Review Sheet 1.doc - RARITAN VALLEY COMMUNITY COLLEGE BUSINESS DEPARTMEN Review Sheet 1 Ellen J Lindemann 1 What does the division of labor mean How

Review Sheet 1.doc - RARITAN VALLEY COMMUNITY COLLEGE...

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RARITAN VALLEY COMMUNITY COLLEGE BUSINESS DEPARTMEN Review Sheet 1 Ellen J. Lindemann 1) What does the division of labor mean? How does it affect production and why? 2) Use the concept of opportunity cost to analyze your decision as to whether or not to study economics last night. 3) Given the following information on books and cars, graph the production possibility curve. (Points A – D) Would you ever choose to be a points E or F? Why or why not? How would you represent unemployment, economic growth and technological change (in the book industry)? A B C D E F Books 90 65 45 0 45 65 Cars 0 5 15 20 7 20 4) What are the fundamental assumptions concerning human behavior in traditional and Marxist economics? 5) What is the basic economic problem and why does this problem come about, according to traditional economists? 6) What are the three fundamental economic questions all societies must answer and what are the different ways societies have answered them?
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