Inferior goods Study guides, Class notes & Summaries
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ECON0002 TERM 1 ACTUAL EXAM BANK / 250+ QUESTIONS AND VERIFIED SOLUTIONS 2024/2025 GRADED A+.
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ECON0002 TERM 1 ACTUAL 
EXAM BANK / 250+ QUESTIONS 
AND VERIFIED SOLUTIONS 
2024/2025 GRADED A+. 
2 / 14 
1. What is the 90/10 ratio?: average income of the richest 10% divided by theaverage income of 
the poorest 90% 
2. What does disposable income not measure?: quality of social and physicalenvironment, amount 
of free time, goods and services you can't buy, goods andservices that are produced within the 
household 
3. How to calculate nominal gdp?: sum of (price of good i x quantity of good ...
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CFA Level 1 – Economics Study Guide
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Price Elasticity of Demand Formula CORRECT ANSWER (% Change in Quantity Demanded) / (%t Change in Price) 
 
Cross Elasticity of Demand Formula CORRECT ANSWER (% Change in Quantity Demanded) / (% Change in Price of Substitute or Complement) 
 
Income Elasticity of Demand Formula CORRECT ANSWER (% Change in Quantity Demanded) / (% Change in Income) 
 
Price Elasticity of Supply Formula CORRECT ANSWER (% Change in Quantity Supplied) / (% Change in Price) 
 
Elasticity of Demand Factors CORRECT ANSW...
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BSNS113 Latest 2023 Rated A+
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BSNS113 Latest 2023 Rated A+ economics study of how resources are managed in society 
scarcity limited means but unlimited wants 
three economic questions What to produce? How to produce? For whom to produce? 
incentives people react to changes in their economic environment. Changes in price or incomes cause people to act differently 
economic costs opportunity cost. The total net value of the next best alternative forgone when making a decision. 
Opportunity cost formula OC of activity A = tota...
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Micro Economics Final Exam Questions And Answers, Updaterd Fall 2023, With Complete Verified Solution 100%
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Micro Economics Final Exam Questions And Answers, Updaterd Fall 2023, With Complete Verified Solution 100% 
 
If a strong economic recovery boosts average incomes, what would happen to the equilibrium price and quantity of a normal good and of an inferior good? 
The equilibrium price and quantityof a normal good would rise; those of an inferior good would also a normal good would rise; those of an inferior good would a normal good would fall; those of an inferior good would a normal good woul...
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CFA Level 1 - 101 Must Knows 368 Questions with Verified Answers,100% CORRECT
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CFA Level 1 - 101 Must Knows 368 Questions with Verified Answers 
 
Addition Rule of Probability - CORRECT ANSWER ADDITION: P(A or B) = P(A) + P(B) - P(AB) 
 
Roy's Safety First Criterion - CORRECT ANSWER Safety First Ratio = (E(R) - Rₜ) / σ 
 
Larger ratio is better 
 
If (Rₜ) is risk free rate, then it becomes Sharpe Ratio 
 
Sharpe Ratio - CORRECT ANSWER Sharpe Ratio = (E(R) - RFR) / σ 
 
Larger ratio is better 
 
If (Rt) is higher than RFR, then it becomes Safety First Ratio 
 
Centra...
Too much month left at the end of the money?
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ECON 2301 - Unit 2 questions with verified solutions 2023/2024
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ECON 2301 - Unit 2Demand is - correct answer the amount of a good or service that consumers are willing to buy at all prices in a given period 
 
Quantity demand refers to - correct answer the specific amount that a consumer will buy at a specific price 
 
The Law of Demand refers to the fact that, other things remaining constant, - correct answer price and quantity demanded move in opposite directions 
 
According to the law of demand, if the price of hamburgers increases then - correct answer ...
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ASD UPDATED Exam Questions and CORRECT Answers
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If service stations raise the price of gasoline and, experience a decrease in demand for 
automobile tires, then gasoline and tires are: 
A. complementary goods 
B. inferior goods 
C. economic goods 
D. substitute goods - A. Complementary goods 
If the price of K declines, the demand curve for the complementary product J will: 
A. shift to the left. 
B. shift to the right 
C. remain unchanged 
D. decrease - B. shift to the right
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BEC CPA |79 Exam Review Questions And Answers
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Demand Curve Shift Upward (direct relationship-positive shift) - ️️The price of subsitute goods, expectations of price changes, income for normal goods, and extent of market 
 
Demand Curve Shift Downward (inverse relationship-neg. shift) - ️️The price of complement good, income for inferior goods, and consumer boycotts 
 
SWOT analysis - ️️strengths, weaknesses, opportunities, threats 
 
Three common measures of price inflation: - ️️1. The Consumer Price Index (CP) 
2. The Produ...
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ECO 2023 Final || with 100% Correct Answers.
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3 big economic questions correct answers 1. What: what and how much is produced? 
2. How: how are goods and services produced? 
3. Who: who will get the goods and services? 
 
3 approaches to answering 3 big questions correct answers 1.Tradition approach: do what we've always done. 
2. Command approach: government planners answer the questions. 
3. Market-based approach: let prices, property rights, and markets answer the questions. (works best because it aligns the self-interest with the socia...
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INFO 301 QUESTIONS AND ANSWERS
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Which of the following DOES NOT increase profit by improving quality? 
 A. higher warranty costs 
B. increased productivity 
C. improved reputation 
D. flexible pricing - Answer- A. higher warranty costs 
 
Source inspection is inferior to inspection before costly operations. 
True 
 False - Answer- false 
 
A Six Sigma program has how many defects per million? - Answer- 3.4 
 
The number of defects after a hotel room cleaning (sheets not straight, smears on the mirror, missed debris on the carp...
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