Test 1 Review .edu
Test 1 Review
Chapter 1
Scarcity. What is it?(list answer)
Efficiency vs. Effectives(list answer)
Factors of Production
Positive vs. Normative Statement
Chapter 2
Opportunity Cost
Law of Rising Opportunity Cost
PPF
Comparative Advantage and Absolute Advantage
Chapter 16
Specialization- Why trade?
Sources of Comparative Advantage
Chapter 3
Factors that shift the Demand Curve
Factors that shift the Supply Curve
Shifts vs Movements in Supply Curve
Explain what a Production Possibility Frontier graph shows.
One Hour Burgers Fries
McDonald’s 4 16
Burger King 5 15
Who has the absolute advantage for making burgers, fries?
Who has the comparative advantage for each output?
If the two companies are open 7 days a week, draw a PPF for each?
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