Ecn 211 asu exam 3 Study guides, Class notes & Summaries

What is a recession? Correct Answer-economic contraction; two straight quarters of negative GDP growth What is a boom? Correct Answer-economic expansion; boom length does not predict a recession What are the characteristics of a good economy? Correct 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 bad economy? Correct Answer-new job openings are scarce, firms not s...

What is a recession? - correct answer economic contraction; two straight quarters of negative GDP growth What is a boom? - correct answer economic expansion; boom length does not predict a recession What are the characteristics of a good economy? - correct 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 bad economy? - correct answer new job openings are sca...

Recession - correct answer -a period of mildly falling incomes and rising unemployment ex. -caused by a leftward shift in aggregate demand and a leftward shift in aggregate supply Depression - correct answer a severe period of falling incomes and rising unemployment ex. Great Depression The Business Cycle - correct answer the short-run fluctuations of the economy Economic Fluctuations - correct answer -are irregular and unpredictable -most macroeconomic variables measuring i...

ECN 211 ASU EXAM 2 Updated Questions with Approved Answers Graded A+ ..100% Pass A farmer produces potatoes, and sells them to a company which uses them all to make potato chips. The potatoes produced by the farmer are called.... - Answer intermediate goods argument against union - Answer 1. increase wages above market levels 2. decrease employment below market level 3. provide benefits to some at the expense of others Argument for union - Answer 1. provide market power for workers and h...