CNC 212 SHORT ANSWERS

 CNC 212 SHORT ANSWERS

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Economics

Answer each of the questions below in short-answer format. Write your responses in complete sentences. Your answers to each question should include 2-3 paragraphs (125-250 words).

Be sure to carefully read each question to ensure that each component is answered with the appropriate depth and detail. Your answers should be free of spelling and grammar errors. When you use reference material, you must properly cite your sources by using in-text citations. You must also include a reference list. All documentation must be rendered inAPA citation style(see announcements for details on APA).

TheRio Salado Online Libraryis the best source for authoritative, validated information on your research topics.

Review theShort-Answer Grading Rubricas you prepare to complete this assignment.

Assignment Sample

1- Briefly explain the resources used as inputs to produce output, and provide an example of each resource. (5 points)

--Answer below:

2- Watch the following news video above this box.

(((https://www.youtube.com/watch?v=j9OtQv5eH4w)))

This video clip examines supply and demand of oil. Please discuss the impacts that oil prices have on the economy . What happens when to oil prices when the economy slows versus when it is growing? (5 points)

--Answer below:

3- Consider products that you use in your everyday life. Provide an explanation and at least one example of a normal good, an inferior good, substitutes, and complements. (5 points)

--Answer below:

4- Explain why an increase in quantity supplied is not the same as an increase in supply. Which of these would be associated with a rightward shift in the supply curve? What non-price determinants could lead to a shift in the supply curve? Which would be associated with a movement up the supply curve? What non-price determinants could shift that supply curve? (5 points)

--Answer below:

5- Consider the following scenario and state the expected change in the supply or demand curve. You should note whether the scenario indicates a shift of the curve or movement along the curve.

Scenario: You are a supplier of widgets. The technology that is available to produce your product suddenly improves. ( 5 points)