Ecn 211 exam 2 - Study guides, Class notes & Summaries

GDP is - correct answer value of all final goods and services produced within a country in a given period of time. Y = C + I + G + NX - correct answer Y = economy's total expenditure C = consumption in economy I = imports in economy G = government spending NX = net exports Net exports equal - correct answer exports minus imports CPI is used to - correct answer monitor changes in the cost of living over time Inflation rate - correct answer percentage change in the price...

ECN 211 EXAM 2 AND 3 ASU LATEST ACTUAL EXAM 200 QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES|AGRADE

Tariff A tax on imported goods Who benefits/loses from free trade? 1. Foreign producers of steel (exports steel to US) 2. Buyers of steel and steel-related products (price falls and quantity increases) Who is worse off because of free trade? 1. Domestic producer of steel (sells lower quantity and at a lower price) Who benefits from tariffs? (US steel producers example) 1. Domestic producers of steel (sells more at a higher price) Who is worse off because of the tariff? 1. Foreign produc...

ECN 211 EXAM 2 ASU questions with correct answers

Microeconomics - correct answer the study of how individual households and firms make decisions and how they interact with one another in markets Macroeconomics - correct answer the study of the economy as a whole What is the goal of macroeconomics? - correct answer to explain changes that affect many households, firms, and markets simultaneously GDP deflator - correct answer a measure of the price level calculated as the ratio of nominal GDP to real GDP times 100 GDP deflato...

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 perso...

ECN 211 Exam 2 New Latest Version Updated with Questions and Answers

ECN 211 EXAM 3 ASU LATEST ACTUAL EXAM 200 QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES|AGRADE