Question 1

Describe how the production possibilities curve captures production choices in a society.
-What does it mean if a society is producing on the frontier or directly on the PPC?

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Question 2

Describe how the production possibilities curve captures production choices in a society.
-If a society is producing on the frontier, what happens if society decides it wants more of one of the goods being produced?

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Question 3

Describe how the production possibilities curve captures production choices in a society.
-Is it

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Question 4

Describe what progressive economists see as the primary shortcomings of the neoclassical scarcity perspective.
-What is the progressive criticism of the analysis of the economy, starting with isolated individuals? What is the critique of the assumptions about individuals and how individuals make decisions? What is the progressive alternative?

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Question 5

Describe what progressive economists see as the primary shortcomings of the neoclassical scarcity perspective.
-Why is the context in which individuals make decisions important? How do social and cultural norms play into how individuals make decisions? Give an example of how a social norm may influence an economic decision.

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Question 6

Describe what progressive economists see as the primary shortcomings of the neoclassical scarcity perspective.
-What is the progressive criticism of the neoclassical notion of scarcity? Give a specific example. What is the progressive alternative?

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Question 7

Describe what progressive economists see as the primary shortcomings of the neoclassical scarcity perspective.
-A progressive economist would claim we should not assume a market economy is always producing on the PPC. Explain. What does this mean about the decision to produce additional amounts of one good? Both goods?

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Question 8

Describe what progressive economists see as the primary shortcomings of the neoclassical scarcity perspective.
-Progressive economists claim the types of choices different people make are very different from the simple choices presented in the overview of neoclassical choice. Explain.

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Question 9

List the assumptions behind the PPC
-What do we assume about inputs, institutions, and technology in building the PPC?

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-What do...

Question 10

List the assumptions behind the PPC
-What does the PPC represent?

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-What does...

Question 11

List the assumptions behind the PPC
-What does marginal cost mean? Create an example of a marginal cost.

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-What does...

Question 12

List the assumptions behind the PPC
-When you decide to produce more of one good on the PC, what is the "cost" Explain.

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-When you...

Question 13

Use the PPC to illustrate scarcity, choice, constant opportunity costs, and the law of increasing marginal opportunity cost.
-Draw a PPC diagram and illustrate the attainable region and unattainable region. Label a combination of goods representing efficient production.

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