ECN 211 ASU FINAL EXAM MARBURGER QUESTIONS AND CORRECT ANSWERS

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ECN 211 ASU FINAL EXAM MARBURGER QUESTIONS AND CORRECT ANSWERS

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2025/2026

Institution ECN 211

Course ECN 211

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ECN 211 ASU FINAL EXAM MARBURGER QUESTIONS AND CORRECT ANSWERS

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ECN 211 ASU FINAL EXAM
MARBURGER QUESTIONS AND
CORRECT ANSWERS
TheA2CircularA2FlowA2DiagramA2-A2Ans--
GreenA2arrowsA2representA2theA2flowA2ofA2moneyA2andA2redA2representsA2toA2flowA2ofA2go
ods/services

ProductionA2possibilitiesA2Frontier/A2CurveA2PPF:A2PPCA2-A2Ans--
TheA2curveA2showsA2whatA2isA2possibleA2withinA2anA2economy
D-A2impossible
A&BA2-A2feasibleA2efficient
CA2-A2feasibleA2&A2inefficient

PPFA2shiftsA2outA2when...A2-A2Ans--theA2economyA2canA2produceA2moreA2ofA2everything

OpportunityA2CostA2-A2Ans--
theA2costA2ofA2whatA2youA2giveA2upA2toA2getA2somethingA2elseA2inA2termsA2ofA2time,A2mone
y,A2orA2otherA2goods

AbsoluteA2AdvantageA2-A2Ans--WhoA2canA2makeA2mostA2ofA2thatA2good

ComparativeA2AdvantageA2-A2Ans--TheA2lowestA2opportunityA2costA2forA2thatA2good

WhatA2wouldA2allowA2PanamaA2andA2CanadaA2toA2trade?A2-A2Ans--
TheyA2wantA2toA2tradeA2withinA2theirA2opportunityA2cost

DemandA2-A2Ans--TheA2amountA2consumersA2areA2willingA2andA2ableA2toA2purchase

SupplyA2-A2Ans--TheA2amountA2thatA2producersA2areA2willingA2andA2ableA2toA2produce

LawA2ofA2demandA2-A2Ans--DemandA2alwaysA2slopesA2down

LawA2ofA2supplyA2-A2Ans--SupplyA2alwaysA2slopesA2up

EquilibriumA2-A2Ans--WhereA2theA2twoA2curvesA2meet

DemandA2shiftersA2-A2Ans---A2PriceA2ofA2substituteA2orA2complement
-A2ConsumerA2preference
-A2populationA2growth
-A2IncomeA2andA2expectationA2ofA2futureA2income

, SupplyA2shiftersA2-A2Ans---A2PriceA2ofA2input
-A2TechnologicalA2advancement
-A2NumberA2ofA2producers
-A2ProducerA2expectation

SolveA2forA2EquilibriumA2PriceA2andA2QuantityA2-A2Ans--
MakeA2bothA2sidesA2equalA2toA2eachA2otherA2
Ex.A2QA2=A2100A2-A26PA2&A2QA2=A228A2+A23P
100A2-A26PA2=A228A2+A23P
72A2-A29P
PA2=A28
28A2+A23(8)
28A2+A224
52A2=A2Q

EconomicA2GrowthA2isA2measured...A2-A2Ans--
GrowthA2isA2measuredA2inA2manyA2ways,A2usuallyA2GDPA2(theA2marketA2valueA2ofA2allA2fin
alA2goodsA2andA2servicesA2producedA2inA2aA2nation'sA2borders)A2ProductivityA2(output/
laborA2hours)

WhatA2causesA2productivity?A2-A2Ans---A2HumanA2Capital
-A2NaturalA2Resources
-A2PhysicalA2Capital
-A2TechnologicalA2Knowledge

HumanA2CapitalA2-A2Ans--KnowledgeA2andA2skillsA2ofA2workersA2(education,A2training)

NaturalA2ResourcesA2-A2Ans--AnythingA2thatA2comesA2fromA2natureA2(timber,A2oil,A2coal)

PhysicalA2CapitalA2-A2Ans--
AllA2theA2physicalA2toolsA2andA2machinesA2usedA2toA2doA2business

TechnologicalA2KnowledgeA2-A2Ans--TheA2generalA2knowledgeA2ofA2theA2world

GDPA2EquationA2-A2Ans--
GDPA2=A2GA2+A2CA2+A2IA2+A2NXA2=A2ALLA2PRODUCTIONA2=A2ALLA2CONSUMPTION

ConsumptionA2(C)A2-A2Ans--ThingsA2purchasedA2forA2finalA2use

InvestmentA2(I)A2-A2Ans--ThingsA2purchasedA2toA2useA2toA2makeA2moreA2moneyA2later

GovernmentA2SpendingA2(G)A2-A2Ans--AnyA2moneyA2theA2governmentA2uses

NominalA2GDPA2-A2Ans--isA2thisA2years'A2pricesA2*A2thisA2yearsA2quantities

RealA2GDPA2-A2Ans--isA2baseA2years'A2pricesA2*A2isA2yearsA2quantities

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Number of pages: 7
Written in: 2025/2026
Type: Exam (elaborations)
Contains: Questions & answers

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