Ppf Study guides, Class notes & Summaries

Test Bank For International Macroeconomics 4th Edition By Robert C. Feenstra, Alan M. Taylor | Complete All Chapters . Which of the following is NOT a reason why countries trade goods with one another? A) differences in technology used in different countries B) differences in countries' total amount of resources C) the proximity of countries to one another D) differences in countries' languages and cultures 2. David Ricardo's model explains trade based on: A) labor supply. B) technolo...

Scarcity correct answers unlimited wants but limited resources what is produced? correct answers economic question "what" How will goods and services be produced? correct answers economic question "how" Who will get the goods and services? correct answers economic question "who" Traditional approach correct answers do what we have always done. Inflexible Command approach correct answers government dictates what to produce market-based approach correct answers let prices, ...

BSNS 113 Final Exam Revision Questions and Answers 100% Pass "Economy-wide phenomena including inflation, unemployment and economic growth" is what type of economics? Macroeconomics "The study of how house holds and firms make decisions and how they interact in markets" is what type of economics? Microeconomics What is Positive Analysis? A statement describing how something is What is Normative Analysis? A statement describing how something should be Which of the following is most likel...

ECON EXAM 1 ANSWERS 100% CORRECT 2023-24 You are looking at the market (supply and demand) for hot dog buns. You see in the paper that the price of hot dogs has increased significantly. As a result, in the market for hot dog buns we would expect to see... - ANSWER-Demand shift left, producing a lower equilibrium price, and higher equilibrium quantity Consider these three headlines... I. Microsoft Lowers the Price of Windows 10 II. U.S. Economy Enters Recession III. Mergers in the Bank...

Utility - correct answer Pleasure or satisfaction obtained from consuming a good or service Economizing Problem - correct answer Wants exceed means Economizing Problem - correct answer Limited resources vs. unlimited wants Individuals Economizing Problem - correct answer Budget Line Society's Economizing Problem - correct answer Production Possibilities Frontier (PPF): Factors of production - correct answer the resources the economy uses to produce goods & services, i...

ECN 211 ASU Final Exam Marburger Questions And Answers The Circular Flow Diagram - ANS Green arrows represent the flow of money and red represents to flow of goods/services Production possibilities Frontier/ Curve PPF: PPC - ANS The curve shows what is possible within an economy D- impossible A&B - feasible efficient C - feasible & inefficient PPF shifts out when... - ANS the economy can produce more of everything Opportunity Cost - ANS the cost of what you give up to g...

a combination of goods on a given PPF is correct answers Both obtainable and Efficient For a normal good, if INCOME goes UP, what happens to supply? Demand? correct answers Demand shifts right and the supply remains unchanged For an inferior good, if INCOME goes UP, what happens to supply? Demand? correct answers Demand shifts left and the supply remains unchanged bananas and oranges are perfect substitutes. If the PRICE of bananas goes UP, what happens to the demand for oranges? the Su...

What is health economics? correct answersApplication of various micro-economic tools to health issues and problems. Promotes a better understanding of health care problems so that corrective health policies can be designed and proposed. Health care resources correct answersMedical supplies (latex gloves), Personnel (Physicians, lab assistants), Capital inputs (hospitals), How does economics apply to health care? correct answersUncertainty: Patient Status, are we healthy or unhealthy? Do we...

There are _ Roles an _ plays 2, Economist Economist Role #1: As a Scientist Economist Role #2: As a Policy Advisor How is an Economist and a Scientist alike? They work together to EXPLAIN the world. How is an Economist and a Policy Advisor alike? They work together to IMPROVE the world. What method do both Economists and Scientists use to explain the World? The Scientific Method; through Observation, Theory and more Observation. What are Assumptions? Statements that help simplify th...

What is the definition of economics? - ANSWER the study of how humans make decisions in the face of scarcity What are economic and accounting profits? - ANSWER Accounting - profit computed using only explicit costs Total revenue - Explicit costs = accounting profit Economic - profit computed using explicit and implicit costs Total revenue - Explicit costs - Implicit costs = Economic profit What are the characteristics of an oligopoly? - ANSWER 1) few firms 2) barriers to entry Wh...