review1 - Economics 200 Professor G.J. Swanson REVIEW...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Economics 200 Professor G.J. Swanson REVIEW QUESTIONS – SET #1 1. Define economics, microeconomics, and macroeconomics. 2. Why economics is considered one of the Social Sciences? 3. The best way to eliminate scarcity is to lower the prices of the scarce goods and services (Comment on this statement.) 4. The relationship between choice and scarcity is one of cause and effect. Which is the cause? Which is the effect? Explain. 5. Define opportunity costs. Explain why every choice has a cost? 6. Consumer Sovereignty is an integral part of a democratic society. Why? 7. What assumptions are required to draw a production possibility curve? 8. Using a production possibility curve illustrate the effect of a war that reduces the capital stock of a country. 9. Why do opportunity costs generally increase as we produce more of a good? 10. What shifts the production possibilities curve outward? 11. Suppose you were advising the government of China. What policies would you recommend to achieve increased economic growth? 12.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 2

review1 - Economics 200 Professor G.J. Swanson REVIEW...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online