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ABEKA ECONOMICS Test 2 WITH 100% VERIFIED QUESTIONS & ANSWERS
direct benefit received by the owner of a good - value in use 
 
satisfaction received from possessing a particular amount of a good - total utility 
 
amount of satisfaction that results from a one-unit increase of a good - marginal utility 
 
good capable of being used in conjunction with another - complementary good 
 
good expected to last at least three years - durable good 
 
if ms johnson quit a job where she annually made $40k to start a business whose expense wa...
- Exam (elaborations)
- • 5 pages •
direct benefit received by the owner of a good - value in use 
 
satisfaction received from possessing a particular amount of a good - total utility 
 
amount of satisfaction that results from a one-unit increase of a good - marginal utility 
 
good capable of being used in conjunction with another - complementary good 
 
good expected to last at least three years - durable good 
 
if ms johnson quit a job where she annually made $40k to start a business whose expense wa...
Abeka, Economics, test 5 Questions and answers latest update
principle that states that as one's supply of a specific good or service increases, the satisfaction derived from each additional unit tends to decrease - diminishing marginal utility 
 
effect that says that when the price of goods rises, it affects a consumer as if his income were reduced - income effect 
 
relationship between a good's price and the amount that people are willing to buy - law of demand 
 
relationship between a good's price and the amount that producers are wil...
- Exam (elaborations)
- • 1 pages •
principle that states that as one's supply of a specific good or service increases, the satisfaction derived from each additional unit tends to decrease - diminishing marginal utility 
 
effect that says that when the price of goods rises, it affects a consumer as if his income were reduced - income effect 
 
relationship between a good's price and the amount that people are willing to buy - law of demand 
 
relationship between a good's price and the amount that producers are wil...
Abeka, Economics, test 4 Questions and answers latest update
What type of account guarantees a certain interest rate and has a specified maturity date? - CD Account 
 
What type of account allows limited transactions and pays an interest rate that changes with the demand for loans? - Money Market Account 
 
What quality should money possess that shows its stability in value? - Constancy 
 
What quality should money possess that shows its availability in small or large units? - Divisibility 
 
What is a written order that authorizes a bank ...
- Exam (elaborations)
- • 5 pages •
What type of account guarantees a certain interest rate and has a specified maturity date? - CD Account 
 
What type of account allows limited transactions and pays an interest rate that changes with the demand for loans? - Money Market Account 
 
What quality should money possess that shows its stability in value? - Constancy 
 
What quality should money possess that shows its availability in small or large units? - Divisibility 
 
What is a written order that authorizes a bank ...