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Econ 201 Lectures 1 & 2 Flashcards | StudBud

Explore/Econ 201 Lectures 1 & 2

Econ 201 Lectures 1 & 2

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Questions 11

Answers

1
The return on capital is
Wages
Rental price of capital
Rent
Profit
2
BONUS: What is the IQ of the famous German mathematician and physicist that Professor Hammoudeh discussed in lecture?
179
140
160
100
3
A decrease in income for an inferior good will ______?
Shift the demand down
Doesn't shift the demand
Work as for substitutes
Shift the demand up
4
To the calculate opportunity cost, the sacrifice is the numerator.
True
False
5
An increase in the expected price for a storable good will ____
Increase the supply
Decrease the supply
Increases the demand
Decreases the demand
6
How do you find, "What to produce?"
Pick an unattainable point
It has to do with income distribution
Pick a point on the PPF
Determine the production method
7
Is the efficient point on the frontier?
True
False
8
Ceteris Paribus means
Other determinants are variable
A shift in demand
Other determinants are constant
Other determinants are viable
9
Select 1 determinant that increases supply
Decreases in wages
Increases in the price of capital goods
Increases in wages
Increases in the prices of raw materials
10
We derive the Market Demand from Individual Demands for a private good by _________________?
Calculating the Vertical Sum of quantities
Calculating Incomes
Calculating the Horizontal Sum of quantities
Calculating Utilities
11
Select 1 determinant that shifts the demand up
Increases in income for inferior goods
Increases in income for normal goods
Increases in utility
Decreases in income for normal goods