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EC FINAL EXAM
Economists refer to the study of how people behave in strategic
A duopoly is
a market that
10 out of 10 100% percent
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The figure is drawn for a monopolistically-competitive firm.
Refer to Figure 16-9. In order to maximize its profit, the firm will choose to produce
more than 133.33 units of output.
than 100 units of output.
As the price elasticity of supply approaches innity, very small changes in price lead to
O a very large changes in quantity supplied.
bvery small changes in quantity supplied.
.I: no change in quantity supplied.
d None of the above is correct.
a one ofthe goods is ahixurywhe the other good is a necessity.
I b the two goods are complements.
C the two goods are substitutes.
lilIhpt 2 assignment
When income increases the slope of an individuals demand curve, the demand curve
0 Remains negative
John Mamlard Keynes referred to economics as an easy:r subject,
0 Atwhidi vervfewcan excel
Refer to gure 24
In the circula
a efciency and equity.
b prices. and quamjes.
C resources and allocation.
I d supply and demand.
111 a perfectly competitive malket, atthe marketprice, huys
ECO 2013 Principles of Macroeconomics
Section 229710 Rm 102 Chastain 1:00 4:00PM T R
Prof Ron Capute
Summer A 2016
Subject to Change
TBD [Faculty Web Page]
561-339-2494 Call, do not text message.
As humans we face trade-offs everyday. A trade-off is when you decide to do one
thing but could have done another. Its what you gave up in order to do something else. In
economics there is an expression There is no such thing as a free lunch. Its true
Fill-in all boxes that are labeled Mandatory
1) Economic Growth
a) Nominal GDP (Be Sure to Round)
b) Real GDP (2005 for a Baseline) and (Be Sure to Round)
Practice Exam 1
Dr. Jacqueline Agesa
1. Economics is the study of how to use
a. limited resources to satisfy unlimited wants.
b. unlimited resources to satisfy unlimited wants as fully as possible.
c. limited resources to satisfy limited wants.
Ten Principles of Economics
1. The English word that comes from the Greek word for "one who manages a household" is
2. The word economy comes from the Greek word oikonomos, which mean