Unformatted text preview: the PPC. 11. Describe the factors that push the PPC outwards. 12. Explain the shape of the real-world PPC. 13. Explain when and why you would have a straight-line PPC with a negative slope. 14. Describe the conditions that are necessary to maximize world output. 15. Define economic efficiency and describe each type of efficiency. 16. Compare the features of Capitalism and Som. 17. What are the goals of economics? 18. What are the functions of price? 19. Explain why we have mixed economies. Clearly understand: a. Law of Comparative Advantage b. The ‘invisible hand’....
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This note was uploaded on 03/24/2010 for the course ECON 201 taught by Professor Fairchild during the Spring '08 term at Northern Virginia.
- Spring '08