (a) a medium of exchange, (b) a unit of monetary account, and (c) a store of value. In the United States, two "official" definitions of money are M1, consisting of currency (outside banks) and checkable deposits, and M2, consisting of M1 plus savings deposits, including money market deposit accounts, small-denominated (less than $100,000) time dep...

ECN 1500 Problem set 2 Study Questions and Correct Answers 100% Verified 2024/2025 What historical event led to Keynesian Economics? - Correct Answer The Great Depression What was there about this event that was inconsistent with generally accepted economic theory at that time? - Correct Answer The recession lasted a long time despite classical economics "laissez faire" where the market would eventually fix itself with no government spending. Which of the two economists represents Class...

QUIZ 6 ECN 1500 Questions and Correct Answers 100% Verified 2024/2025 Classical economics was interested in: A. Economic growth. B. Technological Innovation. C. Recessions. D. A and B are both correct. - Correct Answer D. A and B are both correct. Keynesian economics is most interested in: A. Economic growth. B. Technological Innovation. C. Recessions. D. A and B are both correct. - Correct Answer D. A and B are both correct. Keynesian economists would likely suggest that the best...