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Questions and Answers
Which concept is the most missed on the Unit 1, 2, and 3 tests?
Which concept is the most missed on the Unit 1, 2, and 3 tests?
- Explain the determinants of supply (correct)
- Calculate mutually beneficial terms of trade
- Explain how the PPC illustrates economic growth or contraction and the causes of shifts in the PPC
- Explain the relationship between the price of a good or service and the quantity demanded
Which concept explains the difference between allocative efficiency and productive efficiency using graphs?
Which concept explains the difference between allocative efficiency and productive efficiency using graphs?
- Determine output problems vs. input problems in relation to comparative advantage
- Compare allocative efficiency with productive efficiency (correct)
- Explain the relationship between the price of a good or service and the quantity demanded
- Explain how the PPC illustrates economic growth or contraction and the causes of shifts in the PPC
Which concept explains how specialization according to comparative advantage can lead to economic gains?
Which concept explains how specialization according to comparative advantage can lead to economic gains?
- Define a surplus and shortage
- Determine output problems vs. input problems in relation to comparative advantage (correct)
- Explain the determinants of supply
- Calculate mutually beneficial terms of trade
Which concept defines a surplus and shortage?
Which concept defines a surplus and shortage?
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Which concept explains the causes of shifts in the PPC?
Which concept explains the causes of shifts in the PPC?
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