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ECN 211 Tests Bundle Set
ECN 211 Tests Bundle Set
[Mostrar más]ECN 211 Tests Bundle Set
[Mostrar más]True or false, because private businesses are unable to profit from them, public goods are often supplied at quantities that are less than desirable in the market. Correct Answer-True 
 
A potential solution to the problem of the tragedy of the commons is assigning __________ to common resource pool...
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Añadir al carritoTrue or false, because private businesses are unable to profit from them, public goods are often supplied at quantities that are less than desirable in the market. Correct Answer-True 
 
A potential solution to the problem of the tragedy of the commons is assigning __________ to common resource pool...
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The opportunity cost of an item is.... Correct Answer-what you give up to get that item 
 
Total output in an economy increases when each person specializes because Correct Answer-each person spends more time producing that product in which they have a comparative advantage in. 
 
The producer that ...
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Añadir al carritoThe opportunity cost of an item is.... Correct Answer-what you give up to get that item 
 
Total output in an economy increases when each person specializes because Correct Answer-each person spends more time producing that product in which they have a comparative advantage in. 
 
The producer that ...
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 bushel...
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Añadir al carritoopportunity 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 bushel...
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 hou...
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Añadir al carritoEconomics 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 hou...
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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 ...
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Añadir al carritomarket 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 ...
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 Ans...
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Añadir al carritoReal 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 Ans...
GDP is Correct Answer-value of all final goods and services produced within a country in a given period of time. 
 
Y = C + I + G + NX Correct Answer-Y = economy's total expenditure 
C = consumption in economy 
I = imports in economy 
G = government spending 
NX = net exports 
 
Net exports equal C...
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Añadir al carritoGDP is Correct Answer-value of all final goods and services produced within a country in a given period of time. 
 
Y = C + I + G + NX Correct Answer-Y = economy's total expenditure 
C = consumption in economy 
I = imports in economy 
G = government spending 
NX = net exports 
 
Net exports equal C...
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Añadir al carritoMacroeconomics ECN211 Terms
Demand-Pull Inflation Correct Answer-increases in the price level (inflation) resulting from an excess of demand over output at the existing price level, caused by an increase in aggregate demand 
 
Cost-Push Inflation Correct Answer-increases in the price level (inflation)resulting from an increase...
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Añadir al carritoDemand-Pull Inflation Correct Answer-increases in the price level (inflation) resulting from an excess of demand over output at the existing price level, caused by an increase in aggregate demand 
 
Cost-Push Inflation Correct Answer-increases in the price level (inflation)resulting from an increase...
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...
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Añadir al carritoTariff 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...
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ECN 211 ASU Final Exam Marburger questions with correct answers
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Añadir al carritoECN 211 ASU Final Exam Marburger questions with correct answers
What is a recession? Correct Answer-economic contraction; two straight quarters of negative GDP growth 
 
What is a boom? Correct Answer-economic expansion; boom length does not predict a recession 
 
What are the characteristics of a good economy? Correct Answer-lots of job openings, firms are rais...
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Añadir al carritoWhat is a recession? Correct Answer-economic contraction; two straight quarters of negative GDP growth 
 
What is a boom? Correct Answer-economic expansion; boom length does not predict a recession 
 
What are the characteristics of a good economy? Correct Answer-lots of job openings, firms are rais...
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