Student Name: Vignesh Senthil
Start Date: Friday, June 16, 2017
End Date: Friday, June 30, 201?
Estimated Hours Per Week: 29-45 hDUFE
Estimated Time To Complete: 3 weeks
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Items for Completion Week Of Jun 16, 201? to Jun 2
1.04 Scarcity and Opportunity Cost
1. For each of the following, describe the opportunity cost when you
decide to do each activity.
Go to the beach or study for an exam
Get a job after high school or go to c
Tuesday, June 27, 2017 1:43 AM
1. Which of the following are included in expansionary monetary policy? (Select
all that are correct)
increase discount rate
increase federal funds rate
increase reserve requirement
decrease discount rate
Assume that two countries, using equal amounts of resources, can each produce any
combination of capital goods and consumer goods described by the above production
possibilities curve for each nation.
Which country has the absolute advantage in the
According to the production possibilities curve above, to move the economy from point
B to point G then
more guava jelly would need to be produced.
more fishing boats would need to be produced.
the economy would be at full employment of resources in bo
1. When looking at an AD/AS graph with LRAS, the intersection of AD/AS
is potential GDP and LRAS represents full employment GDP.
represents full employment GDP and LRAS is potential GDP.
represents full employment GDP and LRAS represents RGDP
After a report by newspapers that savings was at an all time low, households begin to
save more for retirement.
Using a correctly labeled loanable funds graph, show and explain how the change
in savings will impact real interest rates in the United
1. Which of the following is an example of real capital?
II and III only.
I, II, and III only.
Score: 1 of 1
2. Using all of their resources, Fred can produce 50 origami tea bags and 25 pairs
1. In a market economy, how resources are used in the production process is determined
by a central
in the same
2. Which of the fol
Which of the following statements about the production possibilities curve above are correct?
I. The opportunity cost of moving from point B to C is 50 units of capital goods.
II. The opportunity cost of moving from point C to B is 100 units of consume
1. Congress decreases personal income taxes. Aggregate demand will
remain the same.
Score: 3 of 3
2. Congress decreases personal income taxes. Which determinant of aggregate demand
causes the change?
1. A business will borrow money to complete a project when
the interest rate is greater than the rate of return on the project.
the interest rate is less than the rate of return on the project.
the interest paid is more than the cost of the proje
1. List the determinants of aggregate demand in the textbox below. (Check lesson 3.03 for
The determinants of aggregate demand are consumer spending, investment spending,
government spending, and net exports (exports-imports).
Score: 4 of 4
Economics Study Guide
Scarcity and Choice
Factors of Production
Supply and Demand
Price Floor and Price Ceiling
Money, Stocks, Savings, Bonds
Types of Une
Important formulas GDP, Inflation, and Unemployment
1. The expenditure approach to measuring nominal GDP C + I + G + (X M) = GDP
2. The income approach to GDP Compensation of employees + rent + interest +
proprietors income + corporate profits + taxes on
Economics History Goddess
Lecture & Textbook Questions
1. Explain scarcity.
2. How is it possible for Bill Gates (the richest man in the world)
to experience scarcity?
3. How are needs different than wants?
4. Identify and describe ea