Ecn 211 Study guides, Class notes & Summaries

What is money - The most common exchange/means of payment. EX) cash, credit card, food Cash and checkable bank deposits are most liquid Not the same thing as wealth Assets like cars, houses, securities (stocks, bonds, mutual funds) are not money Those assets have low liquidity therefore take time to convert into cash Commodity Money - money with intrinsic value; has value even if not used as money EX) gold Fiat Money - money without intrinsic value; made valuable by law. EX) paper money, p...

ECN 211 FINAL EXAM ASU LATEST ACTUAL EXAM 200 QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES|AGRADE

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 of steel (sells lower quantity and at a lower price) Who benefits from tariffs? (US steel producers example) Correct Answer-1. Domestic producers of steel (sells more at a higher price) Who is ...

ECN 211 Exam 1 questions with correct answers

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...

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...

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...

ECN 211 Midterm #1 questions with correct answers

ASU ECN 211 Hernandez M1, M2, M3 (final study guide with complete solutions) Which of the following claims is consistent with the views of mainstream economists? a. If we increase the rate of inflation from 3 percent to 6 percent, then the rate of unemployment will temporarily rise. b. If we increase the rate of inflation from 3 percent to 6 percent, then the rate of unemployment will permanently fall. c. If we increase the rate of inflation from 3 percent to 6 percent, then the rate ...

ECN 211 Exam 2 - Marburger Questions and Answers (2023 / 2024) (Verified Answers)