Ecn 211 exam 1 - Study guides, Class notes & Summaries

ECN 211 Exam 2 – Marburger | Questions and Correct Answers | Latest Update 2024/2025 Tariff - Answer -A tax on imported goods Who benefits/loses from free trade? - Answer -1. Foreign producers of steel (exports steel to US) 2. Buyers of steel and steel-related products (price falls and quantity increases) Who is worse off because of free trade? 1. Domestic producer of steel (sells lower quantity and at a lower price) Who benefits from tariffs? (US steel producers example) - Answer -...

ECN 211 Exam 1 questions with correct answers 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 ...

ECON 211 FINAL asu, ASU Econ 211 Final Exam, ECN 211 : Final Exam Review, ECN 211 Final (Exams 1, 2, 3) ASU Douglas The Opportunity Cost of an item is - ANS What you give up to get that item Total Output in an economy increases when each person specializes because - ANS Each person spends more time producing that product in which he or she has a comparative advantage The producer that requires a smaller quantity of inputs to produce a certain amount of a good, relative to the quantiti...

ECN 211 Exam 1 | Questions and Correct Answers | Latest Update 2024/2025 Economics - Answer -the study of how society manages its scarce resources Macroeconomics - Answer -the study of economy-wide phenomena (ex. the federal deficit, the rate of unemployment and policies to improve our standard of living) Microeconomics - Answer -the study of how households and firms make decisions and how they interact in markets Mixed Economies - Answer -a system with free markets, but with some gov...

ECN 211 - Exam 1 questions with correct answers 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 ...

ECN 211 ASU Exam 3 With Questions and Correct Answers. Recession - ANSWER -a period of mildly falling incomes and rising unemployment ex. -caused by a leftward shift in aggregate demand and a leftward shift in aggregate supply Depression - ANSWER a severe period of falling incomes and rising unemployment ex. Great Depression The Business Cycle - ANSWER the short-run fluctuations of the economy Economic Fluctuations - ANSWER -are irregular and unpredictable -most macroeconomic variables ...

ECN 211 ASU Exam 3 With Questions and Correct Answers. Recession - ANSWER -a period of mildly falling incomes and rising unemployment ex. -caused by a leftward shift in aggregate demand and a leftward shift in aggregate supply Depression - ANSWER a severe period of falling incomes and rising unemployment ex. Great Depression The Business Cycle - ANSWER the short-run fluctuations of the economy Economic Fluctuations - ANSWER -are irregular and unpredictable -most macroeconomic variables ...

ECN 211 Chapter 1 Exam Study Guide