Professional Documents
Culture Documents
ECO 100 Mid Term
ECO 100 Mid Term
ECO 100
Question 1:
Jane’s Island’s production possibilities are given in the following table:
B. What are Jane’s opportunity costs of producing corn and cloth at each output in the table?
Question 2
List 3 reasons that can cause the shift of supply curve. Use real examples along with graphs to
illustrate your answers.
Question 3
Explain in a critical way the effects of supply and demand on seasonal agricultural products
(strawberry for example). Use graphs to show your analysis
Question 4
How is the “Law of Demand” different from the “Law of Supply”? In what ways are they similar
to each other?
Question 4
Take an example of a developed country and a developing country and discuss how the factors
of production in both countries affect the economic growth ?