Supply shifters - Study guides, Class notes & Summaries

ECN 211 ASU Final Exam Marburger questions with correct answers The Circular Flow Diagram Correct Answer-Green arrows represent the flow of money and red represents to flow of goods/services Production possibilities Frontier/ Curve PPF: PPC Correct Answer-The curve shows what is possible within an economy D- impossible A&B - feasible efficient C - feasible & inefficient PPF shifts out when... Correct Answer-the economy can produce more of everything Opportunity Cost Correct Answer-t...

ECON 304 Final Exam - Questions with Verified Answers The law of demand suggests that as price rise the quantity of a good purchased will also rise. False When drawing a graph of demand, price is generally placed on the vertical axis. True Changes in the price of a good are considered demand shifters. False Demand is defined as the various quantities of a good or service that people are willing and able to buy at various prices during some time period. True The law of demand is a fairly weak l...

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...

Kent State University Microeconomics Exam Questions and Answers They will hire another worker when... - Answer-MRPL is > or = wage (w) market labor demand - Answer-add up all of the firms quantity demanded for labor at each wage Shifters of labor supply - Answer-wealth- if wealth goes up you will work less (shifts left) increase in population- shifts market labor supply to the right changing demographics- more women in work force (shift to right) changing alternatives- less bank...

ECON 2110 - Clemson: Exam 1 Latest Update Graded A Absolute Advantage The ability to produce a good using fewer inputs than another producer. Comparative Advantage The ability to produce a good at a lower opportunity cost than another producer. Possible It is ( possible/impossible ) for a country to have an absolute advantage in both goods. Impossible It is ( possible/impossible ) for a country to have a comparative advantage in both goods. The inverse of the first good If you have the oppor...

AP Macroeconomics Exam Review Questions and Answers A Score 1. Movement on Short-Run Phillips Curve: Shift in AD (graph move opposite direction) 2. Shift of Short-Run Phillips Curve: Shift in SRAS (shift is in oppo 3. Factors of Production: 1. Land 2. Labor 3. Capital 4. Technology 4. Shifters of Demand for Loanable Funds: 1. Incentive to Invest 2. Contractionary Fiscal Policy (to the right) 5. Shifters of Supply of Loanable Funds: 1. Incentive to Save 2. Monetary Policy 3. Expansio...

AP Macro Shifters Questions And Answers Shifters of Aggregate Demand Consumer spending Investment spending Government spending Net exports (AKA GDP) Shifters of Aggregate Supply Inflationary expectations Resource prices Actions of government (taxes, regulations) Productivity (AKA IRAP)

ECON 102 Exam 1 Latest Update 100% Pass Economic Analysis People making decisions economic wat of thinking Choices: Costs and Benefits Performing a certain economic action will increase our well-being if the benefits are greater than the costs (choices are the result of scarcity) Self Interest The pursuit of one's own goals (does not always mean increasing one's wealth; could also include prestige, friendship, love, and feeling good) Rationality Assumption The assumption that people do not ...

ECON-1002-1 Applying The Supply and Demand ModelApplying The Supply and Demand ModelWalden UniversityECON-1002-1Applying The Supply and Demand Modelï‚·Over the past 10-20 years, the use of landline phones has fallen while the use of cell phones and smartphones has increased. Explain how changes in consumer tastes and preferences are affecting the demand functions for each product. Draw graphs for each of the two products (landlines and cell phones/smartphones) illustrating what has happened ...

8. social/cultural 9. competitors (what they are doing and planning to do) 10. substitute products 11. corporate social responsibility Demand Shifters 1. Understand how the world works 2. Economics is at the root of business decisions, government policy market and global economic relations. 3. Its a language we can all understand 4. understanding how markets work and the relationship between economic variable is necessary to understanding the economy, the economy is greater predictor o...