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

Economics - the study of how society manages its scarce resources Macroeconomics - the study of economy-wide phenomena (ex. the federal deficit, the rate of unemployment and policies to improve our standard of living) Microeconomics - the study of how households and firms make decisions and how they interact in markets Mixed Economies - a system with free markets, but with some government intervention (ex. U.S.) Scarcity - there is not enough of something to go around for everyone to have ...

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 _________ ...

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...

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

ECN 211 - Exam 1 questions with correct answers

Ten Principes Correct Answer Principle 1: People face tradeoffs Principle 2: The cost of something what you give up getting it Principle 3: Rational people think at the margin Principle 4: People respond to incentives Principle 5: Trade can make everyone better off Principle 6: Markets are usually a good way to organize economic Principle 7: Government can sometimes improve market outcomes Principle 8: A country's standard of living depends on its ability to produce goods and services P...

ECN 211 - Exam 1 | Questions and Correct Answers | Latest Update 2024/2025 Utility - Answer -Pleasure or satisfaction obtained from consuming a good or service Economizing Problem - Answer -Wants exceed means Economizing Problem - Answer -Limited resources vs. unlimited wants Individuals Economizing Problem - Answer -Budget Line Society's Economizing Problem - Answer -Production Possibilities Frontier (PPF): Factors of production - Answer -the resources the economy uses to produce go...

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

ECN 211 - EXAM 1 Questions with Answers