Study guides, Class notes & Summaries

Econ 1500 Midterm Review: Vocabulary Questions with Correct Answers 100% Verified 2024/2025 Law of Supply - Correct Answer producers offer more of a good as its price increases and less as its price falls Law of Demand - Correct Answer consumers buy more of a good when its price decreases and less when its price increases Equilibrium - Correct Answer when quantity demanded equals quantity supplied Elasticity - Correct Answer a measure of the responsiveness of quantity demanded or quant...

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

ECON 1500 Exam 2 Questions and Correct Answers 100% Verified 2024/2025 classical economics - Correct Answer -focus on the long-run -focus on trends -focus on supply and productivity -don't care about demand -say's law (supply creates its own demand) -labor markets are the same as wheat markets -laissez faire Keynesian economics - Correct Answer -focus on short-run -demand matters -focus on up and down movement not trends -the labor market is not like the wheat market -unemploymen...