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C719 - Macroeconomics - Study Guide Questions V2 | Western Governors University

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C719 - Macroeconomics - Study Guide Questions V2The following questions are developed as a study aid for C719 - Macroeconomics. They cover important concepts in eachcompetency. After reading the material for each compete ...

C719 - Macroeconomics - Study Guide Questions V2The following questions are developed as a study aid for C719 - Macroeconomics. They cover important concepts in eachcompetency. After reading the material for each competency, use these questions to reinforce your understanding andreview further as necessary. There is no answer key; however, your Course Instructor will be happy to go over these withyou. Competency 1: The Economic Way of ThinkingModule 11.What is scarcity in economics and how does it influence choices?resourcesarelimited, and because resourcesare scarce, people must makechoices. scarcity islimited resources andunlimited wants.Scarcity is the inability to satisfy everyone's wants.It influences choices bypeople needing tomakechoicesin order to satisfythewants that are most important to them.A choice is a trade-off...A choice that uses the available resources to best achieve the objective of the person making thechoice is a RATIONAL choice 2.Define Opportunity Cost.the loss of potential gain from other alternatives when one alternative is chosen3.How does the Production Possibilities Frontier (PPF) (also called as Production Possibilities Curve (PPC)) illustratethe concept of trade-offs?Allows a demonstration, of the options and alternatives available with an amount of fixed resources. To illustrate thetrade-offs required to obtain efficiency and abundance 4.How do we describe points (1) On the PPF (2) Inside the PPF, and (3) Beyond the PPF in terms of productionefficiency?1. Points on the PPF most efficient & attainable2. Points inside the PPF are attainable but inefficient3. Points outside are unattainable therefore inefficient. 5.If a country produces cars and computers, and if the technology for producing cars improves, how does thischange affect production possibility curve? How do we demonstrate overall economic growth for a country usingthe PPC?The PPC would bow outward, demonstrating economic growth. Which would show an increase in production andproductivity. Module 2

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