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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller StudySet. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.49. You're not tied to anything after your purchase.