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ECN 211 ASU FINAL EXAM QUESTIONS WITH CORRECT ANSWERS
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The Circular Flow Diagram CORRECT ANSWER Green arrows represent the flow of money and red represents to flow of goods/services Production possibilities Frontier/ Curve PPF: PPC CORRECT ANSWER The curve shows what is possible within an economy D- impossible A&B - feasible efficient C - feasibl...

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  • January 16, 2023
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  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

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  • the circular flow diagram correct answer green arrows represent the flow of money and red represents to flow of goodsservices production possibilities frontier curve ppf ppc correct answer the cur

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ECN 211 ASU FINAL EXAM QUESTIONS WITH
CORRECT ANSWERS
The Circular Flow Diagram CORRECT ANSWER Green arrows represent the flow of
money and red represents to flow of goods/services

Production possibilities Frontier/ Curve PPF: PPC CORRECT ANSWER The curve
shows what is possible within an economy
D- impossible
A&B - feasible efficient
C - feasible & inefficient

PPF shifts out when... CORRECT ANSWER the economy can produce more of
everything

Opportunity Cost CORRECT ANSWER the cost of what you give up to get something
else in terms of time, money, or other goods

Absolute Advantage CORRECT ANSWER Who can make most of that good

Comparative Advantage CORRECT ANSWER The lowest opportunity cost for that good

What would allow Panama and Canada to trade? CORRECT ANSWER They want to
trade within their opportunity cost

Demand CORRECT ANSWER The amount consumers are willing and able to purchase

Supply CORRECT ANSWER The amount that producers are willing and able to
produce

Law of demand CORRECT ANSWER Demand always slopes down

Law of supply CORRECT ANSWER Supply always slopes up

Equilibrium CORRECT ANSWER Where the two curves meet

Demand shifters CORRECT ANSWER - Price of substitute or complement
- Consumer preference
- population growth
- Income and expectation of future income

Supply shifters CORRECT ANSWER - Price of input
- Technological advancement
- Number of producers

, - Producer expectation

Solve for Equilibrium Price and Quantity CORRECT ANSWER Make both sides equal to
each other
Ex. Q = 100 - 6P & Q = 28 + 3P
100 - 6P = 28 + 3P
72 - 9P
P=8
28 + 3(8)
28 + 24
52 = Q

Economic Growth is measured... CORRECT ANSWER Growth is measured in many
ways, usually GDP (the market value of all final goods and services produced in a
nation's borders) Productivity (output/labor hours)

What causes productivity? CORRECT ANSWER - Human Capital
- Natural Resources
- Physical Capital
- Technological Knowledge

Human Capital CORRECT ANSWER Knowledge and skills of workers (education,
training)

Natural Resources CORRECT ANSWER Anything that comes from nature (timber, oil,
coal)

Physical Capital CORRECT ANSWER All the physical tools and machines used to do
business

Technological Knowledge CORRECT ANSWER The general knowledge of the world

GDP Equation CORRECT ANSWER GDP = G + C + I + NX = ALL PRODUCTION =
ALL CONSUMPTION

Consumption (C) CORRECT ANSWER Things purchased for final use

Investment (I) CORRECT ANSWER Things purchased to use to make more money
later

Government Spending (G) CORRECT ANSWER Any money the government uses

Nominal GDP CORRECT ANSWER is this year’s prices * this year’s quantity

Real GDP CORRECT ANSWER is base years' prices * is years’ quantities

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