ECO3704 Exam Questions & Detailed Answers – 100% Guaranteed Pass

ECO3704 QUESTIONS WITH
CORRECT DETAILED ANSWERS;
100% GUARANTEED PASS

-4B - correct answer- In 2021, Bulgaria had the
following features:
GDP = Y = 100B
C = 50B
I = 18B
G = 36B
Find Bulgaria's trade balance


-MPLx/MPLy - correct answer- slope equation
for PPF


=
=
=

,= - correct answer- When firm produces both
goods
Qc >/</= 0
Qw >/</= 0
ww >/</= wc >/</= w
Pw/Pc >/</= MPLc/MPLw


=
=, = - correct answer- Firms hire labor up to the
point where wage >/</= value of MPL.
When both goods are produced Wa >/</= Wm >/</=W


=
>
>
> - correct answer- Economy specializes in
production of wheat
Qc >/</= 0
Qw >/</= 0

, ww >/</= wc
Pw/Pc >/</= MPLc/MPLw


= - correct answer- Under perfect competition,
firms hire workers until wage (w) </>/= value of MPL
which is P(MPL)


= - correct answer- Under perfect competition,
opportunity cost of wheat </>/= its relative price


>
=
<
> - correct answer- Economy specializes in
production of cloth
Qc >/</= 0
Qw >/</= 0
ww >/</= wc
Pc/Pw >/</= MPLw/MPLc