ASU ECN 211 BUNDLED Exams with 100% correct answers

Utility - correct answer Pleasure or satisfaction obtained from consuming a good or service Economizing Problem - correct answer Wants exceed means Economizing Problem - correct answer Limited resources vs. unlimited wants Individuals Economizing Problem - correct answer Budget Line...

market failure - correct answer a situation in which a market left on its own fails to allocate resources efficiently economics - correct answer the study of how society manages its scarce resources incentive - correct answer something that induces a person to act productivity - corr...

GDP (Gross Domestic Profit) - correct answer the total market value of all final/finished goods and services produced within a country in a given period of time Not Included in GDP - correct answer -goods not bought/sold in a market (home production, charity work, free things) -intermediate ...

Economics - correct answer the study of how society manages its scarce resources Macroeconomics - correct answer the study of economy-wide phenomena (ex. the federal deficit, the rate of unemployment and policies to improve our standard of living) Microeconomics - correct answer the stud...

What is a recession? - correct answer economic contraction; two straight quarters of negative GDP growth What is a boom? - correct answer economic expansion; boom length does not predict a recession What are the characteristics of a good economy? - correct answer lots of job openings, fi...

What does a production possibilities frontier display? - correct answer Possible combinations of output an economy can produce given available factors of production and technology. What is a normative statement? - correct answer Policymakers should increase the minimum wage to improve standar...

Which of the following is included in GDP? A. recreational marijuana purchased from a drug dealer by a college student? B. Recreational marijuana purchased and consumber by a man in his attic. C. medical marijuana purchased from a government-run pharmacy by a glaucoma patient. D. All of the abov...

Refer to the figure. If the government imposes a minimum wage of $9, then how many workers will be employed? - correct answer 6,000 Which of the following Fed actions would increase the money supply? - correct answer Buy bonds A soft drink cost $1.75 in 2019. The value for the CPI in 1965 ...

The opportunity cost of an item is.... - correct answer what you give up to get that item Total output in an economy increases when each person specializes because - correct answer each person spends more time producing that product in which they have a comparative advantage in. The produc...

Microeconomics - correct answer the study of how individual households and firms make decisions and how they interact with one another in markets Macroeconomics - correct answer the study of the economy as a whole What is the goal of macroeconomics? - correct answer to explain changes th...

Ten Principes - correct answer Principle 1: People face tradeoffs Principle 2: The cost of something what you give up getting it Principle 3: Rational people think at the margin Principle 4: People respond to incentives Principle 5: Trade can make everyone better off Principle 6: Markets are ...

Recession - correct answer -a period of mildly falling incomes and rising unemployment ex. -caused by a leftward shift in aggregate demand and a leftward shift in aggregate supply Depression - correct answer a severe period of falling incomes and rising unemployment ex. Great Depression ...