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ASU ECN 211 BUNDLED Exams with 100% correct answers
ASU ECN 211 Exam 3 with 100% correct answers ECN 211 Midterm #1 exam 2024 with 100% correct answers
[Show more]ASU ECN 211 Exam 3 with 100% correct answers ECN 211 Midterm #1 exam 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? - ...
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Add to cartReal 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? - ...
Utility - correct answer Pleasure or satisfaction obtained from consuming a good or service 
 
Economizing Problem - correct answer Wants exceed means 
 
Economizing Problem - correct answer Limited resources vs. unlimited wants 
 
Individuals Economizing Problem - correct answer Budget Line...
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Add to cartUtility - correct answer Pleasure or satisfaction obtained from consuming a good or service 
 
Economizing Problem - correct answer Wants exceed means 
 
Economizing Problem - correct answer Limited resources vs. unlimited wants 
 
Individuals Economizing Problem - correct answer Budget Line...
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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 - corr...
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Add to cartmarket 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 - corr...
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 ...
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Add to cartGDP (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 ...
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 stud...
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Add to cartEconomics - 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 stud...
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, fi...
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Add to cartWhat 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, fi...
What does a production possibilities frontier display? - correct answer Possible combinations of output an economy can produce given available factors of production and technology. 
 
What is a normative statement? - correct answer Policymakers should increase the minimum wage to improve standar...
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Add to cartWhat does a production possibilities frontier display? - correct answer Possible combinations of output an economy can produce given available factors of production and technology. 
 
What is a normative statement? - correct answer Policymakers should increase the minimum wage to improve standar...
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 abov...
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Add to cartWhich 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 abov...
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 ...
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Add to cartRefer 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 ...
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 produc...
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Add to cartThe 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 produc...
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 th...
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Add to cartMicroeconomics - 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 th...
Ten Principes - correct answer Principle 1: People face tradeoffs 
Principle 2: The cost of something what you give up getting it 
Principle 3: Rational people think at the margin 
Principle 4: People respond to incentives 
Principle 5: Trade can make everyone better off 
Principle 6: Markets are ...
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Add to cartTen Principes - correct answer Principle 1: People face tradeoffs 
Principle 2: The cost of something what you give up getting it 
Principle 3: Rational people think at the margin 
Principle 4: People respond to incentives 
Principle 5: Trade can make everyone better off 
Principle 6: Markets are ...
Recession - correct answer -a period of mildly falling incomes and rising unemployment ex. 
-caused by a leftward shift in aggregate demand and a leftward shift in aggregate supply 
 
Depression - correct answer a severe period of falling incomes and rising unemployment ex. Great Depression 
 
...
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Add to cartRecession - correct answer -a period of mildly falling incomes and rising unemployment ex. 
-caused by a leftward shift in aggregate demand and a leftward shift in aggregate supply 
 
Depression - correct answer a severe period of falling incomes and rising unemployment ex. Great Depression 
 
...
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