Econ 101 Final Exam 1 And Guaranteed Pass Solutions.
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Course
Econ 101
Institution
Econ 101
scarcity - Answer A situation in which unlimited wants exceed the limited resources available to fulfill those wants
opportunity cost - Answer what you had to give up to make that choice or obtain that item
marginal analysis - Answer the study of the costs and benefits of doing a little bit m...
productive efficiency - Answer no more of any good could be produced without reducing production of
another good
, allocative efficiency - Answer goods are allocated to consumers in a way that makes them as well off as
possible (to consumers who want them most)
absolute advantage - Answer an individual, firm, or country, has a __________ if she can do it better
than other individuals, firms, or countries
comparative advantage - Answer an individual, firm, or country, has a _________ if her opportunity cost
of producing a good is lower than that of other individuals, firms, or countries
terms of trade - Answer neither party will accept a trade in which the price of a good is greater than her
opportunity cost
international trade - Answer two countries can benefit from trade even if one of them has an absolute
advantage in producing every good
to achieve gains from trade, countries will specialize in producing the goods or services for which they
have a comparative advantage
positive economics - Answer describes the way the economy actually works
have correct answers
normative economics - Answer makes policy prescriptions about the way the economy should work
involves judgements
buyers make up - Answer demand side
sellers make up - Answer supply side
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