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ECN 211 FINAL ASU REVIEW SHEET 2026 FULL QUESTIONS AND ACCURATE ANSWERS

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ECN 211 FINAL ASU REVIEW SHEET 2026 FULL QUESTIONS AND ACCURATE ANSWERS

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ECN 211 FINAL ASU REVIEW SHEET
2026 FULL QUESTIONS AND
ACCURATE ANSWERS

◉ Production possibilities Frontier/ Curve PPF: PPC. Answer: The
curve shows what is possible within an economy
D- impossible
A&B - feasible efficient
C - feasible & inefficient


◉ PPF shifts out when.... Answer: the economy can produce more of
everything


◉ Opportunity Cost. Answer: the cost of what you give up to get
something else in terms of time, money, or other goods


◉ Absolute Advantage. Answer: Who can make most of that good


◉ Comparative Advantage. Answer: The lowest opportunity cost for
that good


◉ What would allow Panama and Canada to trade?. Answer: They want
to trade within their opportunity cost

, ◉ Demand. Answer: The amount consumers are willing and able to
purchase


◉ Supply. Answer: The amount that producers are willing and able to
produce


◉ Law of demand. Answer: Demand always slopes down


◉ Law of supply. Answer: Supply always slopes up


◉ Equilibrium. Answer: Where the two curves meet


◉ Demand shifters. Answer: - Price of substitute or complement
- Consumer preference
- population growth
- Income and expectation of future income


◉ Supply shifters. Answer: - Price of input
- Technological advancement
- Number of producers
- Producer expectation


◉ Solve for Equilibrium Price and Quantity. Answer: Make both sides
equal to each other

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