Answer:
Economics Semester Exam
THIS IS FOR CONNECTIONS ACADEMY!!!!
QUESTIONS MAY BE SWITCHED!!!
i got a 22/31 but these are 100% correct
1. water
2. the choice between the net profit of the new production schedule and the net profit of the old production schedule
3. The opportunity cost is the consumer's benefit from purchasing the computer.
4. traditional economy- culture
command economy- central
mixed economy- elements
market economy- price signals
5. Public goods are goods and services that are non-excludable and non-rivalrous; therefore, it is not profitable or in the best interest of private businesses to provide these goods.
6. revenue
7. a percent decrease in quantity demanded greater than 100%
8. The demand curve for cell phones would shift to the right, and the demand curve for instant noodles would shift to the left.
9. The firm should choose to produce 1,200 units of output.
10. Shares of public corporations are traded on stock exchanges.
11. Consumer cooperatives pool their resources together to purchase goods in bulk. By purchasing goods in bulk, the cost of acquiring these goods is reduced for members compared to the normal cost that an individual would face when purchasing the product.
12. Money maintains purchasing power over time.
13. -The purchasing power currencies issued by state banks varied wildly from state to state.
-Monetary reserves decreased.
14. $75
15. interest
16. disability insurance
17. 255 million dollars
18. inflation or deflation
19. Unemployment as a result of people moving from one job to another.
20. Improvements to human capital leads to improvements in productivity and improvements in standard of living.
21. It would be a bad thing. Local governments typically get around one third of their total revenue from state and federal governments.
22. Medicaid is funded by state and federal governments and provides health coverage based on financial need. Medicare is a federal government health-care insurance program for people 65 years or older and those with certain disabilities under age 65.
23. The special interest group could donate money to the leader's re-election campaign, or it could talk favorably about the leader to the public.
24. No, because individual income taxes contributed about $1.718 trillion in Fiscal Year 2019 while Social Security and Medicare taxes only contributed $1.242 trillion.
25. The discount rate is the interest rate at which the Federal Reserve charges to financial institutions on loans issued at the discount window.
26. Enact contractionary monetary policies to decrease the money supply.
27. Country A has the absolute advantage and the comparative advantage in watch production.
28. Israeli consumers will purchase fewer automobiles, and Israeli producers will manufacture more automobiles.
29. Agricultural trade was improved across all member nations.
30. The trade deficit will increase, since an appreciating pound means more goods will be imported from New Zealand
Explanation:
