ECON 104 Midterm: ECON104 Final Exam 2015 Fall Review Questions
Document Summary
The following are some questions for review they are not all inclusive, your notes are your best guide (lectures 8/25 through 9/24) for what is on the exam. (the answers to these questions are in your class notes. We will fill in the blanks on tuesday, 9/29, review and answer any questions you may have. People respond to incentives: margin or marginal means additional (ex. True or false: the u. s. economy is a market economy. Normative: cannot be verified usually opinion or speculation. Positive: can be verified through data collection and facts. The maximum attainable production of one good compared to another. Assumptions of ppf are that there is full employment of resources, resource allocation is fixed and technology is unchanged; acts as snapshot of economy. Points above the curve are unattainable; points below the curve are attainable; points on the curve are efficient. Using least amount of resources to produce every good with full employment of resources.
