test 1 Short answer part answer key

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University of Manitoba *

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1020

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Economics

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Jan 9, 2024

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University of Manitoba Winter 2023 Econ 1020, Test 1 Professor: Rosa Sanchez G. This exam has a short answer part and a multiple-choice answer part. Short answer part (9 marks) Please write your answers in the spaces below each question Name_________________ID#________________ 1) Explain the relationship between capital, savings and investment ( 1.5). A/ savings originate capital (1) that is lent to investors to create business( 0.5) 2) Fact 1 (3 marks) “ The pandemic disrupted nearly every part of the food supply chain, including production, processing and retail. Those effects on the food supply chain are still being felt today. When lockdowns forced people to eat at home, producers catering to restaurants lost a key customer base, while grocery stores faced a massive increase in demand. Many food producers struggled in those early months to convert their operations to serve grocery consumers. Food production costs also increased due to labor turnover, investments to protect products from contamination, and additional worker-training costs. Even the cost of transportation of food to processors and grocery stores increased as retailers placed rush orders to keep shelves stocked.” source: https://www.forbes.com/advisor/personal- finance/why-are-food-prices-still-rising/
Based on fact 1 use that supply and demand graph the to illustrate the effect of the pandemic in the supply of food ( 2) . Please label properly the axes and curves ( 1). A/ 3) Based on above graph answer the following questions ( 1.5 marks ) : a) What is the label of curve A? A/marginal cost or MC b) What is the label of curve B? A/ marginal benefit or MB c) What curve shows willingness to pay? B or MB Food quantity P
4) Based on the figure below, is it attainable to produce 20 of good Y and 6 of good X? Is it efficient? explain your answer ( 3 marks) . A/ yes, it is attainable but it is inefficient ( 1) because it is possible to produce more of Y without decreasing X or it is possible to produce more of X without decreasing Y or because it is below the production possibilities frontier ( 2)
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