Ecn 211 exam 2025 - Study guides, Class notes & Summaries

ECN 211 Exam 1 | Questions and Correct Answers | Latest Update 2024/2025 Economics - Answer -the study of how society manages its scarce resources Macroeconomics - Answer -the study of economy-wide phenomena (ex. the federal deficit, the rate of unemployment and policies to improve our standard of living) Microeconomics - Answer -the study of how households and firms make decisions and how they interact in markets Mixed Economies - Answer -a system with free markets, but with some gov...

ECN 211 Final Exam Terms | Questions and Correct Answers | Latest Update 2024/2025 Demand-Pull Inflation - Answer -increases in the price level (inflation) resulting from an excess of demand over output at the existing price level, caused by an increase in aggregate demand Cost-Push Inflation - Answer -increases in the price level (inflation)resulting from an increase in resource costs (for example, raw material prices) and hence in per unit production costs; inflation caused by reduct...

ECN 211 Exam 3 ASU Hill | Questions and Correct Answers | Latest Update 2024/2025 What is a recession? - Answer -economic contraction; two straight quarters of negative GDP growth What is a boom? - Answer -economic expansion; boom length does not predict a recession What are the characteristics of a good economy? - Answer -lots of job openings, firms are raising wages to attract workers, asset values are rising, consumers borrow and spend money freely What are the characteristics of a...

ECN 211 | Questions and Correct Answers | Latest Update 2024/2025 True or false, because private businesses are unable to profit from them, public goods are often supplied at quantities that are less than desirable in the market. - Answer -True A potential solution to the problem of the tragedy of the commons is assigning __________ to common resource pool goods and then enforcing them. - Answer -Property rights Club goods sold by private firms often result in ______ than efficient pri...

ECN 211 ASU FINAL EXAM MARBURGER QUESTIONS AND CORRECT VERIFIED ANSWERS GRADED A+ LATEST UPDATE 2024/2025