Econ 211 final exam - Study guides, Class notes & Summaries

What does a production possibilities frontier display? - correct answer Possible combinations of output an economy can produce given available factors of production and technology. What is a normative statement? - correct answer Policymakers should increase the minimum wage to improve standard of living. The opportunity cost of helping a friend move is... - correct answer the next best use of the time and energy spent helping your friend. An entity has a comparative advantage if i...

Econ 211 Exam 2 – UNL Study Guide with Complete Solutions 2 ways economic growth is measured - Answer️️ -Nominal and real GDP Nominal GDP - Answer️️ -often appear higher than real GDP, not adjusted for inflation (GDP17=P17 x Q17) Real GDP - Answer️️ -adjusted for inflation (GDP17=P09 X Q17) GDP is reported.. - Answer️️ -Quarterly (Advanced, Premlim and final) Economic growth is measured as - Answer️️ -a % change in real GDP on an annual basis (real GDP2 - real GDP 1...

ECON 211 FINAL ASU EXAM QUESTIONS WITH SOLUTIONS The 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 he or she has a comparative advantage 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 amoun...

What does a production possibilities frontier display? - correct answer Possible combinations of output an economy can produce given available factors of production and technology. What is a normative statement? - correct answer Policymakers should increase the minimum wage to improve standard of living. The opportunity cost of helping a friend move is... - correct answer the next best use of the time and energy spent helping your friend. An entity has a comparative advantage if i...

ASU Econ 211 Final Exam.

_Econ 211 Final Exam