ECON 2002.01 Study Guide - Midterm Guide: Scantron Corporation, Macroeconomics, Microeconomics

• School: Ohio State University
• Department: Economics
• Course: ECON 2002.01
• Professor: All

Document Summary

Instructions: write your name on the exam, write 2 under identification number on the scantron and fill out the bubble 2 , write your name on the scantron, last name first and first name next. Write the recitation number under the special codes on the scantron. Version 2: every society faces economic trade-offs. 10. examples of comparative advantage show how trade between two countries can make each better off. At the same time, more and more americans prefer microbrew beer over wine. Which of the following best explains the effect of these events in the microbrew beer market: the supply curve has shifted to the right and the demand curve has shifted to the left. As a result there has been a decrease in the equilibrium quantity and an uncertain effect on the equilibrium price: both the supply and demand curves have shifted to the right.