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Economics Chapter 2: Production Possibilities Curve and Demand Shifts
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Economics Chapter 2: Production Possibilities Curve and Demand Shifts

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Questions and Answers

What characterizes an endogenous demand shift?

  • Change in income
  • People wanting to buy more even when price stays unchanged
  • Change in price of a complement
  • Change in quantity demanded in response to a change in price (correct)

    • Which principle states that everyone does best when each person concentrates on activities with the lowest opportunity cost?

  • Principle of Comparative Advantage (correct)
  • Principle of Increasing Opportunity Cost
  • Low-Hanging-Fruit Principle
  • Principle of Equilibrium

    • In the context of demand shifts, what does an exogenous demand shift involve?

  • Change in price of a complement
  • People wanting to buy more even when price stays unchanged (correct)
  • Change in quantity demanded in response to a change in price
  • Change in income

    • What is the key characteristic of a rising supply curve?

    <p>Increasing reservation price with quantity purchased</p> Signup and view all the answers

    Which factor does NOT lead to a change in demand, according to the text?

    <p>Change in supply quantity</p> Signup and view all the answers

    What concept does the 'Low-Hanging-Fruit Principle' represent?

    <p>Principle of Increasing Opportunity Cost</p> Signup and view all the answers

    In which scenario would both equilibrium price and quantity increase?

    <p>'Supply and Demand' Principle application</p> Signup and view all the answers

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