1|Page
ASU ECON 211 FINAL EXAM LATEST 2025 ACTUAL EXAM WITH
COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS (100%
VERIFIED ANSWERS) |ALREADY GRADED A+| ||PROFESSOR
VERIFIED|| ||BRANDNEW!!!||
Assume England and France each has a total of 40 labor hours
available. If each country divides its time equally between the
production of cheese and wine, the total production is
A. 24 units of cheese and 15 units of wine
B. 8 units of cheese and 10 units of wine
C. 40 units of cheese and 10 units of wine
D. 48 units of cheese and 30 units of wine - ANSWER-A. 24 units
of cheese and 15 units of wine
Assume Aruba and Iceland can switch between coolers and
producing ratios at a constant rate.
...................Labor Hours need to make 1
................... Cooler | Radio
Aruba: 2 | 5
Iceland: 1 | 4
,2|Page
A. radios and import coolers
B. Neither good and import both goods.
C. both goods and import neither.
D. Coolers and import radios - ANSWER-A. radios and import
coolers
If the nominal interest rate is 5% and the rate of inflation is 9%,
then the real interest rate is
A. -0.44 %
B. -4%
C. 4%
D. 14% - ANSWER-B. -4%
Over time, people have come to rely more on market-produced
goods and services and less on goods and services they produce
for themselves. For example, busy people with high incomes,
rather than cleaning their own houses, hire people to clean their
houses. By itself, this change has
,3|Page
A. probably changed measured GDP, but in an uncertain
direction; the direction of the change depends on the difference in
the quality of the cleaning that has resulted.
B. caused measured GDP to rise.
C. Not caused any change in measured GDP
D. Caused measured GDP to fall. - ANSWER-B. caused
measured GDP to rise.
GDP is equal to
A. Y
B. the market value of final goods and services produced within a
country in a given period of time.
C. C + I + G + NX
D. All of the above are correct - ANSWER-D. All of the above are
correct
Wholesome Wheat Bakery buys $10.00 worth of flour from Mikes'
Mill and uses the flour to make bread. Wholesome Wheat sells
, 4|Page
the bread to the public for $22.00. Taking these two transactions
into account, what is the effect on GDP?
A. GDP increases by $32.00
B. GDP increases by $12.00
C. GDP increases by $10.00
D. GDP increases by $22.00 - ANSWER-D. GDP increases by
$22.00
Suppose Susan can wash three windows per hour, or she can
iron six shirts per hour. Paul can wash two windows per hour or
he can iron five shirts per hour.
A. Susan has an absolute advantage over Paul in washing
windows.
B. Susan has a comparative advantage over Paul in washing
windows.
C. Paul has a comparative advantage over Susan in ironing
shirts.
D. All of the above are correct. - ANSWER-D. All of the above are
correct.
ASU ECON 211 FINAL EXAM LATEST 2025 ACTUAL EXAM WITH
COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS (100%
VERIFIED ANSWERS) |ALREADY GRADED A+| ||PROFESSOR
VERIFIED|| ||BRANDNEW!!!||
Assume England and France each has a total of 40 labor hours
available. If each country divides its time equally between the
production of cheese and wine, the total production is
A. 24 units of cheese and 15 units of wine
B. 8 units of cheese and 10 units of wine
C. 40 units of cheese and 10 units of wine
D. 48 units of cheese and 30 units of wine - ANSWER-A. 24 units
of cheese and 15 units of wine
Assume Aruba and Iceland can switch between coolers and
producing ratios at a constant rate.
...................Labor Hours need to make 1
................... Cooler | Radio
Aruba: 2 | 5
Iceland: 1 | 4
,2|Page
A. radios and import coolers
B. Neither good and import both goods.
C. both goods and import neither.
D. Coolers and import radios - ANSWER-A. radios and import
coolers
If the nominal interest rate is 5% and the rate of inflation is 9%,
then the real interest rate is
A. -0.44 %
B. -4%
C. 4%
D. 14% - ANSWER-B. -4%
Over time, people have come to rely more on market-produced
goods and services and less on goods and services they produce
for themselves. For example, busy people with high incomes,
rather than cleaning their own houses, hire people to clean their
houses. By itself, this change has
,3|Page
A. probably changed measured GDP, but in an uncertain
direction; the direction of the change depends on the difference in
the quality of the cleaning that has resulted.
B. caused measured GDP to rise.
C. Not caused any change in measured GDP
D. Caused measured GDP to fall. - ANSWER-B. caused
measured GDP to rise.
GDP is equal to
A. Y
B. the market value of final goods and services produced within a
country in a given period of time.
C. C + I + G + NX
D. All of the above are correct - ANSWER-D. All of the above are
correct
Wholesome Wheat Bakery buys $10.00 worth of flour from Mikes'
Mill and uses the flour to make bread. Wholesome Wheat sells
, 4|Page
the bread to the public for $22.00. Taking these two transactions
into account, what is the effect on GDP?
A. GDP increases by $32.00
B. GDP increases by $12.00
C. GDP increases by $10.00
D. GDP increases by $22.00 - ANSWER-D. GDP increases by
$22.00
Suppose Susan can wash three windows per hour, or she can
iron six shirts per hour. Paul can wash two windows per hour or
he can iron five shirts per hour.
A. Susan has an absolute advantage over Paul in washing
windows.
B. Susan has a comparative advantage over Paul in washing
windows.
C. Paul has a comparative advantage over Susan in ironing
shirts.
D. All of the above are correct. - ANSWER-D. All of the above are
correct.
