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2025 ASU ECON 211 Final Exam with accurate
questions and verified answers covering principles of
macroeconomics, fiscal policy, monetary systems,
and economic indicators.
The Opportunity Cost of an item is ......answer.....What you give up to get
that item
Total Output in an economy increases when each person specializes because
......answer.....Each person spends more time producing that product in
which he or she has a comparative advantage
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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 ......answer.....Has an
absolute advantage in the production of that good
The quantity demanded of a good is the amount that buyers are
......answer.....Willing and able to purchase
The market demand curve ......answer.....Represents the sum of the
quantities demanded by all the buyers at each price of the good.
The quantity supplied of a good is ......answer.....The amount sellers are
willing and able to produce
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What causes equilibrium price to fall ......answer.....Demand increase and
Supply decrease
Demand and supply both decrease
Demand decrease and Supply increase
Demand and supply both increase
Demand decrease and supply increase
GDP is defined by ......answer.....Value of all final goods and services
produced within a country in a given period of time
Changes in nominal GDP reflect ......answer.....Both changes in price and the
amount being produced
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The unemployment rate is computed as the number of unemployed
......answer.....Divided by the labor force all times 100
Some persons are counted as out of the labor force because they have made
no serious attempt to find work. However some of these individuals may
want to work even though they are too discouraged to make a serious effort
to look. If these individuals were counted as unemployed instead of out of
the labor force, then ......answer.....Both unemployment rate and the labor-
force participation rate would be higher
The CPI is used to ......answer.....Monitor changes in the cost of living over
time
2025 ASU ECON 211 Final Exam with accurate
questions and verified answers covering principles of
macroeconomics, fiscal policy, monetary systems,
and economic indicators.
The Opportunity Cost of an item is ......answer.....What you give up to get
that item
Total Output in an economy increases when each person specializes because
......answer.....Each person spends more time producing that product in
which he or she has a comparative advantage
,2|Page
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 ......answer.....Has an
absolute advantage in the production of that good
The quantity demanded of a good is the amount that buyers are
......answer.....Willing and able to purchase
The market demand curve ......answer.....Represents the sum of the
quantities demanded by all the buyers at each price of the good.
The quantity supplied of a good is ......answer.....The amount sellers are
willing and able to produce
,3|Page
What causes equilibrium price to fall ......answer.....Demand increase and
Supply decrease
Demand and supply both decrease
Demand decrease and Supply increase
Demand and supply both increase
Demand decrease and supply increase
GDP is defined by ......answer.....Value of all final goods and services
produced within a country in a given period of time
Changes in nominal GDP reflect ......answer.....Both changes in price and the
amount being produced
, 4|Page
The unemployment rate is computed as the number of unemployed
......answer.....Divided by the labor force all times 100
Some persons are counted as out of the labor force because they have made
no serious attempt to find work. However some of these individuals may
want to work even though they are too discouraged to make a serious effort
to look. If these individuals were counted as unemployed instead of out of
the labor force, then ......answer.....Both unemployment rate and the labor-
force participation rate would be higher
The CPI is used to ......answer.....Monitor changes in the cost of living over
time
