ECN 211 final asu Exam UPDATED ACTUAL QUESTIONS AND CORRECT ANSWERS

ECN 211 final asu Exam UPDATED
ACTUAL QUESTIONS AND 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