Econ 203 exam 1 Study guides, Class notes & Summaries
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ECON 203 EXAM 1 TAMU QUESTIONS AND ANSWERS 2024 SOLVED 100%
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ECON 203 EXAM 1 TAMU QUESTIONS AND ANSWERS 2024 SOLVED 100%
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ECON 203 EXAM 1 TAMU questions with correct answers
- Exam (elaborations) • 15 pages • 2023
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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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TAMU Econ 203 Exam 1 questions with correct answers
- Exam (elaborations) • 9 pages • 2023
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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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ECON 203 EXAM 1 TAMU Questions and Answers | 100% Verified and Updated 2024
- Exam (elaborations) • 13 pages • 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 ...
-
ECON 203 EXAM 1 TAMU QUESTIONS AND ANSWERS GRADED A+
- Exam (elaborations) • 17 pages • 2024
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ECON 203 EXAM 1 TAMU QUESTIONS 
AND ANSWERS GRADED 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 
What are the 4 characteristics of competitive ...
-
ECON 203 EXAM 1 questions with correct answers
- Exam (elaborations) • 7 pages • 2023
- Available in package deal
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Principles of Economics: People face trade-offs CORRECT ANSWER Have to make choices because of scarcity 
 
Scarcity CORRECT ANSWER A situation in which unlimited wants exceed the limited resources available to fulfill those wants 
 
Principles of Economics: The cost of something is what you give up to get it. CORRECT ANSWER Opportunity Costs 
 
Principles of Economics: Rational people think at the margin CORRECT ANSWER Weighs marginal costs and marginal benefits. (See Transactional Utility) 
 
T...
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TAMU Econ 203 Exam 1 questions with correct answers
- Exam (elaborations) • 4 pages • 2023
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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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ECON 203 EXAM 1 TAMU QUESTIONS AND ANSWERS 2024
- Exam (elaborations) • 6 pages • 2024
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ECON 203 EXAM 1 TAMU QUESTIONS AND ANSWERS 2024
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ECON 203 EXAM 1 TAMU Questions and Answers | 100% Verified and Updated 2024
- Exam (elaborations) • 13 pages • 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 ...
-
ECON 203 EXAM 1 TAMU With 100% Correct Answers 2024/2025
- Exam (elaborations) • 10 pages • 2024
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- $11.49
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ECON 203 EXAM 1 TAMU With 100% 
Correct Answers 2024/2025 
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. - answerTrue 
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 
What are the 4 char...