Ecn 211 exam 1 Study guides, Class notes & Summaries

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 Exam 2 – Marburger Questions with Correct Answers 100% Verified Tariff - Correct Answer A tax on imported goods Who benefits/loses from free trade? - Correct 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) - Correc...

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

ECN 211 Exam 2 – Marburger questions with correct answers Tariff Correct Answer-A tax on imported goods Who benefits/loses from free trade? Correct 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) Correct Answer-1. Domestic...

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...

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...

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...