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Try to answer each of the questions on a piece of paper. When you are finished, watch the videos next to each question to get the solution. These will only be as helpful as you make them. Answer first, watch second.
Try to answer each of the questions on a piece of paper. When you are finished, watch the videos next to each question to get the solution. These will only be as helpful as you make them. Answer first, watch second.
1.
1.
Categorize each of the following as an example of one of the four factors of production:
The tractor Adrienne uses to farm corn.
The computer Alex uses in his job as an accountant.
The services Alex provides as an accountant.
The ground Adrienne grows corn in.
The loan Alex receives to start his own accountant firm.
Adrienne's initiative to sell her produce to a nearby farmer's market.
2.
2.
How do market economies answer the three basic economic questions?
3.
3.
Label the blank sections of the circular flow diagram below.
4.
4.
England and Portugal are able to devote some of their resources to producing Cloth or Wine. In the table below you can see how many units of each good they are able to produce each year.
Who has an absolute advantage in cloth? Who has an absolute advantage in wine?
5.
5.
Looking at the table from the question above, who has a comparative advantage in cloth? Who has a comparative advantage in wine?
6.
6.
Looking at the table from the question above, why should Portugal specialize in producing wine? Why should England specialize in producing cloth?
Module 2 Quick Quiz
Module 2 Quick Quiz
Now that you have watched all the videos and tried all of the example problems, see how you do on this short quiz. If you score under 75%, consider reaching out to your course instructor for some advice.
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