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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.

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...

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...

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...

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...

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 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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1. Question: Government vouchersto purchasefood, alsoknownasfood stamps,are anexample of 2. Question: Ifthewagesofadentistincrease,whichofthefollowingstatementsisnottrue? 3. Question: Figure18-5RefertoFigure18-5.IftherelevantlaborsupplycurveisS2andthecurrentwageis 4. Question: Suppose that an industrial accident at a factory destroys a significant number of high-speed blenders that bartenders use to mix frozen drinks. What will happen in the labor market for bartenders? 5. Question: Which of...