Ecn 211 exam 2 2024 - Study guides, Class notes & Summaries
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ECN 211 Exam 2 2024 with 100% correct answers
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GDP (Gross Domestic Profit) - correct answer the total market value of all final/finished goods and services produced within a country in a given period of time 
 
Not Included in GDP - correct answer -goods not bought/sold in a market (home production, charity work, free things) 
-intermediate goods 
-used items 
-illegal goods and services 
-goods produced in another country 
-financial transactions (bonds, stocks, etc.) 
-transfer payments (welfare, unemployment, etc.) 
 
Expenditure Appr...
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ASU ECN 211 Exam 2 2024 with 100% correct answers
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If a country keep its workers fully employed, it achieves a higher level of _______ than if it leaves many workers ________. - correct answer GDP 
Idle 
 
Natural Rate Of Unemployment - correct answer the normal rate of unemployment around which the unemployment rate fluctuates is the natural rate of unemployment 
 
The amount of unemployment that an economy normally experiences 
 
"Natural" Rate of Unemployment - correct answer The unemployment that doesn't go away on its own 
 
Emplo...
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ASU ECN 211 Exam 2 2024 with 100% correct answers
- Exam (elaborations) • 6 pages • 2024
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If a country keep its workers fully employed, it achieves a higher level of _______ than if it leaves many workers ________. - correct answer GDP 
Idle 
 
Natural Rate Of Unemployment - correct answer the normal rate of unemployment around which the unemployment rate fluctuates is the natural rate of unemployment 
 
The amount of unemployment that an economy normally experiences 
 
"Natural" Rate of Unemployment - correct answer The unemployment that doesn't go away on its own 
 
Emplo...
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ECN 211 Exam 2 – Marburger | Questions and Correct Answers | Latest Update 2024/2025
- Exam (elaborations) • 21 pages • 2024
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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 -...
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ECN 211 EXAM 2 ASU | 60 Questions and Answers with Complete Solutions 2024
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ECN 211 EXAM 2 ASU | 60 Questions and Answers with Complete Solutions 2024
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ECN 211 Exam 2 - Marburger Questions and Answers (2023 / 2024) (Verified Answers)
- Exam (elaborations) • 27 pages • 2023
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ECN 211 Exam 2 - Marburger Questions and Answers (2023 / 2024) (Verified Answers)
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ECN 211 EXAM 2 ASU | Questions and Correct Answers | Latest Update 2024/2025
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ECN 211 EXAM 2 ASU | 
Questions and Correct 
Answers | Latest Update 
2024/2025 
GDP is - Answer -value of all final goods and services produced within a 
country in a given period of time. 
Y = C + I + G + NX - Answer -Y = economy's total expenditure 
C = consumption in economy 
I = imports in economy 
G = government spending 
NX = net exports 
Net exports equal - Answer -exports minus imports 
CPI is used to - Answer -monitor changes in the cost of living over time 
Inflation rate - Answer -p...
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ECN 211 ASU Exam 2 - Questions and Answers (2023 / 2024) (Verified Answers)
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ECN 211 ASU Exam 2 - Questions and Answers (2023 / 2024) (Verified Answers)
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ECN 211 EXAM 2 ASU Questions and Answers (2023 / 2024) (Verified Answers)
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ECN 211 EXAM 2 ASU Questions and Answers (2023 / 2024) (Verified Answers)
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ASU ECN 211 Exam 2 – 2024 With 100% Correct Answers
- Exam (elaborations) • 9 pages • 2024
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Microeconomics - correct answer the study of how individual households and firms make decisions and how they interact with one another in markets 
 
Macroeconomics - correct answer the study of the economy as a whole 
 
What is the goal of macroeconomics? - correct answer to explain changes that affect many households, firms, and markets simultaneously 
 
GDP deflator - correct answer a measure of the price level calculated as the ratio of nominal GDP to real GDP times 100 
 
GDP deflato...
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