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ASU ECON 211 COURSE REVIEW SOLVED QUESTIONS WITH COMPLETE SOLUTION

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ASU ECON 211 COURSE REVIEW SOLVED QUESTIONS WITH COMPLETE SOLUTION

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ASU ECON 211 COURSE REVIEW SOLVED
QUESTIONS WITH COMPLETE SOLUTION

●● 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

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