Arec 202 final exam Study guides, Class notes & Summaries
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CSU AREC 202 FINAL EXAM Questions with 100% Correct Answers | Latest Version 2024 | Expert Verified | Ace the Test
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THE rule (and its variations): How is the optimal level of any activity (for consumers, firms or 
governments) determined? Marginal cost = marginal benefit 
On the 2x2 efficiency table: What effect on efficiency (total surplus) do government 
interventions have in a market in which originally the government had not intervened? 
Market works well - marginal benefit =marginal cost total surplus was maximized, and the 
government intervenes things will go wrong and vice versa (if it's not broke don...
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AREC 202 Final Exam 2024 Actual Questions and Answers Complete
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AREC 202 Final Exam 2024 Actual Questions and Answers Complete
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AREC 202 FINAL EXAM QUESTIONS AND ANSWERS 2024
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AREC 202 FINAL EXAM QUESTIONS AND ANSWERS 2024 
1. The optimal level of any activity (for consumers, firms or governments) is where 
A) average benefits from this activity equal average costs of this activity. 
B) total benefits from this activity equal total costs of this activity. 
C) marginal benefits from this activity equal marginal costs of this activity. 
D) marginal benefits from this activity are maximized. -Answer- 
1. To decide whether to increase an activity by one unit you should co...
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CSU AREC 202 FINAL EXAM QUESTIONS AND ANSWERS ALREADY PASSED
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CSU AREC 202 FINAL EXAM 
 
QUESTIONS AND ANSWERS ALREADY 
 
PASSED 
 
THE rule (and its variations): How is the optimal level of any activity (for consumers, firms or 
governments) determined? Marginal cost = marginal benefit 
 
On the 2x2 efficiency table: What effect on efficiency (total surplus) do government 
interventions have in a market in which originally the government had not intervened? 
Market works well - marginal benefit =marginal cost total surplus was maximized, and the 
governme...
-
AREC 202 FINAL EXAM QUESTIONS AND ANSWERS 100% SOLVED
- Exam (elaborations) • 39 pages • 2024
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AREC 202 FINAL EXAM 
QUESTIONS AND ANSWERS 100% 
SOLVED 
1. The optimal level of any activity (for consumers, firms or governments) is where 
A) average benefits from this activity equal average costs of this activity. 
B) total benefits from this activity equal total costs of this activity. 
C) marginal benefits from this activity equal marginal costs of this activity. 
D) marginal benefits from this activity are maximized. 
1. To decide whether to increase an activity by one unit you should...
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AREC 202 FINAL EXAM QUESTIONS AND ANSWERS 100% VERIFIED
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AREC 202 FINAL EXAM QUESTIONS 
AND ANSWERS 100% VERIFIED 
Excise Tax - answerTax on sales of a good or service: "per-unit" tax 
Effects: 
1. It raises price paid by buyer 
2. Reduces price received by sellers 
3. Drives a wedge between the two 
** If the producer is taxed, the supply curve will shift upwards by the amount of the tax. 
** If the consumer is taxed, the demand curve will shift downwards by the amount of the tax. 
**It does not matter who is actually paying the tax, the burden is ...
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CSU AREC 202 FINAL EXAM | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+
- Exam (elaborations) • 9 pages • 2024
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CSU AREC 202 FINAL EXAM | 
QUESTIONS & ANSWERS (VERIFIED) | 
LATEST UPDATE | GRADED A+CSU AREC 202 FINAL EXAM | 
QUESTIONS & ANSWERS (VERIFIED) | 
LATEST UPDATE | GRADED A+CSU AREC 202 FINAL EXAM | 
QUESTIONS & ANSWERS (VERIFIED) | 
LATEST UPDATE | GRADED A+
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CSU AREC 202 FINAL Exam Tested Questions & Revised Correct Answers
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CSU AREC 202 FINAL Exam Tested 
Questions & Revised Correct 
Answers 
THE rule (and its variations): How is the optimal level of any 
activity (for consumers, firms or governments) determined? - 
ANSWER : Marginal cost = marginal benefit 
On the 2x2 efficiency table: What effect on efficiency (total 
surplus) do government interventions have in a market in which 
originally the government had not intervened? - ANSWER : 
Market works well - marginal benefit =marginal cost total surplus 
w...
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AREC 202 FINAL EXAM QUESTIONS AND ANSWERS 2024
- Exam (elaborations) • 38 pages • 2024
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- $14.49
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AREC 202 FINAL EXAM QUESTIONS AND ANSWERS 2024 
1. The optimal level of any activity (for consumers, firms or governments) is where 
A) average benefits from this activity equal average costs of this activity. 
B) total benefits from this activity equal total costs of this activity. 
C) marginal benefits from this activity equal marginal costs of this activity. 
D) marginal benefits from this activity are maximized. -Answer- 
1. To decide whether to increase an activity by one unit you should co...
-
AREC 202 FINAL EXAM QUESTIONS AND ANSWERS 100% VERIFIED
- Exam (elaborations) • 5 pages • 2024
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AREC 202 FINAL EXAM QUESTIONS 
AND ANSWERS 100% VERIFIED 
The Rule - answerMarginal Benefit = Marginal Cost 
Deadweight Loss - answerThe reduction in total economic surplus due to the adoption of a 
policy, occurs when policy reduces quantity transacted below efficient market equilibrium 
quantity 
Total Surplus - answerThe total net gain to consumers and producers from trading in the 
market 
What is the effect of government interventions in a market that does not have problems with 
asymmetric...