A ppf reflects that - Study guides, Class notes & Summaries

UNT ECON 1100 Exam 1 Questions and Answers Economics is the study of how society manages its ANSWER unlimited wants and limited resources Which of the following is least likely to be associated with the study of microeconomics? ANSWER the domestic steel industry produced 10 percent less output this year When calculating the opportunity cost of attending a basketball game, you should include: ANSWER The price you pay for the ticket and the value of your time Which of the following is ...

1) The production possibilities frontier is the boundary between A) those combinations of goods and services that can be produced and those that cannot. B) those resources that are limited and those that are unlimited. C) those combinations of goods and services that can be produced and those that cannot. D) those wants that are limited and those that are unlimited. Answer: C 2) The production possibilities frontier is A) upward sloping and reflects unlimited choices. B) upward sloping...

Chapter 4: Resources and Trade: The Heckscher-Ohlin Model 1. In the 2-factor, 2 good Heckscher-Ohlin model, an influx of workers from across the border would A. move the point of production along the production possibility curve. B. shift the production possibility curve outward, and increase the production of both goods. C. shift the production possibility curve outward and decrease the production of the labor-intensive product. D. shift the production possibility curve outward and decr...

Study Unit 1 What Economics is all about Economics is a social science that studies how people use scarce resources to satisfy their unlimited wants. Microeconomics looks at this at an individual, household or firm level while Macroeconomics is a broader look which is an aggregate of all the individuals, households and firms in a given economy. The main aspects in Microeconomic theory are supply, demand, scarcity, choices and opportunity cost. The Economic Problem Every individua...

which of the following things are scarce? - answer-everything that cost money the nominal interest rate is 7%. The inflation rate if 3% - answer-the real rate of interest is 4% the amount of a given input purchase by a firm depends on the: - answer-*price of finished good *prices of all other related goods *price of the input *state of technology The legislative act that established the Land Grand University System - answer-Merrill Act "Superstorm Sandy" disrupted transportation...

absolute advantage - Answer- The principle that reflects the idea, popularized by Adam Smith (1776), that countries should specialize in producing what they can produce more cheaply and importing those things others produce more cheaply. aggregate indifference curves - Answer- The set of indifference curves often used in general equilibrium models to represent a population's tastes and preferences. capital intensive - Answer- The description of an industry in the Heckscher-Ohlin model of ...

Economics can be defined as the social science that explains the ________. Choices that we make as we cope with scarcity An example of a question that might be explored in microeconomics is to determine The number of workers employed by Intel Scarcity is a situation in which ________ (1) We are unable to satisfy all our wants (A) People must make choices because Of scarcity In every economic system, choices must be made because resources are ________ and our wants...

Economics can be defined as the social science that explains the ________. Choices that we make as we cope with scarcity An example of a question that might be explored in microeconomics is to determine The number of workers employed by Intel Scarcity is a situation in which ________ (1) We are unable to satisfy all our wants (A) People must make choices because Of scarcity In every economic system, choices must be made because resources are ________ and our wants...

Which of the following will be included in the study of microeconomics? - ANSWER-The study of the individual consumers in a market Which of the following provided the foundation for economic analysis? - ANSWER-The basic ideas of scarcity and choice, along with the trade-offs Oliver can choose to have a burger, a pizza, a hot dog, or a smoothie. The burger, the pizza, the hot dog, and the smoothie cost the same. The utility gained from the burger is greater than that obtained from the slice...

ECON 1010 - Introduction to Microeconomics Instructor: Michael G. LanyiWhich one of the follow ing concepts is not illu strated by a p rod u ction p ossibilities frontier? A) op p ortu nity cost B) monetary exchange C) attainable and u nattainable p oints D) scarcity E) the trad eoff betw een prod ucing one good versus another Answer: B User1: Use the figure below to answer the following question(s). Figure 2.1 2) Complete the follow ing sentence. In Figure 2.1, A) movement from c to b w ould re...