Ppf Study guides, Revision notes & Summaries
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ECON 203 EXAM 1 TAMU questions with correct answers
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What are 3 gains from society when countries decide to specialize? CORRECT ANSWER -specialization and trade 
-more resources 
-Improvements in technology/productivity 
 
True or False: Every country have comparative advantage in something. CORRECT ANSWER True 
 
What are 2 gains when two countries engage in specialization and trade? CORRECT ANSWER -total production increases 
-new points reached on the PPF that were originally unattainable 
 
What are the 4 characteristics of competitive markets...
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D089 Principles of Economics 2021 Study Guide Questions and Answers
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1.	What are the three fundamental questions every economy must answer? Give an example of a 
“What” question. 
 What to produce, how it will be produced, and for whom the goods or services are produced. What to produce example: What to produce to feed farm animals? 
 
2.	What do economists mean when they say that people “think at the margin”? 
 People will think about what the next step or additional action means for them. (Principle 3) 
 
3.	According to the 10 Principles of Economics...
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ECN 211 ASU Final Exam Marburger questions with correct answers|100% verified
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ECN 211 ASU Final Exam Marburger questions with correct answers 
The Circular Flow Diagram Correct Answer-Green arrows represent the flow of money and red represents to flow of goods/services 
 
Production possibilities Frontier/ Curve PPF: PPC Correct Answer-The curve shows what is possible within an economy 
D- impossible 
A&B - feasible efficient 
C - feasible & inefficient 
 
PPF shifts out when... Correct Answer-the economy can produce more of everything 
 
Opportunity Cost Correct Answer-t...
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Test Bank For International Macroeconomics 4th Edition By Robert C. Feenstra, Alan M. Taylor | Complete All Chapters 2023-2024
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Test Bank For International Macroeconomics 4th Edition By Robert C. Feenstra, Alan M. Taylor | Complete All Chapters . Which of the following is NOT a reason why countries trade goods with one another? 
A) differences in technology used in different countries 
B) differences in countries' total amount of resources 
C) the proximity of countries to one another 
D) differences in countries' languages and cultures 
2. David Ricardo's model explains trade based on: 
A) labor supply. 
B) technolo...
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ECO 2023 Exam 1 || All Correct.
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Scarcity correct answers unlimited wants but limited resources 
 
what is produced? correct answers economic question "what" 
 
How will goods and services be produced? correct answers economic question "how" 
 
Who will get the goods and services? correct answers economic question "who" 
 
Traditional approach correct answers do what we have always done. Inflexible 
 
Command approach correct answers government dictates what to produce 
 
market-based approach correct answers let prices, ...
And that's how you make extra money
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MSU EC 201 Exam 1 Questions and Answers 2024;full solution pack
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Economics is - Answer--the science of choice 
-study of how people use their limited resources to satisfy unlimited desires 
resources are... - Answer-scarce, therefore we must make choices 
3 questions any society must answer - Answer-1. what to produce 
2. how to produce 
3. whom to produce for 
positive statement - Answer-what IS; can be shown correct or incorrect 
-factual statements 
normative statement - Answer-what OUGHT TO be; involves value judgements, cant be proven right or 
wrong 
Mi...
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ECON EXAM 1 ANSWERS 100% CORRECT 2023-24
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ECON EXAM 1 ANSWERS 100% CORRECT 2023-24 
 
 
You are looking at the market (supply and demand) for hot dog buns. You see in the paper that the price of hot dogs has increased significantly. As a result, in the market for hot dog buns we would expect to see... - ANSWER-Demand shift left, producing a lower equilibrium price, and higher equilibrium quantity 
 
Consider these three headlines... 
I. Microsoft Lowers the Price of Windows 10 
II. U.S. Economy Enters Recession 
III. Mergers in the Bank...
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BSNS 113 Final Exam Revision Questions and Answers 100% Pass
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BSNS 113 Final Exam Revision Questions and Answers 100% Pass 
"Economy-wide phenomena including inflation, unemployment and economic growth" is what type of economics? Macroeconomics 
"The study of how house holds and firms make decisions and how they interact in markets" is what type of economics? Microeconomics 
What is Positive Analysis? A statement describing how something is 
What is Normative Analysis? A statement describing how something should be 
Which of the following is most likel...
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ECN 211 - EXAM 1 2024 WITH 100% CORRECT ANSWERS
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Utility - correct answer Pleasure or satisfaction obtained from consuming a good or service 
 
Economizing Problem - correct answer Wants exceed means 
 
Economizing Problem - correct answer Limited resources vs. unlimited wants 
 
Individuals Economizing Problem - correct answer Budget Line 
 
Society's Economizing Problem - correct answer Production Possibilities Frontier (PPF): 
 
Factors of production - correct answer the resources the economy uses to produce goods & services, i...
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ECO 2023 final exam questions || A Verified A+ Pass.
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a combination of goods on a given PPF is correct answers Both obtainable and Efficient 
 
For a normal good, if INCOME goes UP, what happens to supply? Demand? correct answers Demand shifts right and the supply remains unchanged 
 
For an inferior good, if INCOME goes UP, what happens to supply? Demand? correct answers Demand shifts left and the supply remains unchanged 
 
bananas and oranges are perfect substitutes. If the PRICE of bananas goes UP, what happens to the demand for oranges? the Su...
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