Change and Choice - an Overview of Economics by Jacqueline R. Kasun PDF

By Jacqueline R. Kasun

ISBN-10: 0846536676

ISBN-13: 9780846536673

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Extra resources for Change and Choice - an Overview of Economics

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C. The price of subway tickets and other public transportation falls. D. The price of crude oil, a raw material for gasoline, rises. E. The price of car insurance rises. 1 3. 1) shows a nation’s production possibility frontier (PPF) for the production of bread and butter. Which of the following is true? A. The opportunity cost of producing more butter is a decreasing amount of bread. 6. If the demand for grapes increases simultaneously with an increase in the supply of grapes, we can say that A.

Increase the equilibrium quantity and increase the price. B. decrease the equilibrium quantity and increase the price. C. increase the equilibrium price, but the change in quantity is ambiguous. D. decrease the equilibrium quantity and decrease the price. E. increase the equilibrium quantity but the change in price is ambiguous. 5. S. to Brazil, A. B. C. D. E. S. GDP falls and Brazil’s GDP falls. S. GDP rises and Brazil’s GDP falls. S. S. GNP rises. S. GDP falls and Brazil’s GDP rises. S. GDP rises and Brazil’s GDP rises.

Since productive resources are scarce, it makes sense that the production of goods and services must be scarce. Example: Sometimes it is easier to see this if you look at the production of something familiar like the production of a term paper. • Labor: your hours of research, writing, and rewriting. As we all know, these hours are scarce, or limited to the number of waking hours in the day. • Land/ Natural Resources: paper (trees), electricity (rivers, coal, natural gas, wind, • • solar). Not only are these in scarce supply, but your ability to acquire these resources is limited by your income, which is a result of using some of your scarce labor hours to work for a wage.

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Change and Choice - an Overview of Economics by Jacqueline R. Kasun


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