ECN 211 final asu questions with 100% verified correct answers The opportunity cost of an item is.... - Correct Answer what you give up to get that item Total output in an economy increases when each person specializes because - Correct Answer each person spends more time producing that product in which they have a comparative advantage in.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 amount of that good, - Correct Answer has the absolute advantage in producing that good The quantity demanded of a good is the amount that buyers are - Correct Answer willing and able to purchase the market demand curve - Correct Answer represents the sum of the quantities demanded by all the buyers are willing to pay for the quantity of that good The quantity supplied of a good is - Correct Answer the amount of a good that sellers are willing and able to sell which of the following events must cause equilibrium price to fall - Correct Answer demand increases supply increases GDP is defined as the - Correct Answer value of all final good and services produced w/in a country at a given period of time changes inn nominal gdp reflect - Correct Answer both changes in prices and changes in the amounts being produced.the unemployment rate is computed as the number of unemployed - Correct Answer dived by the labor force times 100
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