ECN 211 FINAL EXAM ASU ACTUAL EXAM WITH
CORRECT ACTUAL QUESTIONS AND CORRECTLY
WELL DEFINED ANSWERS
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Terms in this set (38)
The opportunity cost of an item is.... what you give up to get that item
Total output in an economy increases each person spends more time producing that
when each person specializes product in which they have a comparative
because advantage in.
The producer that requires a smaller has the absolute advantage in producing that good
quantity of inputs to produce a
certain amount of a good, relative to
the quantities of inputs required by
other producers to produce the same
amount of that good,
, The quantity demanded of a good is willing and able to purchase
the amount that buyers are
the market demand curve represents the sum of the quantities demanded by
all the buyers are willing to pay for the quantity of
that good
The quantity supplied of a good is the amount of a good that sellers are willing and
able to sell
which of the following events must demand increases supply increases
cause equilibrium price to fall
GDP is defined as the value of all final good and services produced w/in a
country at a given period of time
changes inn nominal gdp reflect both changes in prices and changes in the amounts
being produced.
the unemployment rate is computed dived by the labor force times 100
as the number of unemployed
Some persons are counted as out of both the unemployment rate and labor force
the labor force because they have participation rate would be higher
made no serious or recent effort to
look for work. However, some of
these individuals may want to work
even though they are too
discouraged to make a serious effort
to look for work. If these individuals
were counted as unemployed instead
of out of the labor force, then
CORRECT ACTUAL QUESTIONS AND CORRECTLY
WELL DEFINED ANSWERS
Play your way to mastery with fun games
Match Blocks Charms NEW
Terms in this set (38)
The opportunity cost of an item is.... what you give up to get that item
Total output in an economy increases each person spends more time producing that
when each person specializes product in which they have a comparative
because advantage in.
The producer that requires a smaller has the absolute advantage in producing that good
quantity of inputs to produce a
certain amount of a good, relative to
the quantities of inputs required by
other producers to produce the same
amount of that good,
, The quantity demanded of a good is willing and able to purchase
the amount that buyers are
the market demand curve represents the sum of the quantities demanded by
all the buyers are willing to pay for the quantity of
that good
The quantity supplied of a good is the amount of a good that sellers are willing and
able to sell
which of the following events must demand increases supply increases
cause equilibrium price to fall
GDP is defined as the value of all final good and services produced w/in a
country at a given period of time
changes inn nominal gdp reflect both changes in prices and changes in the amounts
being produced.
the unemployment rate is computed dived by the labor force times 100
as the number of unemployed
Some persons are counted as out of both the unemployment rate and labor force
the labor force because they have participation rate would be higher
made no serious or recent effort to
look for work. However, some of
these individuals may want to work
even though they are too
discouraged to make a serious effort
to look for work. If these individuals
were counted as unemployed instead
of out of the labor force, then
