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ECN 211 Final Exam Review Questions & answers
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ECN 211 Final Exam Review Questions & answers
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ECN 211 : Final Exam ReviewThe opportunity cost of an item is.... - ANS-what you give up to get that item
Total output in an economy increases when each person specializes because -
ANS-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, - ANS-has the absolute advantage in producing that good
The quantity demanded of a good is the amount that buyers are - ANS-willing and able
to purchase
the market demand curve - ANS-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 - ANS-the amount of a good that sellers are willing
and able to sell
which of the following events must cause equilibrium price to fall - ANS-demand
increases supply increases
GDP is defined as the - ANS-value of all final good and services produced w/in a
country at a given period of time
changes inn nominal gdp reflect - ANS-both changes in prices and changes in the
amounts being produced.
the unemployment rate is computed as the number of unemployed - ANS-dived by the
labor force times 100
Some persons are counted as out of the labor force because they have made no
serious or recent effort to look for work. However, some of these individuals may want to
work even though they are too discouraged to make a serious effort to look for work. If
these individuals were counted as unemployed instead of out of the labor force, then -
ANS-both the unemployment rate and labor force participation rate would be higher
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