Study guides, Class notes & Summaries

Econ 104, Goffe. PSU Exam 2024 Questions and Answers| Verified &Updated. GDP the market value of all FINAL goods and services produced in a country during a period of time. GDP equation GDP(Y)=C (consumption) + I (investments) +G (gov purchases) +NX (net exports) Consumption expenditures made by households (excluding the purchase of a new house) Investment Final goods and services purchased by business firms (equipment for production and new buildings), changes in inventories (which is th...

Scarcity correct answers Although your wants are unlimited, the resources available to fulfill those wants are limited Economics correct answers Study of the choices consumers, business mangers and government officials make to attain their goals, given their scarce resources Economics Model correct answers A simplified description of reality, used to make predictions that can be tested with data 3 Main Ideas correct answers 1. People are rational 2. People respond to economic incentive...

In economics the pleasure, happiness, or satisfaction received from a product are called __________. correct answers Utility An __________ ___________ is the cost associated with the alternative that was sacrificed to do or acquire something else. It is the cost associated with the foregone opportunity. correct answers Opportunity cost The study of economics is primarily concerned with what? correct answers Choices that are made in seeking to use scarce resources efficiently. The ______...

What is Macroeconomics correct answers The study of the economy as a whole including topics such as inflation unemployment and economic growth What is the current unemployment rate correct answers 4.1% What are the 3 economic ideas about how people make choices in the market correct answers 1 people are rational 2 people respond to economic incentives 3 optimal decisions are made at the margins What does people are rational mean correct answers people take into account all available i...