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ECN 211 Final Exam Review (Marburger ASU) Questions and Answers 100% Correct $11.49   Add to cart

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ECN 211 Final Exam Review (Marburger ASU) Questions and Answers 100% Correct

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  • ECN 211
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  • ECN 211

ECN 211 Final Exam Review (Marburger ASU) Questions and Answers 100% Correct

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  • September 20, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • ECN 211
  • ECN 211
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ECN 211 Final Exam Review (Marburger
ASU) Questions and Answers 100% Correct
cyclical unemployment - ANSWER unemployment caused by a business cycle
recession


frictional unemployment - ANSWER short spells of unemployment when
workers are in between jobs


structural unemployment - ANSWER unemployment that results from the
mismatch in skills, locations, or other important characteristics between job
seekers and the available jobs


natural rate of unemployment - ANSWER the unemployment rate that arises
from the effects of frictional and structural unemployment


macroeconomics - ANSWER The study of the economy as a whole


microeconomics - ANSWER the study of the individual units that make up the
economy


absolute advantage - ANSWER the ability to produce more of a good than
another producer


comparative advantage - ANSWER the ability to produce a good at a lower
opportunity cost than another producer

, opportunity cost - ANSWER what has to be given up to do something else


circular flow model - ANSWER a diagram that shows the circular movement of
money, resources, and goods and services among households and producers in an
economy


tariffs - ANSWER Taxes on imported goods


Smoot-Harvey act - ANSWER Tariff in 1930, lead to massive tariff retaliation
(made the depression worse)


nominal GDP - ANSWER current prices x current quantity


real GDP - ANSWER base year prices x current quantity


CPI - ANSWER (current price x base quantities/base prices x base quantities) x
100


inflation - ANSWER increase in prices


recession - ANSWER period of reduced economic activity


depression - ANSWER A long-term economic state characterized by
unemployment and low prices and low levels of trade and investment

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