Ecn 211 exam 1 2025 - Study guides, Class notes & Summaries

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...

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 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 -...