Ecn 211 exam 2024 - Study guides, Class notes & Summaries
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ECN 211 Midterm #1 exam 2024 with 100% correct answers
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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...
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ECN 211 Exam 2 2024 with 100% correct answers
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GDP (Gross Domestic Profit) - correct answer the total market value of all final/finished goods and services produced within a country in a given period of time 
 
Not Included in GDP - correct answer -goods not bought/sold in a market (home production, charity work, free things) 
-intermediate goods 
-used items 
-illegal goods and services 
-goods produced in another country 
-financial transactions (bonds, stocks, etc.) 
-transfer payments (welfare, unemployment, etc.) 
 
Expenditure Appr...
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ECN 211 EXAM 2 ASU | 60 Questions and Answers with Complete Solutions 2024
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ECN 211 EXAM 2 ASU | 60 Questions and Answers with Complete Solutions 2024
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ECN 211 Exam 2 – Marburger | Questions and Correct Answers | Latest Update 2024/2025
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ECN 211 Exam 2 – Marburger | 
Questions and Correct 
Answers | Latest Update 
2024/2025 
Tariff - Answer -A tax on imported goods 
Who benefits/loses from free trade? - Answer -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) - Answer -...
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ASU ECN 211 EXAM 2 Review (Chapter 11-12 & 15-16) Questions and Answers 100% Correct | 2024-2025
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ASU ECN 211 EXAM 2 Review (Chapter 11-12 & 15-16) Questions and Answers 100% Correct |
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ASU ECN 211 Exam 2 – 2024 With 100% Correct Answers
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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...
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ECN 211 : Final Exam Review 2024 with 100% correct answers
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Real GDP is commonly used for what? - correct answer Short run changes. 
 
When real GDP falls, so does what? - correct answer - Personal income 
- Corporate profits 
- Consumer spending 
- Investment spending 
- Industrial production 
 
When the overall economy declines that is due to what? - correct answer - Reduction in spending in factories 
- Housing 
- Inventory 
 
When real GDP declines, what happens to the unemployment rate? - correct answer It increases. 
 
What is the natural r...
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ECN 211 Exam 1 EXAM 2024 WITH 100% CORRECT ANSWERS
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Economics - correct answer the study of how society manages its scarce resources 
 
Macroeconomics - correct answer the study of economy-wide phenomena (ex. the federal deficit, the rate of unemployment and policies to improve our standard of living) 
 
Microeconomics - correct answer the study of how households and firms make decisions and how they interact in markets 
 
Mixed Economies - correct answer a system with free markets, but with some government intervention (ex. U.S.) 
 
Scar...
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ASU ECN 211 Exam 2 2024 with 100% correct answers
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If a country keep its workers fully employed, it achieves a higher level of _______ than if it leaves many workers ________. - correct answer GDP 
Idle 
 
Natural Rate Of Unemployment - correct answer the normal rate of unemployment around which the unemployment rate fluctuates is the natural rate of unemployment 
 
The amount of unemployment that an economy normally experiences 
 
"Natural" Rate of Unemployment - correct answer The unemployment that doesn't go away on its own 
 
Emplo...
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ECN 211 Midterm #1 exam 2024 with 100% correct answers
- Exam (elaborations) • 9 pages • 2024
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- $15.49
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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...
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