Ecn 211 exam 2024 - Study guides, Class notes & Summaries

market failure - correct answer a situation in which a market left on its own fails to allocate resources efficiently economics - correct answer the study of how society manages its scarce resources incentive - correct answer something that induces a person to act productivity - correct answer the quantity of goods and services produce from each unit of labor input opportunity cost - correct answer whatever must be given up to obtain some item externality - correct answ...

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...

ECN 211 EXAM 2 ASU | 60 Questions and Answers with Complete Solutions 2024

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 -...

ASU ECN 211 EXAM 2 Review (Chapter 11-12 & 15-16) Questions and Answers 100% Correct |

Real GDP is commonly used for what? - correct answer Short run changes. When real GDP falls, so does what? - correct answer - Personal income - Corporate profits - Consumer spending - Investment spending - Industrial production When the overall economy declines that is due to what? - correct answer - Reduction in spending in factories - Housing - Inventory When real GDP declines, what happens to the unemployment rate? - correct answer It increases. What is the natural r...

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...

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.) Scar...

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...

market failure - correct answer a situation in which a market left on its own fails to allocate resources efficiently economics - correct answer the study of how society manages its scarce resources incentive - correct answer something that induces a person to act productivity - correct answer the quantity of goods and services produce from each unit of labor input opportunity cost - correct answer whatever must be given up to obtain some item externality - correct answer the impact of one perso...