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ASU ECON 211 FINAL EXAM BANK QUESTIONS COMPLETE ANSWERS +

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ASU ECON 211 FINAL EXAM BANK QUESTIONS COMPLETE ANSWERS +

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ASU ECON 211 FINAL EXAM BANK
QUESTIONS COMPLETE 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

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