ECN 320 ECN320 Module 1 Homework Solution (AAU Online)

ECN 320 ECN320 Module 1 Homework Solution (AAU Online)

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PART I: SHORT RESPONSE

1.Describe the impact of the Great Depression on the lives of those who lived through it.

2.What were the main agricultural developments over the last two centuries?

3.How have wars affected our economy?  Use specific examples.

4.Today America has the world's largest economy as well as a very high standard of living. What factors in our economic history helped make this possible?

5.List the main ways the "new economy" (since the early 1990s) differs from the "old economy."

6.Under what circumstances can we operate outside our production possibilities curve?

7.Would it be harder for a nation to attain full employment or full production?  Explain.

8.Why is scarcity central to economics?

9.Explain the law of increasing costs, using a numerical example.

10.Describe the three concepts on which the law of increasing costs is based.

PART II: JOURNAL ACTIVITY


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