ECON 203 EXAM 1 TAMU Questions and Answers 100% Solved
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Course
ECON 203
Institution
ECON 203
ECON 203 EXAM 1 TAMU Questions and
Answers 100% Solved
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 a...
The ___ illustrates the relationship between the quantity supplied and the
price of the good, holding all of the other non-price determinants constant. -
✔✔Supply Curve
What are the 5 non-price determinants of supply? - ✔✔-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 - ✔✔DEMAND:
-decrease
-shift to the left
SUPPLY
-decrease (because sellers want to sell the other product
-shift to the left
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