Ppf Study guides, Class notes & Summaries

Economics - Answer-social science that studies the choices that individuals, businesses, governments, and societies make as they cope with scarcity, incentives, and reconcile those choices Macroeconomics - Answer-Study of the performance of the national and global economies E.x. Why is the unemployment rate in the U.S. so high? Microeconomics - Answer-Study of choices that individuals and businesses make, the way those choices interact in markets, and the influence of governments E.x. Why ...

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 the cost of what you give up to get something else...

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) technology...

BSNS113 Quiz Practice Questions with Complete Solutions (100% Correct) Which of the following is most likely a macroeconomic topic? The role of the Reserve Bank in controlling inflation. Consider the following two statements: i.Humans tend to have effectively unlimited wants for goods and services. ii.Humans should limit their consumption for the sake of the environment. (i) is a positive statement and (ii) a normative statement. Suppose that to sit an exam you had to take three hours off fro...

econ 100 ( macroeconomics) csulb Question and answers already passed 2024 econ 100 ( macroeconomics) csulb • Scarcity - correct answer Have a limited number of resources ( 3 main: land, labor, capital) • Economics - correct answer - study of how society manages in scarce resources • Opportunity cost- - correct answer what you give up to get something, next best choice, highest valued foregone alternative • Production Possibilities Frontier (PPF) - - correct answer a graph ...

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

econ 100 ( macroeconomics) • Scarcity - correct answer Have a limited number of resources ( 3 main: land, labor, capital) • Economics - correct answer - study of how society manages in scarce resources • Opportunity cost- - correct answer what you give up to get something, next best choice, highest valued foregone alternative • Production Possibilities Frontier (PPF) - - correct answer a graph that shows the combinations of two goods the economy can produce w/ its given resource...

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

Allocative efficiency - Answer This occurs when the available economic resources are used to produce the combination of goods and services that best matches peoples' tastes and preferences. Division of labour - Answer The specialisation of individuals through the separation of tasks in the production process and their allocation to different groups of workers. Factors of production - Answer Inputs into the production process namely land, labour, capital and enterprise. Normative ...

What are 3 gains from society when countries decide to specialize? CORRECT ANSWER -specialization and trade -more resources -Improvements in technology/productivity True or False: Every country have comparative advantage in something. CORRECT ANSWER True What are 2 gains when two countries engage in specialization and trade? CORRECT ANSWER -total production increases -new points reached on the PPF that were originally unattainable What are the 4 characteristics of competitive markets...