Ecn 211 final exam - Study guides, Class notes & Summaries

Demand-Pull Inflation Correct Answer-increases in the price level (inflation) resulting from an excess of demand over output at the existing price level, caused by an increase in aggregate demand Cost-Push Inflation Correct Answer-increases in the price level (inflation)resulting from an increase in resource costs (for example, raw material prices) and hence in per unit production costs; inflation caused by reductions in aggregate supply Wealth Effect Correct Answer-A change in the real va...

ECN 211 Final Exam 113 Questions with Correct Answers 100% Verified scarcity - Correct Answer the limited nature of society's resources Opportunity cost - Correct Answer Whatever must be given up to obtain some item principles of specialization and exchange - Correct Answer trade can benefit everyone in society because it allows people to specialize in activities in which they have comparative advantage Absolute advantage - Correct Answer The ability to produce a good using fewer inpu...

ECN 211 Final Exam Review Questions and Answers (2023 / 2024) (Verified Answers)

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 is 60.2 and the value of the CPI for 2019 is 236.2, what is the price of a soft drink in 1965 dollars? - correct answer $0.45 Refer to the figure. If the economy starts at Y, then W represents: -...

ECN 211 Final Exam review Questions With Solutions entails the exchange of goods for goods - ANS Barter all the possible combinations of two goods that can be purchased, given money income and the prices of the goods - ANS The budget line shows? leftward shift in the economy's aggregate demand curve - ANS A contractionary fiscal policy is shown as a: Their face value is greater than their intrinsic value - ANS To say that coins are "token money" means that: Cause and...

ECN 211 Final Exam review with complete solution

ECN 211 ASU FINAL EXAM MARBURGER QUESTIONS AND CORRECT VERIFIED ANSWERS GRADED A+ LATEST UPDATE 2024/2025

ECN 211 Final Exam with complete solution

ECN 211 Final Exam Terms Demand-Pull Inflation Correct Answer-increases in the price level (inflation) resulting from an excess of demand over output at the existing price level, caused by an increase in aggregate demand Cost-Push Inflation Correct Answer-increases in the price level (inflation)resulting from an increase in resource costs (for example, raw material prices) and hence in per unit production costs; inflation caused by reductions in aggregate supply Wealth Effect Correct Ans...

ASU ECN 211 FINAL EXAM Review (Chapters 1-4, 6, 10-12, 15-17, 20-22)