back to fix Test Form (3) Google Chrome eux.com/assessments/elm.aspx?idWebuser-4828734&idAssessment-23413748modewidection-se 12 Introduction to Economics Test (Form C) coconuts 35 30 0 25 20 B C 15 10 5 10 20 30 40 50 Quantity of fish Use the PPC for Macro Island above to answer the following questions. This question ha that you have answered all parts to maximize your points earned. 1. Explain in one to two sentences what the PPC is illustrating for Macro Island. Answe information from the graph. (2 points) 2. Explain what a move from point B to point A would mean in terms of opportunity cost Answers must include specific information and quantities from the graph. (3 points) 3 Explain the difference between what points C and D represent on the PPC for Matro Is include specific information and quantities from the graph. (2 points) I REMINDER- Absolutely no outside resources are allowed to be used on tests. This includes use of lessons, notes, internet resources, and artificial intelligence. To do so is a violation of a DN hulu

Can you think of ways that globalization has helped you economically? Can you think of ways that it has not?

What are the drawbacks to analyzing the global economy on a regional basis?

How did John Mayhem Keynes define economics?

Review the numbers for Canada and Venezuela from Table 33.12 which describes how many barrels of oil and tons of lumber the workers can produce. Use these numbers to answer the rest of this question. Draw a production possibilities frontier for each country. Assume there are 100 workers in each country. Canadians and Venezuelans desire both oil and lumber. Canadians want at least 2,000 tons of lumber. Mark a point on their production possibilities where they can get at least 3,000 tons. Assume that the Canadians specialize completely because they figured out they have a comparative advantage in lumber. They are willing to give up 1,000 tons of lumber. How much oil should they ask for in return for this lumber to be as well off as they were with no trade? How much should they ask for if they want to gain from trading with Venezuela? Note: We can think of this ask as the relative price or trade price of lumber. Is the Canadian ask you identified in (b) also beneficial for Venezuelans? Use the production possibilities frontier graph for Venezuela to show that Venezuelans can gain from trade.

Would an op-ed piece in a newspaper urging the adoption of a particular economic policy be a positive or normative statement?

What is splitting up the value chain?

What are three reasons to study economics?

What does a production possibilities frontier illustrate?

Are differences in geography behind the differences in absolute advantages?