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ECON 203 EXAM 1 TAMU QUESTIONS AND ANSWERS (100% PASS)
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ECON 203 EXAM 1 TAMU QUESTIONS AND ANSWERS (100% PASS)
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©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Monday, July 29, 2024 12:15 PMECON 203 EXAM 1 TAMU QUESTIONS AND
ANSWERS (100% PASS)
What are 3 gains from society when countries decide to specialize? - ✔️✔️-specialization
and trade
-more resources
-Improvements in technology/productivity
True or False: Every country have comparative advantage in something. - ✔️✔️True
What are 2 gains when two countries engage in specialization and trade? - ✔️✔️-total
production increases
-new points reached on the PPF that were originally unattainable
What are the 4 characteristics of competitive markets? - ✔️✔️-buyers are price takers
(cannot negotiate)
-standardized goods
-full information
-No transaction costs (no added cost for participating in the market)
The ___ is the amount of a particular good or service that buyers are willing and able to
purchase at a given price. - ✔️✔️Quantity Demanded
A ___ displays the quantities demanded at various prices. - ✔️✔️Demand Schedule
The ___ illustrates the relationship between the quantity demanded and the price of the
good, holding all of the other non-price determinants constant. - ✔️✔️Demand Curve
1
, ©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Monday, July 29, 2024 12:15 PM
The ___ states that the lower the price, the higher the quantity demanded, all other
things equal. - ✔️✔️law of demand
What are the 5 non-price determinants of demand? - ✔️✔️-income
-taste
-price of related goods
-number of buyers
-expectation about future prices
The ___ is the amount of a particular good that producers are willing and able to sell at
a given price. - ✔️✔️Quantity Supplied
A ___ displays the quantities supplied at various prices. - ✔️✔️Supply Schedule
The ___ illustrates the relationship between the quantity supplied and the price of the
good, holding all of the other non-price determinants constant. - ✔️✔️Supply Curve
What are the 5 non-price determinants of supply? - ✔️✔️-number of firms
-technology
-expectation of future prices
-price of substitutes in production
-Price of inputs
If the price of a related good is low, how will this affect the demand curve?
If the price of a substitute in production is low (price of a related good), how will this
affect the supply curve - ✔️✔️DEMAND:
-decrease
-shift to the left
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