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ECN211 Exam 1 Review ASU – questions with verified answers
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ECN211 Exam 1 Review ASU – questions with verified answers
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ECN211 Exam 1 Review ASU – questionswith verified answers
Ten Pr incipes - ** VERIFIED ANSW ER S **✔✔Pr in ciple 1: People face tradeoff s
Pr inciple 2: The cost of som ethin g w hat you give up gettin g it
Pr inciple 3: Rational people think at the m ar gin
Pr inciple 4: People r espond to in cen tives
Pr inciple 5: Tr ade can m ake ever yon e better off
Pr inciple 6: Markets ar e usually a good w ay to or gan ize econ om ic
Pr inciple 7: Gover nm ent can som etim es im pr ove m ar k et outcom es
Pr inciple 8: A countr y's standar d of livin g depen ds on its ability to pr oduce goods
and ser vices
Pr inciple 9: Pr ices r ise w hen gover n m en t pr in ts too m uch m on ey
Pr inciple 10: Society faces a shor t-r un tr ade off betw een infl ation an d
unem ploym ent
Fir st 4 pr inciples have to do w ith w hat? - ** VERIFIED ANSW ER S **✔✔How people
m ake descisions
W hat do the last 4 pr inciples have to do w ith? - ** VERIFIED ANSW ERS
**✔✔Pr oductivity ar e the ultim ate sour ce of livin g
Scar city - ** VERIFIED ANSW ERS **✔✔The lim ited natur e of society's r esour ces
Econom ics - ** VERIFIED ANSW ER S **✔✔The study of how society m an ages its
scar ce r esour ces
, The econom ist plays 2 r oles - ** VERIFIED ANSW ERS **✔✔Scien tist: Tr yin g to
explain the w or ld
Policy Adviser s: Tr ying to im pr ove the w or ld
Cir cular -fl ow diagr am is w hat? - ** VERIFIED ANSW ER S **✔✔A visual m odel of
the econom y, slow s how dollar s an d goods an d ser vices fl ow thr ough m ar k ets
am ong households and fi r m s
Factor s of pr oduction are defi ned as? an d w hat ar e som e exam ples? - ** VERIFIED
ANSW ERS **✔✔the r esour ces the econ om y uses to pr oduce goods an d ser vices
including
1. Labor
2. Land
3. Capital (buildings and m achines used in pr oduction )
Households in the cir cular -fl ow diagr am do w hat? - ** VERIFIED ANSW ER S
**✔✔1. Ow n the factor s of pr oduction , sell/r en t them to fi r m s for in com e
2. B uy and consum e goods and ser vices
Fir m s in the cir cular -fl ow diagr am do w hat? - ** VERIFIED ANSW ER S **✔✔1.
B uy/hir e factor s of pr oduction, use them to pr oduce goods an d ser vices
2. Sell goods and ser vices for w ages, r en t, an d pr ofi t
PPF is a gr aph that... - ** VERIFIED ANSW ER S **✔✔show s the com bination s of
tw o goods the econom y can possibly pr oduce given the available r esour ces an d the
available technology
W hen a PPF has a low er slope it has a... - ** VERIFIED ANSW ER S **✔✔low er
oppor tunity cost
Market is a. - ** VERIFIED ANSW ER S **✔✔gr oup of buyer s an d seller s
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