Unit One Test Questions

24 02 2011

For this test, you will be required to answer one understanding question and one normative question.  There will be one other question not given in advance.

Understanding Questions

Why is scarcity the fundamental economic problem?
How do opportunity costs affect trade decisions and the shape of the production possibilities curve?

Normative Statements

Negative incentives are more effective than positive incentives.
The best economy is an efficient economy.

Feel free to use the comments section of this post to discuss the questions prior to the test.

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7 responses

25 02 2011
Susan Cui

ms.cuttle, are these actually the questions that will be on the test?? if it is, then for the each of the two types of questions, do we only pick one out of the two questions in it to answer??

27 02 2011
mscuttle

These are the actual questions, you will pick one from each category to answer. There will also be another question that you will not receive in advance.

27 02 2011
Chris Lee

Mrs. Cuttle, when you ask how opportunity cost affects the PPC, are you referring to the convex curve or all of them in general?

27 02 2011
mscuttle

All, different opportunity costs, different curves

27 02 2011
Nahee Kim

Ms.Cuttle, do we have to write this in essay format? or do we just write in any ways but make a point?

27 02 2011
mscuttle

Your answer needs structure but it doesn’t have to be a formal essay.

27 02 2011
Joey Keum

Ms.Cuttle i am unsure what exactly are we suppose to do about the normative statement part… are we suppsoe to explain why it (in this case) negative incentive is better than positive?

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