Econ 200 Study guides, Class notes & Summaries
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ECON 200 UPDATED Exam Questions and CORRECT Answers
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Economics is best defined as ____________. 
A.) How people make money and profits in the stock market 
B.) Making choices from an unlimited supply of goods and services 
C.) Making choices with unlimited wants but facing a scarcity of resources 
D.) Controlling a budget for a household Making choices with unlimited wants but 
facing a scarcity of resources
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ECON 200 Final Exam Questions And Answers 100% Verified
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ECON 200 Final Exam Questions And 
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BLS "people who would like to work, but given up looking" - answerout of labor force; if 
unemployed, unemployment rate would be larger 
Sectoral shifts in demand for output: - answerincrease unemployment due to job search 
The demand for workers has risen in one region of the U.S. & fallen in another because of: - 
answerFrictional unemployment created by sectoral shifts 
What does not help reduce frictional unemployment? - answerunemp...
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ECON 200 Final Exam Questions And Answers (Updated And Verified)
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ECON 200 Final Exam Questions And 
Answers (Updated And Verified) 
Marginal - answerIf an individual pays an additional $0.30 in taxes as a result of a $1.00 
increase in income, that individual has a(n)_____________ tax percent of 30 percent. 
rise; downward-sloping - answerSuppose that in a certain nation the flat income tax rate of 
40 percent is reduced to 35 percent and as a result taxable income rises from $400 billion to $600 
billion. Tax revenues _____________, indicating the nation is ...
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ECON 200 Final Exam Questions And Answers 100% Verified
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ctional unemployment 
union organizes workers in one of the markets, then the wage rates will tend to: - answerrise 
for union jobs, and fall for the nonunion jobs 
Efficiency wages: - answerincrease structural unemployment by keeping wages above 
equilibrium 
Medium of Exchange - answerAn item buyers give to sellers when they want to purchase 
g&s 
Unit of Account - answerThe yardstick people use to post prices & record debts 
Store of Value - answerAn item people can use to transfer purchasing...
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ECON 200 Bundled Exam With Complete Solutions.
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ECON 200 Bundled Exam With Complete Solutions.
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Econ 200 - Midterm exam study guide
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This is a comprehensive and detailed exam study guide on midterm for Econ 200. 
 
Quality stuff!! 
 
U'll need it!!
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Econ 2001.01 UPDATED Questions and CORRECT Answers
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d. - In a perfectly competitive market, when the price is greater than the minimum 
average total cost for most firms, some will: 
a. exit until the price drops to equal minimum ATC 
b. exit until the price increases to equal minimum ATC 
c. enter until the price increases to equal minimum ATC 
d. enter until the price drops to equal minimum ATC 
a. - Perfect price discrimination: 
a. allows each customer to pay exactly what they are willing and able to pay 
b. maximizes consumer surplus 
c. mi...
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ECON 200 Key PASSED Exam Questions and CORRECT Answers
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marginalIf an individual pays an additional $0.30 in taxes as a result of a $1.00 increase 
in income, that individual has a(n)_____________ tax percent of 30 percent. 
rise; downward-slopingSuppose that in a certain nation the flat income tax rate of 40 
percent is reduced to 35 percent and as a result taxable income rises from $400 billion to 
$600 billion. Tax revenues _____________, indicating the nation is on the _______________ 
portion of its Gaffer curve. 
cyclicalThat part of the de...
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Econ 200 Exam Questions And Answers (Updated And Verified)
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Econ 200 Exam Questions And Answers 
(Updated And Verified) 
Economies of scale - answerA natural monopoly achieves ____ over the entire range of 
market supply: 
the maximum amount of output attainable from a given combination of factor inputs - 
answerA production function describes: 
Marginal Physical Product - answerThe change in total output that results from one 
additional unit of input is the: 
Diminishing Returns - answerIf more of an input factor is used, while holding other inputs 
co...
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ECON 200 Final Exam Questions And Answers 100% Verified
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ECON 200 Final Exam Questions And 
Answers 100% Verified 
BLS "people who would like to work, but given up looking" - answerout of labor force; if 
unemployed, unemployment rate would be larger 
Sectoral shifts in demand for output: - answerincrease unemployment due to job search 
The demand for workers has risen in one region of the U.S. & fallen in another because of: - 
answerFrictional unemployment created by sectoral shifts 
What does not help reduce frictional unemployment? - answerunemp...
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