ECON 203 EXAM 1 TAMU || All Questions Answered Correctly.
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ECON 203
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ECON 203
What are 3 gains from society when countries decide to specialize? correct answers -specialization and trade
-more resources
-Improvements in technology/productivity
True or False: Every country have comparative advantage in something. correct answers True
What are 2 gains when two countrie...
what are 3 gains from society when countries decid
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ECON 203
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ECON 203 EXAM 1 TAMU || All Questions Answered
Correctly.
What are 3 gains from society when countries decide to specialize? correct answers -
specialization and trade
-more resources
-Improvements in technology/productivity
True or False: Every country have comparative advantage in something. correct answers True
What are 2 gains when two countries engage in specialization and trade? correct answers -total
production increases
-new points reached on the PPF that were originally unattainable
What are the 4 characteristics of competitive markets? correct answers -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. correct answers Quantity Demanded
A ___ displays the quantities demanded at various prices. correct answers 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. correct answers Demand Curve
The ___ states that the lower the price, the higher the quantity demanded, all other things equal.
correct answers law of demand
What are the 5 non-price determinants of demand? correct answers -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. correct answers Quantity Supplied
A ___ displays the quantities supplied at various prices. correct answers 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. correct answers Supply Curve
, What are the 5 non-price determinants of supply? correct answers -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 correct answers DEMAND:
-decrease
-shift to the left
SUPPLY
-decrease (because sellers want to sell the other product
-shift to the left
The equilibrium quantity and price is determined by ___ correct answers the intersection of the
Supply and Demand curves
If a non-price factor changes, this affects the market ___ correct answers Equilibrium
What is disequilibrium? correct answers -when the market is not in equilibrium
-supply quantity DOES NOT equal demand quantity
What happens if prices are too high in relation to quantity demand/supplied?
Is there a shortage/excess demand or excess supply/surplus correct answers -Quantity Supplied >
Quantity Demanded
-Excess Supply
-Surplus
What happens if prices are too low in relation to quantity demand/supplied?
Is there a shortage/excess demand or excess supply/surplus correct answers -Quantity Demanded
> Quantity Supplied
-Excess demand or Shortage
What are the 3 things total output of an economy allows us to measure? correct answers -Living
Standards
-Business Cycles
-Economic Growth
What are 2 problems to overcome when determining how to value all goods and services
produced by an economy? correct answers -how to add up unique goods and services into one
measure of productivity
-Not counting intermediate goods that go into final goods and services
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