Econ 211 exam 1 Study guides, Class notes & Summaries

ECON 211 Exam 3 (UNL) Verified Answers countercyclical policies attempt: to reduce the intensity of economic fluctuations & smooth the GDP rate Brainpower Read More expansion policy aims: to reduce the severity of an economic recession by shifting the labor demand curve to the right & "expand" the economic activity (GDP) expansion policy means to: heat up the economy expansion policy: when does a recession occur? when the labor demand curve shifts to the left contractio...

ASU Econ 211 Final Exam Guaranteed Success 1. What does a production possibilities frontier display? What information does the production possibilities frontier illustrate? - ️ Possible combinations of output an economy can produce given available factors of production and technology. --- 2. What is a normative statement? How can we define a normative statement in economics? - ️ Policymakers should increase the minimum wage to improve the standard of living. --- 3. The opportunit...

UTK ECON 211 EXAM 4 2024 Competitive Labor Markets ️- similar to competitive product markets -many buyers and sellers - a homogeneous product - easy entry and exit - workers are regarded as equally productive - information is widely available and accurate Supply of Labor ️the time an individual is willing to work at various wage rates "Income" Effect ️- dominates substitution effect at higher wages - workers choose fewer hours when wages rise - and more hours when wages fall "S...

Econ 211 Unit 1 Exam Study Guide with Complete Solutions What is a social science concerned with making optimal choices under conditions of scarcity - Answer️️ -Economics Economic _______ exceed society's productive capacity - Answer️️ -wants Resources are _____ - Answer️️ -scarce "There is no such thing as a free lunch" is the phrase from - Answer️️ - opportunity cost Decisions that will make customers better off, the goal is to maximize utility or satisfaction - Ans...

Econ 211 UNL Final Exam make business cycles more severe ️a law requiring the federal budget to be balanced each year would likely: $280 ️nominal GDP in year 4 is equal to (table): $125 million increase ️when real GDP is $700 billion, there will be a _______ in unplanned inventory investment. when the amount of human capital per worker and the state of technology are fixed, successive increases in the amount of physical capital per worker lead to smaller increases in producti...

ECON-211: Exam #1 Study Guide with Complete Solutions Economics - Answer️️ -social science concerned with using scarce resources to obtain the maximum satisfaction of the unlimited material wants of society 3 features of economics - Answer️️ -#1 Scarcity and Choice #2 Purposeful Behavior #3 Marginal benefits & costs Scarcity is the conflict between - Answer️️ -relatively unlimited wants vs relatively limited resources Scarcity - Answer️️ -restricts options and demands c...

Econ 211 UTK exam 1 Study Questions and Answers Economics - Answer️️ -The study of how people make decisions given the scarcity of resources Incentives - Answer️️ -a positive or negative environmental stimulus that motivates behavior Ceteris Paribus - Answer️️ -meaning everything else stays the same What 3 things can you never have enough of (scarcity and opportunity cost) - Answer️️ -time, money, and resources Microeconomics - Answer️️ -the study of how households an...

Econ 211 Exam 2 – UNL Study Guide with Complete Solutions 2 ways economic growth is measured - Answer️️ -Nominal and real GDP Nominal GDP - Answer️️ -often appear higher than real GDP, not adjusted for inflation (GDP17=P17 x Q17) Real GDP - Answer️️ -adjusted for inflation (GDP17=P09 X Q17) GDP is reported.. - Answer️️ -Quarterly (Advanced, Premlim and final) Economic growth is measured as - Answer️️ -a % change in real GDP on an annual basis (real GDP2 - real GDP 1...

ECON 211 - Final Exam Study Guide with Complete Solutions Economics - Answer️️ -the study of how society manages its scarce resources efficiency and equity - Answer️️ -There is often a trade-off between ______________ ; society tries to get the most it can from its scarce resources and attempts to distribute the benefits of those resources to the members of society in a fair manner opportunity cost of going to college - Answer️️ -the value of the best opportunity a student g...