Ppf Study guides, Class notes & Summaries
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TAMU ECON 203 Exam (Latest 2024/ 2025 Update) Questions and Verified Answers| 100% Correct| Grade A+
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TAMU ECON 203 Exam (Latest 2024/ 2025 Update) Questions and 
Verified Answers| 100% Correct| Grade A+ 
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 
...
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A-level AQA Economics Key Terms and Definitions Revision Exam With All Complete Answers 2024.
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Allocative efficiency - Answer This occurs when the available economic resources are used to produce the combination of goods and services that best matches peoples' tastes and preferences. 
 
Division of labour - Answer The specialisation of individuals through the separation of tasks in the production process and their allocation to different groups of workers. 
 
Factors of production - Answer Inputs into the production process namely land, labour, capital and enterprise. 
 
Normative ...
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ECON 203 EXAM 1 TAMU questions with correct answers
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What are 3 gains from society when countries decide to specialize? CORRECT ANSWER -specialization and trade 
-more resources 
-Improvements in technology/productivity 
 
True or False: Every country have comparative advantage in something. CORRECT ANSWER True 
 
What are 2 gains when two countries engage in specialization and trade? CORRECT ANSWER -total production increases 
-new points reached on the PPF that were originally unattainable 
 
What are the 4 characteristics of competitive markets...
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ECN 211 ASU Final Exam Marburger questions with correct answers|100% verified
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ECN 211 ASU Final Exam Marburger questions with correct answers 
The Circular Flow Diagram Correct Answer-Green arrows represent the flow of money and red represents to flow of goods/services 
 
Production possibilities Frontier/ Curve PPF: PPC Correct Answer-The curve shows what is possible within an economy 
D- impossible 
A&B - feasible efficient 
C - feasible & inefficient 
 
PPF shifts out when... Correct Answer-the economy can produce more of everything 
 
Opportunity Cost Correct Answer-t...
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D089 Principles of Economics 2021 Study Guide Questions and Answers
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1.	What are the three fundamental questions every economy must answer? Give an example of a 
“What” question. 
 What to produce, how it will be produced, and for whom the goods or services are produced. What to produce example: What to produce to feed farm animals? 
 
2.	What do economists mean when they say that people “think at the margin”? 
 People will think about what the next step or additional action means for them. (Principle 3) 
 
3.	According to the 10 Principles of Economics...
Too much month left at the end of the money?
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ECO 2023 Exam 1 || All Correct.
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Scarcity correct answers unlimited wants but limited resources 
 
what is produced? correct answers economic question "what" 
 
How will goods and services be produced? correct answers economic question "how" 
 
Who will get the goods and services? correct answers economic question "who" 
 
Traditional approach correct answers do what we have always done. Inflexible 
 
Command approach correct answers government dictates what to produce 
 
market-based approach correct answers let prices, ...
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Test Bank For International Macroeconomics 4th Edition By Robert C. Feenstra, Alan M. Taylor | Complete All Chapters 2023-2024
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Test Bank For International Macroeconomics 4th Edition By Robert C. Feenstra, Alan M. Taylor | Complete All Chapters . Which of the following is NOT a reason why countries trade goods with one another? 
A) differences in technology used in different countries 
B) differences in countries' total amount of resources 
C) the proximity of countries to one another 
D) differences in countries' languages and cultures 
2. David Ricardo's model explains trade based on: 
A) labor supply. 
B) technolo...
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MSU EC 201 Exam 1 Questions and Answers 2024;full solution pack
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Economics is - Answer--the science of choice 
-study of how people use their limited resources to satisfy unlimited desires 
resources are... - Answer-scarce, therefore we must make choices 
3 questions any society must answer - Answer-1. what to produce 
2. how to produce 
3. whom to produce for 
positive statement - Answer-what IS; can be shown correct or incorrect 
-factual statements 
normative statement - Answer-what OUGHT TO be; involves value judgements, cant be proven right or 
wrong 
Mi...
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ECON EXAM 1 ANSWERS 100% CORRECT 2023-24
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ECON EXAM 1 ANSWERS 100% CORRECT 2023-24 
 
 
You are looking at the market (supply and demand) for hot dog buns. You see in the paper that the price of hot dogs has increased significantly. As a result, in the market for hot dog buns we would expect to see... - ANSWER-Demand shift left, producing a lower equilibrium price, and higher equilibrium quantity 
 
Consider these three headlines... 
I. Microsoft Lowers the Price of Windows 10 
II. U.S. Economy Enters Recession 
III. Mergers in the Bank...
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Health Economics Exam 1 2023 with 100% correct answers
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What is health economics? correct answersApplication of various micro-economic tools to health issues and problems. Promotes a better understanding of health care problems so that corrective health policies can be designed and proposed. 
 
Health care resources correct answersMedical supplies (latex gloves), Personnel (Physicians, lab assistants), Capital inputs (hospitals), 
 
How does economics apply to health care? correct answersUncertainty: Patient Status, are we healthy or unhealthy? Do we...
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