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

ECN 211 EXAM 2 ASU With Questions and Correct Answers and Complete Solutions. GDP is - ANSWER value of all final goods and services produced within a country in a given period of time. Y = C + I + G + NX - ANSWER Y = economy's total expenditure C = consumption in economy I = imports in economy G = government spending NX = net exports Net exports equal - ANSWER exports minus imports CPI is used to - ANSWER monitor changes in the cost of living over time Inflation rate - ANSWER percentag...

ECN 211 FINAL EXAM Questions with 100% Verified Correct Answers Graded A++ When income increases... - Correct Answer demand for inferior goods decrease and demand for normal goods increase price change causes a movement along - Correct Answer the demand curve (demand increase=right demand decrease=left) market quantity demand - Correct Answer sum of all individual demands What would cause a supply curve to shift right? - Correct Answer increase in supply (example: improvement in produc...

ECN 211 ASU Final Exam Marburger questions with correct answers

ECN 211 Exam Questions With 100% Correct Answers 2024/2025

ECN 211 : Final Exam Review questions with correct answers 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 A...

ECN 211 Midterm 1 Exam Questions and answers | Latest 2024/25 RATED A+

Lesson 1 : Scarcity Correct Answer Exists in all societies and at all income levels because human wants exceed what can be produced with the limited resources and time that nature makes available. This forces people to decide what and how much to consume. Economies: Correct Answer The science of how individuals and societies deal with scarcity. The wants of people are greater than the resources available to satisfy these wants. People have to make decisions that require trade-offs. Incenti...

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. Correct 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. Correct Answer Property rights Club goods sold by private firms often result in ______ than efficient prices charged, and _____ than efficient quantities supplied. C...

ECN 211 ASU Exam 3 | 93 Questions and Answers 100% Correct |

Uses of Money - Answer 1. Store of Value 2. Unit of Account 3. Medium of Exchange Fiat Money - Answer - made valuable by law - controlled by the government - used in developed countries Benefits of Fiat Money - Answer Montetary Policy & low cost to create Con of Fiat Money - Answer Overproduction can occur Liquidity - Answer - money is the most liquid item - anything can be money Level Of Liquidity - Answer checking account -> savings -> stocks/bond...