Econ 211 - Study guides, Class notes & Summaries

ASU Econ 211 Final Exam with complete solution

**(1)** are suppliers of loanable funds. The quantity supplied **(2)** when interest rates increase. - 1. Households 2. Government/Increases **BLANK 1** are demanders of loanable funds. Quantity demanded **BLANK 2** when interest rates increase. - 1. Firms 2. Decreases A bank is considered insolvent if - Capital (equity) is less than or equal to zero A budget surplus occurs when what happens? - Tax revenue exceeds government expenditures. A price ceiling on a coffee would likely cause wh...

Econ 211 Practice Exam Test. The demand curve faced by a monopolistically competitive firm... a)is more elastic than the demand curve faced by the purely competitive firm b)is more elastic than the monopolist's demand curve c)is less elastic than the monopolist's demand curve d)will shift outward as new firms enter the industry - CORRECT ANSWER B Product differentiation in monopolistic competition involves a trade-off between... a)short-run profits and long-run efficiency b)consu...

1. Which of the following will not increase the demand for burritos? a. A big burritos sale. b. The discovery that eating burritos cures cancer. c. A rise in the price of burgers, a substitute. d. A fall in the price of guacamole, a complement. e. All of the above will increase the demand for burritos. a. A big burritos sale. 2. Which of the following will not decrease the supply of burritos. a. the discovery that eating burritos causes cancer. b. a rise in the price of the tortill...

ECON 211 Exam 1 (UNL) Complete Guide Fundamental Economic Concepts 1. Study of Economists: - ️ Economists study all human behavior. 2. Economic Agent: - ️ An economic agent is an individual or a group that makes choices (examples include consumers choosing between a bacon cheeseburger or tofu burger, and a parent deciding between public or private school for their child). 3. Scarce Resources: - ️ Scarce resources are things that people want, where the quantity that people want ...

Economics the study of how people allocate their limited resources to satisfy their nearly unlimited wants Micro the part of economics concerned with single factors and the effects of individual decisions Macro the part of economics concerned with large scale or general economic factors, such as interest rates and national productivity Incentives rewards r punishments that people react to Scarcity living in a world of finite resources and having unlimited needs and wants Trade-offs giving...

ECON 2110 - Clemson: Exam 1 Latest Update Graded A Absolute Advantage The ability to produce a good using fewer inputs than another producer. Comparative Advantage The ability to produce a good at a lower opportunity cost than another producer. Possible It is ( possible/impossible ) for a country to have an absolute advantage in both goods. Impossible It is ( possible/impossible ) for a country to have a comparative advantage in both goods. The inverse of the first good If you have the oppor...

Which of the following will not increase the demand for burritos? a.A big burritos sale. b.The discovery that eating burritos cures cancer. c.A rise in the price of burgers, a substitute. d.A fall in the price of guacamole, a complement. e.All of the above will increase the demand for burritos. a.A big burritos sale. Which of the following will not decrease the supply of burritos. discovery that eating burritos causes cancer. b.a rise in the price of the tortillas used to make bu...