HW I – Due Date = Match 3, 2022 — Grade = 5% of Final Grade
From Chapter 1
1. Define and explain economics?
2. Explain the what, how, and for whom terms in the production system.
3. List and explain the factors of production and include their rewards.
4. What are the key concepts that indicate how the economists are thinking?
5.
What is meant by: (a) Economics; (b) Scarcity; (C) Choice; (d) Scale of preference;
(e) Globalization; (f) Opportunity costs; (g) Microeconomics; (h) Macroeconomics;
(i) Self-interest; (j) Social-interest; (k) Marginal benefit; (1) Marginal cost; (m) Positive
statement; (n) Normative statement.
6. In microeconomics’ term; what are the other names for the marginal benefit curve?
From Chapter 2
1. Explain the attainable and unattainable areas of the PPF.
2. In macroeconomics’ term; what is the other name for the PPF?
3. List and explain the economic coordination (support system) factors for trade.
4. Draw and explain the circular flows for the factor and goods markets
5. What is meant by:
(a) Production Possibilities Frontier – (Explain, Draw and label PPF)
(b) Economic growth and what are the factors that can promote economic growth?
(c) Production efficiency; (d) Allocative efficiency; (e) Absolute advantage;
(1) Comparative advantage.
From Chapter 3
1. List and explain the laws of demand and supply?
2. In macroeconomics’ term; what are the other names for demand and supply?
3. What is the difference between substitution effect and income effect.
3. What is the difference between demand curve and demand schedule?
4. What is the difference between supply curve and supply schedule?
5. What is the difference between change in demand and change in quantity demanded?
6. What is the difference between change in supply and change in quantity supplied?
7. Explain what will happen to prices and quantities if supply and demand were changing?
9. What is meant by: (a) Demand, supply, and what are the factors affecting them?
(b) Market equilibrium, surplus, and shortage (draw and label them in a graph)
From Chapter 4
1. Explain the price elasticity on a demand curve and state its relationship to a firms’ total
revenue and relationship to the customers’ total expenditure.
2. What is the difference between normal and inferior goods?
3. What is meant by: (a) Price elasticity of demand; (b) Price elasticity of supply;
(c) Cross elasticity of demand;
(d) Income elasticity of demand;
(e) How are these measured and interpreted; (f) What factors are influencing each elasticity.
From Chapter 5
1. What are the methods of allocating resources – (explain each method)?
2. What is the difference between consumer surplus and producer surplus?
3. What are marginal social benefits and marginal social costs?
4. What is the difference between market efficiency and market failure?
5. What are the meaning and sources of market failure and deadweight loss?
From Chapter 8
1. What is the difference between total utility and marginal utility.
2. What are :- (a) Paradox of value; (b) Consumer’s budget line; (c) CCPF
(d) Marginal utility per dollar (e) Diminishing marginal utility.
HW I – Due Date = Match 3, 2022 — Grade = 5% of Final Grade
From Chapter 1
1. Define and explain economics?
2. Explain the what, how, and for whom terms in the production system.
3. List and explain the factors of production and include their rewards.
4. What are the key concepts that indicate how the economists are thinking?
5.
What is meant by: (a) Economics; (b) Scarcity; (C) Choice; (d) Scale of preference;
(e) Globalization; (f) Opportunity costs; (g) Microeconomics; (h) Macroeconomics;
(i) Self-interest; (j) Social-interest; (k) Marginal benefit; (1) Marginal cost; (m) Positive
statement; (n) Normative statement.
6. In microeconomics’ term; what are the other names for the marginal benefit curve?
From Chapter 2
1. Explain the attainable and unattainable areas of the PPF.
2. In macroeconomics’ term; what is the other name for the PPF?
3. List and explain the economic coordination (support system) factors for trade.
4. Draw and explain the circular flows for the factor and goods markets
5. What is meant by:
(a) Production Possibilities Frontier – (Explain, Draw and label PPF)
(b) Economic growth and what are the factors that can promote economic growth?
(c) Production efficiency; (d) Allocative efficiency; (e) Absolute advantage;
(1) Comparative advantage.
From Chapter 3
1. List and explain the laws of demand and supply?
2. In macroeconomics’ term; what are the other names for demand and supply?
3. What is the difference between substitution effect and income effect.
3. What is the difference between demand curve and demand schedule?
4. What is the difference between supply curve and supply schedule?
5. What is the difference between change in demand and change in quantity demanded?
6. What is the difference between change in supply and change in quantity supplied?
7. Explain what will happen to prices and quantities if supply and demand were changing?
9. What is meant by: (a) Demand, supply, and what are the factors affecting them?
(b) Market equilibrium, surplus, and shortage (draw and label them in a graph)
From Chapter 4
1. Explain the price elasticity on a demand curve and state its relationship to a firms’ total
revenue and relationship to the customers’ total expenditure.
2. What is the difference between normal and inferior goods?
3. What is meant by: (a) Price elasticity of demand; (b) Price elasticity of supply;
(c) Cross elasticity of demand;
(d) Income elasticity of demand;
(e) How are these measured and interpreted; (f) What factors are influencing each elasticity.
From Chapter 5
1. What are the methods of allocating resources – (explain each method)?
2. What is the difference between consumer surplus and producer surplus?
3. What are marginal social benefits and marginal social costs?
4. What is the difference between market efficiency and market failure?
5. What are the meaning and sources of market failure and deadweight loss?
From Chapter 8
1. What is the difference between total utility and marginal utility.
2. What are :- (a) Paradox of value; (b) Consumer’s budget line; (c) CCPF
(d) Marginal utility per dollar (e) Diminishing marginal utility.
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