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Economics Final Review

Economics Final Review. Mr. Alvarez Laguna Beach High School. Please graph the following data series -- remember to create clear, readable graphs!. Questions: Does the graph show an elastic or inelastic supply curve?

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Economics Final Review

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  1. Economics Final Review Mr. AlvarezLaguna Beach High School

  2. Please graph the following data series -- remember to create clear, readable graphs! • Questions: • Does the graph show an elastic or inelastic supply curve? • What would cause a movement along the supply curve? **Assuming it is not a change in Q • Give two separate examples of factors that would result in a change in the supply of tubes of suntan lotion? • What would happen to the curve in your two previous examples? Mr. Alvarez - Economics Review

  3. Inelastic steep curve!!! Mr. Alvarez - Economics Review

  4. PPC Curve • Draw a production possibilities curve depicting the classic “Guns versus Butter” scenario. Make the Y axis Quantity of Guns and the X axis the Quantity of Butter. • Label point A where all resources are fully employed • Label point B where some resources are idle or not employed efficiently • Label point C where it is impossible to reach given the current resources available REMEMBER: The PPC curve illustrates opportunity cost Mr. Alvarez - Economics Review

  5. PPC Curve Y C Guns A B Butter X Mr. Alvarez - Economics Review

  6. Economics may best be defined as a? • Macroeconomics is? Micro is? • In market economy, the decision of WHAT to produce is often determined by? • What are the strengths and weaknesses of a command economy? Mr. Alvarez - Economics Review

  7. What is a complement and substitute for a DVD player? Why would the demand for a DVD player be elastic? • The four factors of production are? What is an example of each? • Describe Adam Smith’s economic concept of the division of labor/specialization. Mr. Alvarez - Economics Review

  8. What is an interest rate? Define: Discount Rate, Federal Funds Rate & Prime Rate • What tools does the Federal Reserve Bank have to influence interest rates (monetary policy)? • What direction would the Fed want interest rates to go during a recession? Mr. Alvarez - Economics Review

  9. Remember to review fiscal policy in addition to monetary policy. The study guidehas additional important concepts! Mr. Alvarez - Economics Review

  10. Good Luck Class of 2012! Mr. Alvarez NOW STUDY!!!!!!!!!!!!!! Mr. Alvarez - Economics Review

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