ECON 101 EXAM 1 EXAM WITH CORRECT
ACTUAL QUESTIONS AND CORRECTLY
WELL DEFINED ANSWERS LATEST
ALREADY GRADED A+ 2026
when does real GDP grow?
when actual production grows
what is the growth rate formula?
change in value/ initial value
W
wage/price of labor
L
labor
R
energy
P
price of energy
anything northeast to a technology is what?
dominated by that technology
, what are 2 main things a firm want when choosing a
technology?
1. GET RID OF DOMINATED TECHNOLOGIES ( costs more)
2. maximize revenue, minimize cost
What are the 2 things that rep. OPTIMAL CHOICE?
1. feasibility
2. preference
set of alternatives
has to be feasible set ( optimal choice)
fixed budget
tradeoff between 2 things you like/want
once resources are limited, you have to make choices
constrained choice
weigh one thing another
tradeoff
trade one thing you like for another thing you like
APL
avg. product labor L=Y/L
MPL
marginal product of labor change in Y/change is labor
production function
ACTUAL QUESTIONS AND CORRECTLY
WELL DEFINED ANSWERS LATEST
ALREADY GRADED A+ 2026
when does real GDP grow?
when actual production grows
what is the growth rate formula?
change in value/ initial value
W
wage/price of labor
L
labor
R
energy
P
price of energy
anything northeast to a technology is what?
dominated by that technology
, what are 2 main things a firm want when choosing a
technology?
1. GET RID OF DOMINATED TECHNOLOGIES ( costs more)
2. maximize revenue, minimize cost
What are the 2 things that rep. OPTIMAL CHOICE?
1. feasibility
2. preference
set of alternatives
has to be feasible set ( optimal choice)
fixed budget
tradeoff between 2 things you like/want
once resources are limited, you have to make choices
constrained choice
weigh one thing another
tradeoff
trade one thing you like for another thing you like
APL
avg. product labor L=Y/L
MPL
marginal product of labor change in Y/change is labor
production function
