Econ 203 exam 1 tamu - Study guides, Class notes & Summaries
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ECON 203 EXAM 1 TAMU QUESTIONS AND ANSWERS (100% PASS)
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ECON 203 EXAM 1 TAMU QUESTIONS AND 
ANSWERS (100% PASS)
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TAMU Bundled Exams Full Solution Pack 100% Solved
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ARCH 212 TAMU EXAM 1 QUESTIONS AND ANSWERS GRADED A+

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COMM 345 EXAM 1 TAMU QUESTIONS AND ANSWERS 100% SOLVED

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ECON 203 EXAM 1 TAMU QUESTIONS AND ANSWERS GRADED A+

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ENTO 320 TAMU - Exam 1 Questions and Answers 100% Solved

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NFSC 300 TAMU Exam 1 Content with Comple
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ECON 203 EXAM 1 TAMU Questions and Answers | 100% Verified and Updated 2024
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ECON 203 EXAM 1 TAMU Questions and Answers | 
100% Verified and Updated 2024 
What are 3 gains from society when countries decide to specialize? -Answer-- 
specialization and trade 
-more resources 
-Improvements in technology/productivity 
True or False: Every country have comparative advantage in something. -Answer-True 
What are 2 gains when two countries engage in specialization and trade? -Answer--total 
production increases 
-new points reached on the PPF that were originally unattainable ...
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TAMU Econ 203 Exam 1 questions with correct answers
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Production Possibility CORRECT ANSWER a countries production capabilities modeled by the PPF 
 
PPF (Production Possibilities Frontier) CORRECT ANSWER -Line or curve that shows all possible combos of 2 outputs 
 
Points on PPF CORRECT ANSWER -points outside line are unattainable 
-points within are attainable but inefficient 
-points on line are attainable and efficient 
 
Opportunity Cost CORRECT ANSWER tradeoff between producing more of a good, or less of a good 
 
Opportunity Cost Formula COR...
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TAMU Econ 203 Exam 1 questions with correct answers
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What is left out of official GDP measures? CORRECT ANSWER 1) Goods and services not exchanged in the markets 
2) Underground economy 
 - Cash, Not reported, Not Taxes (Legal and Illegal) 
3) Environment (pollution affects the quality of life) 
4) •Amount of leisure time affects the quality of life 
 
What causes an increase in nominal GDP? CORRECT ANSWER Growth in quantity and/or price 
 
GDP Deflator CORRECT ANSWER Measure of the overall change in prices in an economy using the ratio between ...
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