Macro Economics questions

1.) List the 6 determinants of SUPPLY.

2.) List the 6 determinants of DEMAND.

3.) Describe key market equilibrium conditions and their variables.

4.) If supply/demand contract, which direction do they move?

5.) If supply/demand expand, which direction do they move?

6.) A high school graduate, Tom earns $22,000/yr. at a mall retail job. If he quits work to attend college full-time for 4 years, what is his opportunity cost of attending college?

7.) Write the GDP equation. Describe each variable.

8.) Explain scarcity’s role in economics.

9.) How are economic theories created?

10.) List the four prime production factors. Describe each.

11.) Write a normative statement.

12.) Write a positive statement.

13.) Write an example of an opportunity cost.

14.) Cite an example of a marginal cost.

15.) Cite an example of a marginal benefit.

16.) What are the 2 types of labor? Provide an example of each.

17.) What are the 3 types of income? Provide an example of each.

18.) Using the PPF model, give an example of a generalized expansion/generalized contraction, biased expansion/contraction.

19.) Describe and provide an example of comparative advantage.

20.) Describe and provide an example of substitution of demand.