11 Jun EXPLAIN WHY AN INCREASE IN QUANTITY SUPPLIED IS NOT THE SAME AS AN INCREASE IN SUPPLY.
Explain why an increase in quantity supplied is not the same as an increase in supply.
Question
Part 2)
1. Briefly explain the resources used as inputs to produce output, and provide an example
of each resource.
2. Watch the following news video
(https://www.youtube.com/watch?v=j9OtQv5eH4w) This video clip examines supply and demand of oil. Please discuss the impacts that oil prices
have on the economy . What happens when to oil prices when the economy slows versus when
it is growing? 3. Consider products that you use in your everyday life. Provide an explanation and at least one
example of a normal good, an inferior good, substitutes, and complements.
4. Explain why an increase in quantity supplied is not the same as an increase in supply. Which of
these would be associated with a rightward shift in the supply curve? What non-price
determinants could lead to a shift in the supply curve? Which would be associated with a
movement up the supply curve? What non-price determinants could shift that supply curve?
5. Consider the following scenario and state the expected change in the supply or demand curve.
You should note whether the scenario indicates a shift of the curve or movement along the
curve. Scenario: You are a supplier of widgets. The technology that is available to produce your product
suddenly improves.
Part 4)
1. What is unemployment, and what is the unemployment rate? How is the labor force
participation rate calculated? What are the costs of unemployment?
2. How are inflation and the purchasing power of money related?
3. Explain the concept of the circular flow.
4. Explain what GDP is (be sure to include a description of the components) and how it is
measured, and utilize the different approaches. Why are countries interested in measuring their
GDP?
5. Consider the following scenario and determine whether it would be included in GDP, the
category that it would affect, and the net change in GDP: You are a manufacturer, and you
produce 1,000 units of a good and store it in your warehouse as inventory.
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