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ECN 211 ASU FINAL EXAM MARBURGER ACTUAL
EXAM LATEST TEST WITH 100 ACTUAL EXAM
QUESTIONS AND CORRECT ANSWERS (GRADED A+)
COLORADO CAR SALES MASTERY TEST
The Circular Flow Diagram - ANSWER ✔Green arrows represent the flow of money and red represents to flow of goods/services Production possibilities Frontier/ Curve PPF: PPC - ANSWER ✔The curve shows what is possible within an economy D- impossible A&B - feasible efficient C - feasible & inefficient PPF shifts out when... - ANSWER ✔the economy can produce more of everything Opportunity Cost - ANSWER ✔the cost of what you give up to get something else in terms of time, money, or other goods Absolute Advantage - ANSWER ✔Who can make most of that good Comparative Advantage - ANSWER ✔The lowest opportunity cost for that good What would allow Panama and Canada to trade? - ANSWER ✔They want to trade within their opportunity cost Demand - ANSWER ✔The amount consumers are willing and able to purchase RATED
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Supply - ANSWER ✔The amount that producers are willing and able to produce Law of demand - ANSWER ✔Demand always slopes down Law of supply - ANSWER ✔Supply always slopes up Equilibrium - ANSWER ✔Where the two curves meet Demand shifters - ANSWER ✔- Price of substitute or complement
- Consumer preference
- population growth
- Income and expectation of future income
- Technological advancement
- Number of producers
- Producer expectation
Supply shifters - ANSWER ✔- Price of input
Solve for Equilibrium Price and Quantity - 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... - 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)
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