Answer each of the questions below in short-answer format. Write your responses in complete sentences. Your answers to each question should include 2-3 paragraphs (125-250 words). Use APA.
1. Briefly explain the resources used as inputs to produce output, and provide an example of each resource. (5 points)
2. Watch the following news video above this box.
(https://www.youtube.com/watch?v=j9OtQv5eH4w)
This video clip examines supply and demand of oil. Please discuss the impacts that oil prices have on the economy . What happens when to oil prices when the economy slows versus when it is growing?
3. Consider products that you use in your everyday life. Provide an explanation and at least one example of a normal good, an inferior good, substitutes, and complements
4. Explain why an increase in quantity supplied is not the same as an increase in supply. Which of these would be associated with a rightward shift in the supply curve? What non-price determinants could lead to a shift in the supply curve? Which would be associated with a movement up the supply curve? What non-price determinants could shift that supply curve?
5. Consider the following scenario and state the expected change in the supply or demand curve. You should note whether the scenario indicates a shift of the curve or movement along the curve.
(4)
1. What is unemployment, and what is the unemployment rate? How is the labor force participation rate calculated? What are the costs of unemployment?
2. How are inflation and the purchasing power of money related?
3. Explain the concept of the circular flow.
4. Explain what GDP is (be sure to include a description of the components) and how it is measured, and utilize the different approaches. Why are countries interested in measuring their GDP?
5. Consider the following scenario and determine whether it would be included in GDP, the category that it would affect, and the net change in GDP: You are a manufacturer, and you produce 1,000 units of a good and store it in your warehouse as inventory.