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ECN 211 Final Exam Review (Marburger ASU) Questions and Answers 100% Correct
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ECN 211 Final Exam Review (Marburger ASU) Questions and Answers 100% Correct
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ECN 211 Final Exam Review (MarburgerASU) Questions and Answers 100% Correct
cyclical unemployment - ANSWER unemployment caused by a business cycle
recession
frictional unemployment - ANSWER short spells of unemployment when
workers are in between jobs
structural unemployment - ANSWER unemployment that results from the
mismatch in skills, locations, or other important characteristics between job
seekers and the available jobs
natural rate of unemployment - ANSWER the unemployment rate that arises
from the effects of frictional and structural unemployment
macroeconomics - ANSWER The study of the economy as a whole
microeconomics - ANSWER the study of the individual units that make up the
economy
absolute advantage - ANSWER the ability to produce more of a good than
another producer
comparative advantage - ANSWER the ability to produce a good at a lower
opportunity cost than another producer
, opportunity cost - ANSWER what has to be given up to do something else
circular flow model - ANSWER a diagram that shows the circular movement of
money, resources, and goods and services among households and producers in an
economy
tariffs - ANSWER Taxes on imported goods
Smoot-Harvey act - ANSWER Tariff in 1930, lead to massive tariff retaliation
(made the depression worse)
nominal GDP - ANSWER current prices x current quantity
real GDP - ANSWER base year prices x current quantity
CPI - ANSWER (current price x base quantities/base prices x base quantities) x
100
inflation - ANSWER increase in prices
recession - ANSWER period of reduced economic activity
depression - ANSWER A long-term economic state characterized by
unemployment and low prices and low levels of trade and investment
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