ASU ECN 211 FINAL EXAM 2024 WITH 100% CORRECT ANSWERS

The opportunity cost of an item is.... - correct answer what you give up to get that item Total output in an economy increases when each person specializes because - correct answer each person spends more time producing that product in which they have a comparative advantage in. The producer that requires a smaller 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, - correct answer has the absolute advantage in producing that good The quantity demanded of a good is the amount that buyers are - correct answer willing and able to purchase the market demand curve - correct answer 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 - correct answer the amount of a good that sellers are willing and able to sell which of the following events must cause equilibrium price to fall - correct answer demand increases supply increases GDP is defined as the - correct answer value of all final good and services produced w/in a country at a given period of time changes inn nominal gdp reflect - correct answer both changes in prices and changes in the amounts being produced.