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Exam (elaborations)

ECON 2110 FINAL EXAM CLEMSON QUESTIONS WITH CORRECT ANSWERS 2025

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ECON 2110 FINAL EXAM CLEMSON QUESTIONS WITH CORRECT ANSWERS 2025

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Uploaded on
March 14, 2025
Number of pages
19
Written in
2024/2025
Type
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  • econ 2110 final exam clemson questions with correc

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ECON 2110 FINAL EXAM CLEMSON QUESTIONS
WITH CORRECT ANSWERS 2025
EconomicsE-ECORRECTEANSWERE-
theEstudyEofEhowEpeopleEallocateEtheirElimitedEresourcesEtoEsatisfyEtheirEnearlyEunlimitedEwants



MicroE-ECORRECTEANSWERE-
theEpartEofEeconomicsEconcernedEwithEsingleEfactorsEandEtheEeffectsEofEindividualEdecisions



MacroE-ECORRECTEANSWERE-
theEpartEofEeconomicsEconcernedEwithElargeEscaleEorEgeneralEeconomicEfactors,EsuchEasEinterestEra
tesEandEnationalEproductivity



IncentivesE-ECORRECTEANSWERE-rewardsErEpunishmentsEthatEpeopleEreactEto



ScarcityE-ECORRECTEANSWERE-
livingEinEaEworldEofEfiniteEresourcesEandEhavingEunlimitedEneedsEandEwants



Trade-offsE-ECORRECTEANSWERE-givingEupEoneEthingEinEorderEtoEgainEanother



OpportunityECostE-ECORRECTEANSWERE-
theEvalueEofEtheEnextEbestEdecision,EwhatEitEcostsEsomeoneEtoEproduceEsomething,ElossEofEpotenti
alEgainEofEotherEalternatives



ThinkingEonEMarginE-ECORRECTEANSWERE-
whatEaEproducer/sellerEhasEtoEsacrificeEinEorderEtoEsell/produceEoneEmoreEofEanEitem



PositiveEEconomicsE-ECORRECTEANSWERE-howsEtheEeconomyEactuallyEworks,Efacts

,NormativeEEconomicsE-ECORRECTEANSWERE-
anEopinionEofEhowEtheEeconomyEshouldEwork,EnotEfacts



ConsumerESurplusE-ECORRECTEANSWERE-willingnessEtoEpayEminusEtheEcost/actualEpriceEofEitem



ProducerESurplusE-ECORRECTEANSWERE-theEcost/actualEpriceEofEitemEminusEtheEproductionEcost



VoluntaryETradeE-ECORRECTEANSWERE-tradeEthatEisEmutuallyEbeneficial



SpecializationE-ECORRECTEANSWERE-leadsEtoEincreasedEproductivityEandEtheEdivisionEofEknowledge



Self-SufficiencyE-ECORRECTEANSWERE-leadsEtoEdeath



DivisionEofEKnowledgeE-ECORRECTEANSWERE-
theEsumEofEtotalEknowledgeEincreasesEandEinEthisEwayEsoEdoesEproductivity



AbsoluteEAdvantageE-ECORRECTEANSWERE-
whenEandEindividualEorEcountryEcanEproduceEaEgoodEusingEfewerEresources



ComparativeEAdvantageE-ECORRECTEANSWERE-
WhenEandEindividualEorEcountryEcanEproduceEaEgoodEatEaElowerEopportunityEcost



PPFE-ECORRECTEANSWERE-
graphicalErepresentationEofEaEcombinationEofEgoodsEthatEanEindividualEorEcountryEcanEproduce



PPFEEfficiencyE-ECORRECTEANSWERE-onElineEisEefficient

aboveEtheElineEisEunattainable

, belowEtheElineEisEinefficient



DirectECostE-ECORRECTEANSWERE-
priceEthatEcanEbeEcompletelyEattributedEtoEtheEproductionEofEspecificEgoodsEorEservices



IndirectECostE-ECORRECTEANSWERE-costEnotEdirectlyErelatedEtoEproduction



ExplicitECostE-ECORRECTEANSWERE-
directEpaymentEmadeEtoEothersEinEtheEcourseEofErunningEaEbusiness



DemandE-ECORRECTEANSWERE-
theErelationshipEbetweenEtheEpriceEofEaEgoodEandEtheEquantityEdemanded



SupplyE-ECORRECTEANSWERE-asEtheEpriceEofEaEgoodErises,EtheEquantityEsuppliedEalsoErises



EquilibriumE-ECORRECTEANSWERE-whenEtheEquantityEdemandedEequalsEtheEquantityEsupplied



SurplusE-ECORRECTEANSWERE-whenEtheEquantityEsuppliedEisEgreaterEthanEtheEquantityEdemanded



ShortageE-ECORRECTEANSWERE-
whenEtheEquantityEdemandedEisEgreaterEthanEtheEquantityEsupplied



InelasticE-ECORRECTEANSWERE-whenEtheEelasticityEofEdemandEisElessEthanE-
1E(greaterEthanEoneEabsoluteEvalue)



ElasticE-ECORRECTEANSWERE-whenEtheEelasticityEofEdemandEisEbetweenE-
1EandE0E(betweenE0EadE1EinEabsoluteEvalue)
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