[ECO1102] - Final Exam Guide - Comprehensive Notes for the exam (35 pages long!)

• School: University of Ottawa
• Department: Economics
• Course: ECO 1102
• Professor: Rumaisa Shaukat

Document Summary

Multiple choice: the well-being of less fortunate people, welfare programs in the united states, how the allocation of resources affects economic well-being, welfare economics is the study of. Type: m difficulty: 1 the effect of income redistribution on work effort. how the allocation of resources affects economic well-being. The study of how the allocation of resources affects economic well-being is called: consumer economics, macroeconomics, welfare economics, supply-side economics. Type: m difficulty: 2 it maximizes the total welfare of buyers and sellers. is. Positive analysis refers to what: should be, could be, is politically correct. Normative analysis refers to what: should be, maximizes efficiency, is politically correct. The equilibrium of supply and demand in a market: maximizes the profits of producers, can only be achieved with government intervention, produces both an efficient and equitable market outcome, maximizes the total benefits received by buyers and sellers. Type: m difficulty: 2 maximizes the total benefits received by buyers and sellers.