08 Jun Question 1. Explain Opportunity Cost and provide an example.
Question
1. Explain Opportunity Cost and provide an example.
2. What is the difference between absolute advantage and comparative advantage? What is the benefit
of trade?
3. Provide a brief description of supply and demand. How is equilibrium used to determine the market
price and quantity?
4. Give an overview of what an inferior good is. What will happen when consumer incomes increase?
Include an example from your own life.
5. Minimum wage is a price floor. Explain some of the impacts that a price floor on the price of labor may
cause.
2-3 short paragraphs on the questions !!! and quiz
1 of 30
Economics deals with
how to profit from the stock market.
how to satisfy limited human wants.
how society allocates unlimited resources.
how individuals allocate scarce resources to satisfy unlimited human wants.
Question
2 of 30
What is the type of mechanism that answers the basic economic questions through a decentralized
decision making process?
Market system
Dictatorship
Command and control
Mixed economic system
Question
3 of 30
Economic models are used to
simplify reality to predict outcomes.
exactly replicate reality.
predict all possible outcomes of a study.
determine the thoughts of individuals.
Question
4 of 30
Suppose that you have four choices: go to a movie, read a book, watch television, or go to a concert.
You choose to go to a movie. The opportunity cost of the movie is
the value of the book that was not read.
the value of the television program that was not watched.
the value of the concert that you didn’t attend.
the value of the activity that you would have selected if you hadn’t gone to the movie.
Question
5 of 30
If an economy is operating at a point inside the production possibilities curve
society’s resources are being inefficiently utilized.
the curve will move to the left.
society’s resources are being used to produce too many consumer goods.
economic policy must implemented to slow growth of the economy further.
Question
6 of 30
Comparative advantage occurs
when a country can produce a good at a lower opportunity cost compared to other countries.
when a country can produce all goods more quickly than any other country.
when the production possibilities curve shifts outward to the right.
only for individuals and not countries.
Question
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