Rgdp Study guides, Class notes & Summaries
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ECS3706 Assignment 2 (ANSWERS) Semester 2 2023 - DISTINCTION GUARANTEED.
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Well-structured ECS3706 Assignment 2 (ANSWERS) Semester 2 2023 - DISTINCTION GUARANTEED.. (DETAILED ANSWERS - DISTINCTION GUARANTEED!). QUESTION A1 (15 marks) 
(a) One of the most challenging concepts to master in this module is distinguishing between the stochastic error term and the residual. List three differences between the stochastic error term and the residual (3) 
(b) Explain in detail how Ordinary Least Squares (OLS) works in estimating the coefficients of a linear regression model. (3)...
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Econ Final Exam Review: Nisha Aroskar Questions and Answer 100% Pass
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Econ Final Exam Review: Nisha Aroskar 
Questions and Answer 100% Pass 
What is economics? -Answer-Science of making choices, science of scarcity 
What is scarcity? -Answer-Limited resources to satisfy unlimited human wants 
What are the factors of production and their rewards? -Answer-Land = rent 
Labor = wages 
Capital = interest 
Entrepreneur = profit 
What is opportunity cost? -Answer-The value of the next best alternative given up 
What is Production Possibilities Frontier? -Answer-Graph tha...
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Econ 1010 UPDATED Exam Questions and CORRECT Answers
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What happens to the level of unemployment because of increased spending? 
Why?Unemployment falls below the full employment rate of unemployment because 
output exceeds the full employment rGDP. 
What effect does productivity have on inflation? Why?As agregate supply increases 
due to rise in productivity, downward pressure will be put on prices-- thus, there will be a less 
inflationary pressure 
When price of an important input increases, what happens to AS and AD?AS: 
Decreases 
AD: No ch...
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Econ Final Exam Review: Nisha Aroskar Questions and Answer 100% Pass
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Econ Final Exam Review: Nisha Aroskar 
Questions and Answer 100% Pass 
What is economics? -Answer-Science of making choices, science of scarcity 
What is scarcity? -Answer-Limited resources to satisfy unlimited human wants 
What are the factors of production and their rewards? -Answer-Land = rent 
Labor = wages 
Capital = interest 
Entrepreneur = profit 
What is opportunity cost? -Answer-The value of the next best alternative given up 
What is Production Possibilities Frontier? -Answer-Graph tha...
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Sophia (Macroeconomics) - Unit 2 Milestone 100% Guaranteed
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Which statement below regarding aggregate demand is true? 
It expresses an inverse relationship between price level and RGDP. 
If demand becomes more elastic, which of the following will happen, as demonstrated by the graph 
shown here? 
The incidence of the subsidy on the consumer will decrease. 
Select the statement below that is true of long run aggregate supply curves. 
There is no relationship between price level and RGDP. 
If an excise tax is imposed on a product, which of the following wi...
And that's how you make extra money
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Sophia (Macroeconomics) - Unit 2 Milestone 100% Guaranteed
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Which statement below regarding aggregate demand is true? 
It expresses an inverse relationship between price level and RGDP. 
If demand becomes more elastic, which of the following will happen, as demonstrated by the graph 
shown here? 
The incidence of the subsidy on the consumer will decrease. 
Select the statement below that is true of long run aggregate supply curves. 
There is no relationship between price level and RGDP. 
If an excise tax is imposed on a product, which of the following wi...
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Sophia (Macroeconomics) - Unit 2 Milestone
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Sophia (Macroeconomics) - Unit 2 Milestone 
 
 
Which statement below regarding aggregate demand is true? 
CORRECT ANSWER- It expresses an inverse relationship between price level and RGDP. 
 
If demand becomes more elastic, which of the following will happen, as demonstrated by the graph shown here? 
CORRECT ANSWER- The incidence of the subsidy on the consumer will decrease. 
 
Select the statement below that is true of long run aggregate supply curves. 
CORRECT ANSWER- There is no relations...
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Econ Final Exam Review: Nisha Aroskar Questions and Answer 100% Pass
- Exam (elaborations) • 9 pages • 2024
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Econ Final Exam Review: Nisha Aroskar 
Questions and Answer 100% Pass 
What is economics? -Answer-Science of making choices, science of scarcity 
What is scarcity? -Answer-Limited resources to satisfy unlimited human wants 
What are the factors of production and their rewards? -Answer-Land = rent 
Labor = wages 
Capital = interest 
Entrepreneur = profit 
What is opportunity cost? -Answer-The value of the next best alternative given up 
What is Production Possibilities Frontier? -Answer-Graph tha...
-
Sophia (Macroeconomics) - Unit 2 Milestone questions well solved
- Exam (elaborations) • 2 pages • 2022
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Sophia (Macroeconomics) - Unit 2 Milestone questions well solvedWhich statement below regarding aggregate demand is true? 
It expresses an inverse relationship between price level and RGDP. 
 
 
 
If demand becomes more elastic, which of the following will happen, as demonstrated by the graph shown here? 
The incidence of the subsidy on the consumer will decrease. 
 
 
 
 
 
 
00:48 
01:16 
Select the statement below that is true of long run aggregate supply curves. 
There is no relationship bet...
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Sophia Microeconomics Units Milestone_Combined.
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When will the deadweight loss be created? 
 
When surplus is shifted from consumer to producer 
 
When a binding price constraint is implemented 
 
When the market is clearing 
 
When consumer and producer surplus are maximized 
CONCEPT 
Deadweight Loss 
 
16 
 
If a certain brand of furry boots are suddenly all the rage and the market price 
increases to $500 a pair, but very few people buy them because they are too 
expensive, which of the following will happen next? 
 
The pric...
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