Economic Concepts Quiz
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Questions and Answers

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?

  • 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?

  • 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?

    <p>Define a surplus and shortage</p> Signup and view all the answers

    Which concept explains the causes of shifts in the PPC?

    <p>Explain how the PPC illustrates economic growth or contraction and the causes of shifts in the PPC</p> Signup and view all the answers

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