Econ 101 Questions.pdf

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Department
Economics
Course
ECON 101
Professor
Andrew Wong
Semester
Fall

Description
10/12/13 StudyBlue Flashcard Printing of Midterm 1 As long as resources are producing more of one good scarce, a PPF will slope always means producing less downward because of another eqn for opportunity quantity given up cost quantity gained The opportunity cost is the same as the absolute value of slope the _________ of the PPF. opportunity cost is _______ and is measuredonstant by the ___________ of the PPF. slope When the opportunity cost is increasing, the PPF has a concave distinctive __________ or bowed out ______ shape. www.studyblue.com/servlet/printFlashcardDeck?deckId=7076439 1/37 10/12/13 StudyBlue Flashcard Printing of Midterm 1 resources or advance in technology, thee production set ______. increases. One person cannot have a production of both comparitive advantage in the __________ goods. Using comparative advantage, each country should produce and export good for which its domestic opportunity costs are ____ than the lower domestic opportunity costs of other nations countryies should buy and import from other opportunity costs are ______ than domestic higher opportunity costs of other nations A graph showing the maximum attainable Production comproduce using its available productivean resources (labor, capital and natural resources)ibilities frontier and its available technology. (PPF) www.studyblue.com/servlet/printFlashcardDeck?deckId=7076439 2/37 10/12/13 StudyBlue Flashcard Printing of Midterm 1 producing in a way that best uses all of the economy's Productively efficient resources the cost of a good expressed as the best alternativhave that good given up in orderopportunity cost the ability to produce more goods n an economy, represented by an outward shift Economic growth of the PPF the set of all attainable combinations of goods, both on Production set and inside the PPF the ability of an individual, company or country to produce more of a good or a service uabsolute advantage the same amount of productive resources www.studyblue.com/servlet/printFlashcardDeck?deckId=7076439 3/37 10/12/13 StudyBlue Flashcard Printing of Midterm 1 the ability of an individual, company or cocomparative topportunity cost than its competitorsr advantage goods and services purchased imports from a foreign country goods and services sold to a foreign country exports a situation in which a country is autarky economically self-sufficient the demand curve refers to a specific _______ ____ period of time __________ www.studyblue.com/servlet/printFlashcardDeck?deckId=7076439 4/37 10/12/13 StudyBlue Flashcard Printing of Midterm 1 each price, the demand curve for that productt will shift to the _________ right if consumers decide to buy less of a product t each price, the demand curve for that product left will shift to the__________ tastes, incomes factors that can prices of other goods influence demand consumers' expectations about the price in the number of consumers in the market for a ___________ good, an increase in incomes will shift normal the demand curve to the right for a ___________ good, an increase in incomes will shift inferior the demand curve to the left www.studyblue.com/servlet/printFlashcardDeck?deckId=7076439 5/37 10/12/13 StudyBlue Flashcard Printing of Midterm 1 an increase in the price of a _______ substitute incrdemand curve to the ___________ifting the right increases the demand for a product and shiftscomplement its demand curve to the _________ right an increase in the price of a _________ reduces the demand for a product and shifts itsomplement demand curve to the _________ left intertemporal consumers' substitution expectations ______ the current demand for a product andre increases shifts its demand curve to the ________ right www.studyblue.com/servlet/printFlashcardDeck?deckId=7076439 6/37 10/12/13 StudyBlue Flashcard Printing of Midterm 1 expectations of lower prices in the future ______ the current demand for a product and decreases shifts its demand curve to the ________ left Demand ____ if new consumers enter the market increases demand________ if current decreases consumers leave the market changes in the cost of inputs factors that shift a changes in the price of related products supply curve changes in the number of companies producing it. A technological improvement that reduces the cost of producing a good will ____ the quantity that companies are willing to produce at every increase price www.studyblue.com/servlet/printFlashcardDeck?deckId=7076439 7/37 10/12/13 StudyBlue Flashcard Printing of Midterm 1 wproducing the good for which the input is usedf ________ decreases When the production of two goods requires the use of the same inputs, a change in the price of supply one affects the _____ of the other an increase in the number of producers will _____ the supply increase of the product at every price. A movement along the supply how a change in the price of a product affects the quantity curve shows ______________. supplied. Ain a factor other than ____ affects th quantity supplied price www.studyblue.com/servlet/printFlashcardDeck?deckId=7076439 8/37 10/12/13 StudyBlue Flashcard Printing of Midterm 1 At the equilibrium price, there is ___ __________ for that price or no pressure quantity to change Shortage on graph is the distance between the represented by demand and supply curve ___________________________ below the equilibrium the amount of a good or service that consumers are willing and quantity demanded able to purchase The economic law that a higher price for a good consumers to demand a smaller quantity of thatw of Demand good or service The quantity of a good or service consumers will want to buy at different prices, holding ademand schedule factors that affect demand constant www.studyblue.com/servlet/printFlashcardDeck?deckId=7076439 9/37 10/12/13 StudyBlue Flashcard Printing of Midterm 1 A curve in a graph showing the relationship between the quantity demanded of a good and the price of the good, holding all of the otherand curve factors that affect the demand constant the desire of consumers to purchase more of a good at every price, represented graphicalincrease in demand a rightward shift of the demand curve good at every price, represented graphically by a leftward shift of the demand curvedecrease in demand a good for which an increase in income leads to an increase in normal good demand A good for which an increase in income leads to a decrease in inferior goods demand www.studyblue.com/servlet/printFlashcardDeck?deckId=7076439 10/37 10/12/13 StudyBlue Flashcard Printing of Midterm 1 goods that have many substitutes of the same uses goods that are used complements
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