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Published byEugene Ferguson Modified over 8 years ago
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Terms 1 Factors of Production PPC Marginal Analysis Terms 2 10 20 30 40 50
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Question 1 - 10 Define scarcity
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Answer 1 – 10 Unlimited wants, limited resources.
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Question 1 - 20 Define opportunity cost.
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Answer 1 – 20 Next best alternative.
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Question 1 - 30 Define trade-off.
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Answer 1 – 30 Everything you give up when you make a choice.
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Question 1 - 40 Define Normative Statements
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Answer 1 – 40 Opinions/value judgment.
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Question 1 - 50 Define Positive Statements.
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Answer 1 – 50 Based on fact only.
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Question 2 - 10 Dirt
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Answer 2 – 10 Land
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Question 2 - 20 A student taking automotive.
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Answer 2 – 20 Human Capital
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Question 2 - 30 Flipping hamburgers at MacDonald’s.
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Answer 2 – 30 Labor
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Question 2 - 40 A student taking a course in their major at college.
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Answer 2 – 40 Human Capital
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Question 2 - 50 Bill Gates
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Answer 2 – 50 Entrepreneuer
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Question 3 - 10 How do you show economic growth on a PPC?
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Answer 3 – 10 Rightward shift.
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Question 3 - 20 What causes the curve to shift? (3 things)
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Answer 3 – 20 Change in resources, change in technology, change in trade.
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Question 3 - 30 Draw a PPC. Put laptops on the Y-Axis and asparagus on the X-Axis. Show me a productively efficient point on the PPC. Show me where the allocative efficient point on the graph would be.
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Answer 3 – 30 Show Mr. Martinez your answer so he can talk about it.
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Question 3 - 40 Draw a PPC. Label where Unemployment would be, as well as efficiency and unattainable.
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Answer 3 – 40 Show Mr. Martinez your answer so he can talk about it.
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Question 3 - 50 Draw a PPC. Put Cell Phones on the Y-Axis and put shoes on the X-Axis. Show the shift of what would happen if Nike closed its sweatshops.
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Answer 3 – 50 Show Mr. Martinez your answer so he can talk about it.
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Question 4 - 10 What is marginal analysis?
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Answer 4 – 10 We will keep doing something as long as the benefit outweighs the cost.
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Question 4 - 20 Mr. Pondy goes bowling 3 times in one week. His Marginal Analysis is as follows. 1 st time his benefit was $10, cost $5 2 nd time his benefit was $6, cost $5 3 rd time his benefit was $4, cost $5. Was the 3 rd time worth it by itself?
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Answer 4 – 20 No
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Question 4 - 30 Mr. Bennett goes golfing 3 times in one week. His cost benefit analysis is as follows. First time – Benefit was $30, Cost was $20 Second time – Benefit was $25, Cost was $20 Third time – Benefit was $20, Cost was $20. All in all, was it worth it?
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Answer 4 – 30 Yes
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Question 4 - 40 Define marginal benefit. Is it necessarily money?
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Answer 4 – 40 The additional benefit from consuming a good. No.
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Question 4 - 50 Define Marginal Cost.
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Answer 4 – 50 The cost of going somewhere repeatedly.
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Question 5 - 10 Marginal =
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Answer 5 – 10 Additional
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Question 5 - 20 Allocate =
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Answer 5 – 20 Distribute
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Question 5 - 30 Utility =
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Answer 5 – 30 Satisfaction
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Question 5 - 40 Define Implicit Cost.
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Answer 5 – 40 Forgone time and forgone income when making a decision.
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Question 5 - 50 Define explicit costs.
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Answer 5 – 50 Out of pocket expenses.
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