Ecn 211 midterm 1 - Study guides, Class notes & Summaries

ECN 211 Midterm 1 Questions and Answers 100% Correct

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 quantity of goods and services produce from each unit of labor input opportunity cost - correct answer whatever must be given up to obtain some item externality - correct answ...

ECN 211 Midterm 1 Exam Questions and answers | Latest 2024/25 RATED A+

ECN 211 MIDTERM #1 EXAM STUDY MATERIALS QUESTION AND ANSWERS (VERIFIED ANSWERS)

ECN 211 Midterm #1 exam Graded A {2024/2025} Net Taxes (T) - CORRECT ANSWER Government tax revenue-government transfer payments T=total tax revenue- transfers Disposable Income - CORRECT ANSWER the income households have left after net taxes are taken away. Either spend or saved. total income minus net taxes Disposable Income=GDP-T Total Income - CORRECT ANSWER Total output or GDP Household Savings (S) - CORRECT ANSWER the portion of after-tax income that households do not spend on...

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 quantity of goods and services produce from each unit of labor input opportunity cost Correct Answer-whatever must be given up to obtain some item externality Correct Answer-the impact of one pe...

market failure - a situation in which a market left on its own fails to allocate resources efficiently economics - the study of how society manages its scarce resources incentive - something that induces a person to act productivity - the quantity of goods and services produce from each unit of labor input opportunity cost - whatever must be given up to obtain some item externality - the impact of one person's actions on the well-being of a bystander Rational People - those who systematic...

ECN 211 Midterm #1 questions with correct answers

ECN 211 Midterm #1 Exam Studyguide 2024...

ECN 211 Midterm #1 questions with correct answers 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 quantity of goods and services produce from each unit of labor input opportunity cost Correct Answer-whatever must be given up to obtain some item...