(Answered) Questionreview sheet for econ 201 exam11 name the factors

Economics

Question:

Review Sheet for Econ 201 Exam#1

1. Name the factors of production (note which one is not the factor of production).

2. How do you read the combination of production on the PPF?

3. What does it mean if the point of production is inside the PPF?

4. Learn to show shortage or surplus in a graph of demand and supply.

5. How would you calculate slope of a line?

6. Which factors affect the shift of demand (or Supply) curves?

7. What is the difference between Shift and Movement?

8. Prepare examples for positive and normative economics.

9. How to calculate market demand?

10. What is transfer payment?

11. Name each Principle of Economics and know how to calculate them.

12. How to calculate value added?

13. How to calculate GDP?

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