Ecn 202 Study guides, Class notes & Summaries
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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 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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ASU ECN 211 Final (Exams 1, 2, 3) 2024 with 100% correct answers
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Which of the following is included in GDP? 
A. recreational marijuana purchased from a drug dealer by a college student? 
B. Recreational marijuana purchased and consumber by a man in his attic. 
C. medical marijuana purchased from a government-run pharmacy by a glaucoma patient. 
D. All of the above - correct answer C. medical marijuana purchased from a government-run pharmacy by a glaucoma patient. 
 
you know a candy bar cost five cents in 1962. You also know the CPI for 1962 and the CPI to...
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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 FINAL EXAM 2024 WITH 100% CORRECT ANSWERS
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Refer to the figure. If the government imposes a minimum wage of $9, then how many workers will be employed? - correct answer 6,000 
 
Which of the following Fed actions would increase the money supply? - correct answer Buy bonds 
 
A soft drink cost $1.75 in 2019. The value for the CPI in 1965 is 60.2 and the value of the CPI for 2019 is 236.2, what is the price of a soft drink in 1965 dollars? - correct answer $0.45 
 
Refer to the figure. If the economy starts at Y, then W represents: -...
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ECN 211 EXAM 2 ASU LATEST 2023-2024 ACTUAL EXAM 200 QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES|AGRADE
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ECN 211 EXAM 2 ASU LATEST ACTUAL EXAM 200 QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES|AGRADE
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ECN 211 FINAL EXAM ASU LATEST 2023-2024 ACTUAL EXAM 200 QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES|AGRADE
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ECN 211 FINAL EXAM ASU LATEST ACTUAL EXAM 200 QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES|AGRADE
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ECN 211 EXAM 3 ASU LATEST 2023-2024 ACTUAL EXAM 200 QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES|AGRADE
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ECN 211 EXAM 3 ASU LATEST ACTUAL EXAM 200 QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES|AGRADE
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ASU ECN 211 Final Exam 2024 with 100% correct answers
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The Circular Flow Diagram - correct answer Green arrows represent the flow of money and red represents to flow of goods/services 
 
Production possibilities Frontier/ Curve PPF: PPC - correct answer The curve shows what is possible within an economy 
D- impossible 
A&B - feasible efficient 
C - feasible & inefficient 
 
PPF shifts out when... - correct answer the economy can produce more of everything 
 
Opportunity Cost - correct answer the cost of what you give up to get something else...
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ASU ECN 211 Exam 2 – 2024 With 100% Correct Answers
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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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