ECON150 Week 1 Microeconomics – Explain the role of full utilization
ECON 150 Microeconomics Questions
Week 1 ECON150 summer on-line course:
1) Explain the role of full utilization and optimal efficiency of society’s productive resources in producing the production possibilities curve.
2) What is being experienced if a society is producing a combination of goods represented by a point that lies below the Production Possibilities curve?
3) What will increasing the productivity of the productive resources of society do to the position of that society’s Production possibilities curve? Explain why the curve will respond as you suggest.
4) What is the relationship between price and Quantity demanded for any “normal” good?
5) Explain how graphically a change in Demand is different from a change in Quantity demanded.
6) If supply remained unchanged, and an increase in Demand for a good was experienced, what impact would be realized in the price and quantity for that product in the marketplace?
7) Why does Quantity Supplied increase as the market price for a good increases?
8) Explain how graphically a change in Supply differs from a change in Quantity Supplied.
9) What is the relationship between Quantity demanded and Quantity Supplied at Market equilibrium?
10) Describe the market reactions that would occur if the market price that is set is found to be below the equilibrium price for that product.
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