Question27

Suppose that a society begins at a point inside the production possibilities frontier (PPF), such as F in the above graph.  and then ends up at a point on the same PPF, such as E in the above graph. Which of the following could have caused such a change?​

Economists talk about good and bad. Good is 1._________________. Bad is 2.__________________ anything that gives a person disutility.

Person A can produce the following combinations of X and Y: 20X and 1Y, 10X and 2Y, or 0X and 3Y. The opportunity cost of one unit of Y for the person A is ____________.

____________ assumption is essential when assessing an economic theory.   Economists use the _____________ assumption to isolate the relationship between two variables. It allows them to see the cause and effect relationships, without being confused by other possible influences.   ____________ means all other things constant.

The consequences of scarcity do not include: 

The production possibilities frontier (PPF) is a_______________, when the opportunity cost of two goods is constant.

(1)__________________ is the condition in which the maximum output is produced with the given resources and technology. (2)__________________ is the condition in which less than the maximum output is produced with the given resources and technology.

Question46

(1)________ deals with human behavior and choices as they relate to relatively small units —an individual, a firm, an industry, a single market. A economist in this (1)_________ field would ask questions that relate to the various parts that make up the economy such as, “How will the drought impact the price of corn?”   (2)____________ is the branch of economics that looks at human behavior and choices as they relate to the entire economy. A economist in this (2)_________ field would be concerned about questions that impact the whole economy such as, “How will the proposed tax cut affect unemployment, inflation and economic growth?”