Econ 202 (ECON202)
Texas A&M University
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ECON 203 EXAM 1 questions with correct answers
- Exam (elaborations) • 7 pages • 2023
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Principles of Economics: People face trade-offs CORRECT ANSWER Have to make choices because of scarcity 
 
Scarcity CORRECT ANSWER A situation in which unlimited wants exceed the limited resources available to fulfill those wants 
 
Principles of Economics: The cost of something is what you give up to get it. CORRECT ANSWER Opportunity Costs 
 
Principles of Economics: Rational people think at the margin CORRECT ANSWER Weighs marginal costs and marginal benefits. (See Transactional Utility) 
 
T...
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Econ 203 Exam 2 TAMU questions with correct answers
- Exam (elaborations) • 6 pages • 2023
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Real GDP Growth Rate CORRECT ANSWER [real GDP per capita(cy)-Real GDP per capita(py)]/ 
(Real GDP per capita (py)) x 100% OR 
Nominal GDP Growth Rate- Inflation Rate- Population Rate 
 
Compounding Formula CORRECT ANSWER GDP(yearA)=GDP(YearB)x(1+Growth rate)^(A-B) 
 
Rule of 70 CORRECT ANSWER Years until income doubles= 70/ Real GDP Growth Rate 
 
Components of Productivity CORRECT ANSWER Physical capital, human capital, tech improvements, and natural resources 
 
Convergence Theory CORRECT ANSW...
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ECON 203 EXAM 1 TAMU questions with correct answers
- Exam (elaborations) • 15 pages • 2023
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What are 3 gains from society when countries decide to specialize? CORRECT ANSWER -specialization and trade 
-more resources 
-Improvements in technology/productivity 
 
True or False: Every country have comparative advantage in something. CORRECT ANSWER True 
 
What are 2 gains when two countries engage in specialization and trade? CORRECT ANSWER -total production increases 
-new points reached on the PPF that were originally unattainable 
 
What are the 4 characteristics of competitive markets...
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Econ 202 Exam 3 Study Guide
- Class notes • 4 pages • 2021
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Includes: What to know for exam 3, What to study ( answers) and responses to what to know 
 Class Grade: A+ 
Exam Grades: 93+ on all exams
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Econ202 Exam 1 Study Guide
- Class notes • 5 pages • 2021
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Includes: What to Study for Exam 1, what to know and answers 
 Class Grade: A+ 
Exam Grades: 93+ on all exams
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Class notes Econ 202 (Econ 202) Exam 1
- Class notes • 5 pages • 2021
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Includes: Thorough Chap 1-5 notes, corresponding lecture notes, What to know for exams 
 Class Grade: A+ 
Exam Grades: 93+ on all exams
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