ECON 1BB3 Lecture Notes - Lecture 1: Aggregate Supply, Aggregate Demand, Absolute Advantage

• School: McMaster University
• Department: Economics
• Course: ECON 1BB3
• Professor: Bridget O' Shaughnessy

Document Summary

Answer: if i submit msaf for a term test, i must email my instructor as indicated on the. Practice questions: mike and sandy are two woodworkers who both make tables and chairs. Mike can make 4 tables or 20 chairs, where sandy can make 6 tables or 18 chairs. Answer: mike has an absolute advantage in chairs: suppose hawkeye is completely specializing in arrows. Thor offers to sell him 25 hammers in exchange for 20 arrows. Answer: d) 3 cheese for 1 bread (look at slope of the. Practice questions: headline from a recent article on an animal welfare website: bacon consumption. This is an example of: answer: d) a decrease in quantity demanded: we know that the price of pencils has fallen. New technology lowers the cost of producing pencils: we know that the price of fallens has fallen, either due to new technology in pencil production or a decrease in the prince of ink pens.