Ecn 211 midterm 1 2024 - Study guides, Class notes & Summaries

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...

ECN 211 Midterm #1 exam Graded A {2024/2025} Net Taxes (T) - CORRECT ANSWER Government tax revenue-government transfer payments T=total tax revenue- transfers Disposable Income - CORRECT ANSWER the income households have left after net taxes are taken away. Either spend or saved. total income minus net taxes Disposable Income=GDP-T Total Income - CORRECT ANSWER Total output or GDP Household Savings (S) - CORRECT ANSWER the portion of after-tax income that households do not spend on...

ECN 211 Midterm #1 Exam Studyguide 2024...

ECN 211 Midterm #1 | Questions and Correct Answers | Latest Update 2024/2025 market failure - Answer -a situation in which a market left on its own fails to allocate resources efficiently economics - Answer -the study of how society manages its scarce resources incentive - Answer -something that induces a person to act productivity - Answer -the quantity of goods and services produce from each unit of labor input opportunity cost - Answer -whatever must be given up to obtain some ite...

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

ECN 211 Midterm #1 Questions and Answers (2023 / 2024) (Verified Answers)

ECN 211 Midterm #1 | Questions and Correct Answers | Latest Update 2024/2025 market failure - Answer -a situation in which a market left on its own fails to allocate resources efficiently economics - Answer -the study of how society manages its scarce resources incentive - Answer -something that induces a person to act productivity - Answer -the quantity of goods and services produce from each unit of labor input opportunity cost - Answer -whatever must be given up to obtain some ite...

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...