ECON 202

Texas A&M University

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ECON 203 Test 2 TAMU question with correct answers
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7

november 2023

2023/2024

A+
CPI Definition CORRECT ANSWER The average level of prices of goods typically bought by households. Inflation Rate Definition CORRECT ANSWER The percentage increase in the general price level. CPI Formula CORRECT ANSWER Cost of basket year 1/Cost of basket base year X 100 Inflation Rate Formula CORRECT ANSWER (Year 2 CPI - Year 1 CPI)/Year 1 CPI X 100 Problems with using the CPI to track changes in cost of living CORRECT ANSWER 1. Substitution bias 2. Quality Bias 3. New Products Bi...
cracker
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ECON 203 Exam 3 (Pakhotina) questions with correct answers
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(1)

5.0

2

24

november 2023

2023/2024

A+
Multiplier effect CORRECT ANSWER The increase in consumer spending that occurs when spending by one person causes others to spend more too Disposable income CORRECT ANSWER Income left after paying taxes -consumption is based on the amount of disposable income -people usually consume part of their disposable income and save the rest MPC CORRECT ANSWER Marginal propensity to consume -the amount consumption increases when disposable income increases by $1 -the MPC is a number between 0 an...
cracker
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TAMU Econ 203 Exam 1 questions with correct answers
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4

november 2023

2023/2024

A+
What is left out of official GDP measures? CORRECT ANSWER 1) Goods and services not exchanged in the markets 2) Underground economy - Cash, Not reported, Not Taxes (Legal and Illegal) 3) Environment (pollution affects the quality of life) 4) •Amount of leisure time affects the quality of life What causes an increase in nominal GDP? CORRECT ANSWER Growth in quantity and/or price GDP Deflator CORRECT ANSWER Measure of the overall change in prices in an economy using the ratio between ...
cracker
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TAMU ECON 203 Exam 2 questions with correct answers
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november 2023

2023/2024

A+
Who is not in the working age population? CORRECT ANSWER Young (less than 16 years old) Military Institutionalized population (prison, mental hospitals) Working age population (calculation) CORRECT ANSWER Labor Force + Not in the labor force Labor Force CORRECT ANSWER working-age people who are either employed or unemployed Labor Force (calculation) CORRECT ANSWER employed + unemployed Employed CORRECT ANSWER 1)Everyone who during the week of survey had worked at least 1 hour as ...
cracker
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TAMU Econ 203 Exam 1 questions with correct answers
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9

november 2023

2023/2024

A+
Production Possibility CORRECT ANSWER a countries production capabilities modeled by the PPF PPF (Production Possibilities Frontier) CORRECT ANSWER -Line or curve that shows all possible combos of 2 outputs Points on PPF CORRECT ANSWER -points outside line are unattainable -points within are attainable but inefficient -points on line are attainable and efficient Opportunity Cost CORRECT ANSWER tradeoff between producing more of a good, or less of a good Opportunity Cost Formula COR...
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ECON 203 EXAM 1 questions with correct answers
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7

november 2023

2023/2024

A+
Principles of Economics: People face trade-offs CORRECT ANSWER Have to make choices because of scarcity Scarcity CORRECT ANSWER A situation in which unlimited wants exceed the limited resources available to fulfill those wants Principles of Economics: The cost of something is what you give up to get it. CORRECT ANSWER Opportunity Costs Principles of Economics: Rational people think at the margin CORRECT ANSWER Weighs marginal costs and marginal benefits. (See Transactional Utility) T...
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Econ 203 Exam 2 TAMU questions with correct answers
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november 2023

2023/2024

A+
Real GDP Growth Rate CORRECT ANSWER [real GDP per capita(cy)-Real GDP per capita(py)]/ (Real GDP per capita (py)) x 100% OR Nominal GDP Growth Rate- Inflation Rate- Population Rate Compounding Formula CORRECT ANSWER GDP(yearA)=GDP(YearB)x(1+Growth rate)^(A-B) Rule of 70 CORRECT ANSWER Years until income doubles= 70/ Real GDP Growth Rate Components of Productivity CORRECT ANSWER Physical capital, human capital, tech improvements, and natural resources Convergence Theory CORRECT ANSW...
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ECON 203 EXAM 1 TAMU questions with correct answers
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15

november 2023

2023/2024

A+
What are 3 gains from society when countries decide to specialize? CORRECT ANSWER -specialization and trade -more resources -Improvements in technology/productivity True or False: Every country have comparative advantage in something. CORRECT ANSWER True What are 2 gains when two countries engage in specialization and trade? CORRECT ANSWER -total production increases -new points reached on the PPF that were originally unattainable What are the 4 characteristics of competitive markets...
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College aantekeningen

Econ 202 Exam 3 Study Guide
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juli 2021

2020/2021
Includes: What to know for exam 3, What to study ( answers) and responses to what to know Class Grade: A+ Exam Grades: 93+ on all exams
jennaalbert
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