ECON 202 Exam 1
1. The BP oil split off the coast of the US in 2010 lasted 87 days. Cleaning
up the disaster increased US GDP
a. If money income remains the same while the average price level doubles
- real income will fall
b. According to the parado
-ideally we would like our economy to do well in both the long run and the short run, there is a trade-off between these
1. long-run trajectory showing the growth of potential output and the short-run movements
Quiz Chapter 11
If the multiplier equals 4, then the marginal propensity
to save must be equal to:
In an economy with no taxes and no imports,
disposable income decreases from 6000 to 4000. If
consumption decreases from 4500 to 3000, th
Neo Classical Quiz #4
According to the classical model, a change in the money supply
No change in any important economic variable.
If you were a classical economist, which policy prescription would
you most likely recommend in order to
Automatic stabilizers in the economy include which one of the
Answer: A progressive personal income tax & Unemployment
Most recessions originate from:
Answer: a decrease in investment spending.
Planning Group Dynamics as a team
During the course of the class, many lessons were learned and new skills have been adopted. The
initial interaction with my group was one of the first activities; building a tower with the
Economics is the study of allocating scarce resources among competing ends or wants.
Resources are factors of production or inputs (used to produce goods or services) -> to produce
final goods and services to get to the consumer.
Human wants are unlimited
tChapter 9 Tools of Finance
I)Time Value of Money
Present Value (PV) is the amount of money today that would be needed, using prevailing interest rates,
to produce a given future amount of money.
What is the PV of $100 to be received in 10 years if the
I)Short run and Long Run Unemployment
There is an unemployment rate associated with the economy in the short run and
the long run. The short run unemployment rate is associated with the business
cycle and the long run unemployment rate is ass
MONEY GROWTH AND INFLATION
The distinguishing between real and nominal variables is called the classical
dichotomy. The classical economists realized the importance of making this
distinction in order to understand how the economy fu
S, I, and the Financial System
The financial system consists of financial markets and financial intermediaries. It is
where Savings is transformed into Investment. The following is a depiction of the
What is the relati
THE MONETARY SYSTEM
Money is anything generally serving as a medium of exchange. In the past many things have served as
money. Today when we think of money we think of the physical bills or coins.
Why Money has Value?
Today our currency is not bac
Unit 3 Review
Identify the choice that best completes the statement or answers the question.
_C_ 5. An example of a government transfer is a(n):
A. expenditure on an interstate highway.
B. bequest from a deceased relative.
C. Social Securi
Philosophy of Mind:
Substance Dualism: The view that immaterial substances and physical
substances exist in the universe
X is a substance iff. (a) possesses properties, but x is not itself possessed
by any other thing, and (b) x has independent existence
Biogeography and Biodiversity
Exam #1 Study Guide
This study guide outlines the most important points from each lecture we have had so far. The first
lecture was during the second class period, Thursday January 18 th. There is a lot of material here. The
Macroeconomics Exam1 Study guide (Chapters 6-8)
Business school right now or take a job?
What determines salary offered by x to y, a
What determines the cost to a university or
college of offering a new course?
How many peop
What are the benefits to biodiversity? (Maintains our food chains, provides
us with great resources i.e. pharmaceuticals)
Maintain ecosystems, helps ecosystems respond quickly to disturbances and
environmental change, economic value.
What happened to
1. What are computer-based systems that collect, store and manipulate data?
a. Information Systems
2. What does CRM stand for?
a. Customer relationship management
3. What are the components of an Information System?
MGMT 201 Test #1 study guide
An interdisciplinary field focused on understanding and managing people at
Understand and predict human behavior in team/organizations and apply it
Exam 1 Study Guide
Theo 100 Fall 2015
Terms to Know:
Crowding out occurs when investment declines because
A. a budget surplus makes interest rates rise.
B. a budget surplus makes interest rates fall.
C. a budget deficit makes interest rates rise.
D. a budget deficit makes interest rates fall.
Question 2 of
SLIDES BY SOLINA LINDAHL
PRICE ELASTICITY OF DEMAND
A demand curve is elastic when an
increase in price reduces the quantity
demanded a lot (and vice versa).
When the same increase in price
reduces quantity demanded just
SLIDES BY SOLINA LINDAHL
Consumer and Producer
MEASURING MARKET EFFICIENCY
Markets are sometimes efficient: we
can measure their benefit to society
Economic Principles I
Loyola University Chicago
Department of Economics
Quinlan School of Business
What is Economics?
The study of the EconomyWhat is the
How societies organize themselves to provide
for their material well-being.
Chapter 10 Monopoly Pricing
Graph, consumer surplus, producer surplus?
How to find the profit-maximizing Q and P?
Single price monopoly
how can they do better?