Ecn 211 exam 1 Study guides, Class notes & Summaries
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ECN 211 Final Test Exam Questions & Revised Correct Answers With Explanation Latest Update | Already Passed!!
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ECN 211 Final Test Exam Questions 
& Revised Correct Answers With 
Explanation 
Latest Update | Already Passed!! 
1. When economic growth ___, fiscal policy should be ____. 
a. slows; contractionary 
b. accelerates; accelerated 
c. slows; expansionary 
d. accelerates; expansionary - ANSWER : slows, expansionary 
1. Expansionary monetary policy aids the economy by 
a. encouraging imports through a lower exchange rate. 
b. encouraging exports through a higher exchange rate. 
c. encouraging imp...
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ECN 211 Final Exam review Questions With Solutions
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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...
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ECN 211 - EXAM 1 2024 WITH 100% CORRECT ANSWERS
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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 
 
Society's Economizing Problem - correct answer Production Possibilities Frontier (PPF): 
 
Factors of production - correct answer the resources the economy uses to produce goods & services, i...
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ECN 211 Exam 1 EXAM 2024 WITH 100% CORRECT ANSWERS
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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 study of how households and firms make decisions and how they interact in markets 
 
Mixed Economies - correct answer a system with free markets, but with some government intervention (ex. U.S.) 
 
Scar...
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ECN 211 - Exam 1 questions with correct answers
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opportunity cost Correct Answer-whatever must be given up to obtain some item 
 
calculating opportunity cost Correct Answer-what you give up / what you get 
 
The table above shows one set of production possibilities. What is the opportunity cost of increasing the production of corn from 800 bushels to 1200 bushels? (Wheat: ) Correct Answer-500 bushels of wheat 
 
When a production possibilities frontier is bowed outward, the opportunity cost of producing an additional unit of a good _________ ...
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ECN 211 Exam 1 questions with correct answers
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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 study of how households and firms make decisions and how they interact in markets 
 
Mixed Economies Correct Answer-a system with free markets, but with some government intervention (ex. U.S.) 
 
Scarcity Correct Ans...
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ECN 211 Midterm #1 exam 2024 with 100% correct answers
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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 - correct answer the quantity of goods and services produce from each unit of labor input opportunity cost - correct answer whatever must be given up to obtain some item externality - correct answer the impact of one perso...
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ECN 211 Exam 1 latest Update With Verified Answers
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ECN 211 Exam 1 latest Update With Verified Answers...
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ASU ECN 211 FINAL EXAM Review (Chapters 1-4, 6, 10-12, 15-17, 20-22)
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ASU ECN 211 FINAL EXAM Review (Chapters 1-4, 6, 10-12, 15-17, 20-22)
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ECN211 Exam 1 Review ASU
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ECN211 Exam 1 Review ASU
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