ECN 211 Ballinger Exam Questions And Verified
Answers | Latest Update 2026/2027 | Graded A+
(100% Assured Pass)
In the circular-flow diagram, which of the following items flows from firms to households
through the markets for goods and services? - Answer goods and services
Factors of production are - Answer used to produce goods and services.
The gains from trade are - Answer a result of more efficient resource allocation than
would be observed in the absence of trade.
Which of the following statements about comparative advantage is not true?
Comparative advantage is determined by which person or group of persons can
produce a given quantity of a good using the fewest resources.
The principle of comparative advantage applies to countries as well as to individuals.
Economists use the principle of comparative advantage to emphasize the potential
benefits of free trade.
A country may have a comparative advantage in producing a good, even though it lacks
an absolute advantage in producing that good. - Answer Comparative advantage is
determined by which person or group of persons can produce a given quantity of a good
using the fewest resources.
If mayonnaise and Miracle Whip are substitutes, then which of the following would
increase the demand for Miracle Whip? - Answer an increase in the price of mayonnaise
Which of the following would lead to a leftward shift in the demand curve for iPads (a
normal good)? - Answer A decrease in household income.
Suppose new information is available that suggest the price of gold will be higher in the
future than previously expected. As a result of this new information, - Answer there is a
rightward shift in the current demand curve for gold.
, At a product's equilibrium price - Answer any buyer who is willing and able to pay the
price will find a seller for the product.
The table below displays data from the Bureau of Economic Analysis for the United
States in 2009.
Expenditure category
Trillions of U.S. Dollars
Consumption
9.87
Investment
1.55
Government Purchases
2.92
Exports
1.58
Imports
1.98
Calculate nominal GDP in 2009. - Answer $13.94 Trillion
Nominal GDP= Qty product 1 x Price Product 1 + qty P2 x Price P2
year
Nominal GDP
Real GDP
2000
$9,952
$11,216
2005
$12,623
$12,623
2008
$14,292
$13,162
2009
$13,939
$12,703
2010
$14,527
$13,088
2011
$15,088
Answers | Latest Update 2026/2027 | Graded A+
(100% Assured Pass)
In the circular-flow diagram, which of the following items flows from firms to households
through the markets for goods and services? - Answer goods and services
Factors of production are - Answer used to produce goods and services.
The gains from trade are - Answer a result of more efficient resource allocation than
would be observed in the absence of trade.
Which of the following statements about comparative advantage is not true?
Comparative advantage is determined by which person or group of persons can
produce a given quantity of a good using the fewest resources.
The principle of comparative advantage applies to countries as well as to individuals.
Economists use the principle of comparative advantage to emphasize the potential
benefits of free trade.
A country may have a comparative advantage in producing a good, even though it lacks
an absolute advantage in producing that good. - Answer Comparative advantage is
determined by which person or group of persons can produce a given quantity of a good
using the fewest resources.
If mayonnaise and Miracle Whip are substitutes, then which of the following would
increase the demand for Miracle Whip? - Answer an increase in the price of mayonnaise
Which of the following would lead to a leftward shift in the demand curve for iPads (a
normal good)? - Answer A decrease in household income.
Suppose new information is available that suggest the price of gold will be higher in the
future than previously expected. As a result of this new information, - Answer there is a
rightward shift in the current demand curve for gold.
, At a product's equilibrium price - Answer any buyer who is willing and able to pay the
price will find a seller for the product.
The table below displays data from the Bureau of Economic Analysis for the United
States in 2009.
Expenditure category
Trillions of U.S. Dollars
Consumption
9.87
Investment
1.55
Government Purchases
2.92
Exports
1.58
Imports
1.98
Calculate nominal GDP in 2009. - Answer $13.94 Trillion
Nominal GDP= Qty product 1 x Price Product 1 + qty P2 x Price P2
year
Nominal GDP
Real GDP
2000
$9,952
$11,216
2005
$12,623
$12,623
2008
$14,292
$13,162
2009
$13,939
$12,703
2010
$14,527
$13,088
2011
$15,088
