ECN Studienführer, Klassennotizen & Zusammenfassungen
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ECN 221- Exam 3 Questions with Answers.
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ECN 221- Exam 3 Questions with Answers/ECN 221- Exam 3 Questions with Answers/ECN 221- Exam 3 Questions with Answers.
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ECN 212 UPDATED Exam Questions and CORRECT Answers
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Economics is the study of how society manages itsunlimited wants and limited 
resources 
The opportunity cost of a choice is:the value of the opportunities lost. 
A rational decision maker takes an action only if themarginal benefit is greater than the 
marginal cost. 
Economists assume that people respond to:incentives 
Economics deals primarily with the concept ofscarcity 
The phenomenon of scarcity stems from the fact thatresources are limited
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ECN 211 EXAM 2 ASU With Questions and Correct Answers and Complete Solutions.
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ECN 211 EXAM 2 ASU With Questions and Correct Answers and Complete Solutions. 
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 percenta...
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ECN 211 ASU Final Exam Marburger questions with correct answers
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ECN 211 ASU Final Exam Marburger questions with correct answers
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ECN 211 : Final Exam Review 2024 with 100% correct answers
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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...
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ECN 211 : Final Exam Review questions with correct answers|100% verified|13 pages
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ECN 211 : Final Exam Review questions with correct answers 
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 A...
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ECN 211 Midterm #1 questions with correct answers
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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 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 pe...
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ECN 211 final asu questions with correct answers
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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 requires a smaller quantity of inputs to produce a certain amount of a good, relative to the quantities of inputs required by other producers to produce the same amount of that good, Correct Answer-ha...
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ECN 211 FINAL EXAM Questions with 100% Verified Correct Answers Graded A++
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ECN 211 FINAL EXAM Questions with 100% Verified Correct Answers Graded A++ 
When income increases... - Correct Answer demand for inferior goods decrease and demand for normal goods increase 
 
price change causes a movement along - Correct Answer the demand curve (demand increase=right demand decrease=left) 
 
market quantity demand - Correct Answer sum of all individual demands 
 
What would cause a supply curve to shift right? - Correct Answer increase in supply (example: improvement in produc...
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ECN 211 Midterm #1 exam 2024 with 100% correct answers
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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 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...
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ECN 211 EXAM 2 ASU | 60 QUESTIONS WITH 100 % CORRECT ANSWERS | VERIFIED
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GDP is - value of all final goods and services produced within a country in a given period of time. 
Y = C + I + G + NX - Y = economy's total expenditure 
C = consumption in economy 
I = imports in economy 
G = government spending 
NX = net exports 
Net exports equal - exports minus imports 
CPI is used to - monitor changes in the cost of living over time 
Inflation rate - percentage change in the price level from the previous period 
Indexation refers to - using a law or contract to automatica...
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