101Study_Questions_1_1_

101Study_Questions_1_1_ - Economics 101 Study Questions...

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Economics 101 Study Questions These Study Questions have been reproduced for the exclusive use of the students registered in Economics 101 with Eva Lau at the University of Waterloo. These materials may not be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, either in whole or in part, without first obtaining written permission of the above professor.
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Study Questions #1 - Scarcity and Choice 2 UNIVERSITY OF WATERLOO Department of Economics Economics 101 - Study Questions #1 E. Lau PART A - Short Answer 1. Explain in your own words the essential ingredients of an economic topic. 2. Define and contrast positive and normative economics. 3. Explain the concept of opportunity cost. Give a few examples. 4. Explain the significance of the bowed shape and the straight line production possibility curve. What is the implication for specialization? 5. Can you draw a PPC for the year 2000 if depletion of resources is accompanied by better technology? What are your assumptions?
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101Study_Questions_1_1_ - Economics 101 Study Questions...

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