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ECN 211 Tests Bundle Set
ECN 211 Tests Bundle Set
[Meer zien]ECN 211 Tests Bundle Set
[Meer zien]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...
Voorbeeld 3 van de 20 pagina's
In winkelwagenTrue 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...
1x verkocht
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 ...
Voorbeeld 2 van de 5 pagina's
In winkelwagenThe 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...
Voorbeeld 2 van de 9 pagina's
In winkelwagenopportunity 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...
Voorbeeld 2 van de 8 pagina's
In winkelwagenEconomics 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...
1x verkocht
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 ...
Voorbeeld 2 van de 7 pagina's
In winkelwagenmarket 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...
Voorbeeld 2 van de 13 pagina's
In winkelwagenReal 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...
Voorbeeld 1 van de 4 pagina's
In winkelwagenGDP 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...
Voorbeeld 3 van de 26 pagina's
In winkelwagenMacroeconomics 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...
Voorbeeld 2 van de 8 pagina's
In winkelwagenDemand-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...
Voorbeeld 3 van de 18 pagina's
In winkelwagenTariff 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...
1x verkocht
ECN 211 ASU Final Exam Marburger questions with correct answers
Voorbeeld 2 van de 10 pagina's
In winkelwagenECN 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...
Voorbeeld 2 van de 6 pagina's
In winkelwagenWhat 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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