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![2. Explain how do economists make rationale choices to allocate the scarce
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- Suppose a nation has a total of 12 units of labor, which can be used to produce either guns orbutter. One gun takes 6 units of labor to produce and 1 butter takes 2 units of labor toproduce.Evaluate the allocation of resources of this country based on the following points.• Reason for the scarcity that exists in this economy. Use the data as evidence of yourreasoning.• Maximum quantity of guns that can be produced.• Maximum quantity of butter than can be produced.• Diagram which represents the nation’s production possibility curve.• Opportunity cost of guns in this nation• Reason why the nation can’t produce both 3 guns and 4 butters.• Reason why the nation shouldn’t produce both 1 gun and 2 butters.6. All else equal, airline tickets are typically more expensive if bought close to the date of travel. Give an economic explanation for why this is the case.5. Illustrate the differences between microeconomics and macroeconomics?
- 8. The interaction of individual choices Because eels are highly endangered as a species, many governments enact laws prohibiting fishing along their migration route. Initially, eel fishers complain about this restriction on the locations they can fish, but after a while they notice that the number eels swimming outside regulated areas is much higher than it was before. With the laws in place, eel fishers end up catching a greater quantity of eels than they did prior to the enactment of the laws. Which of the following principles of economic interaction best describes this scenario? O Markets allocate goods effectively. O When markets do not achieve efficiency, government intervention can improve overall welfare. O There is a tradeoff between equality and efficiency. O Markets usually lead to efficiency.5. Opportunity cost and production possibilities Raphael is a skilled toy maker who is able to produce both trucks and kites. He has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of his time. Choice Hours Producing Produced (Trucks) (Kites) (Trucks) (Kites) A 8 0 4 0 B 6 2 3 10 C 4 4 2 16 D 2 6 1 19 E 0 8 0 20 On the following graph, use the blue points (circle symbol) to plot Raphael's initial production possibilities frontier (PPF). ( attached image) Suppose Raphael is currently using combination D, producing one truck per day. His opportunity cost of producing a second truck per day is( 1, 3, 16, 19 kites) per day. Now, suppose Raphael is currently using combination C, producing two trucks per day. His opportunity cost of producing a third truck per day is ( 1,6,10, or 16 kites) per day. From the previous analysis, you can determine that as…6. Scarcity, opportunity cost, and marginal analysis Cho is training for a triathlon, a timed race that combines swimming, biking, and running. Consider the following sentence: In order to swim for an hour, Cho must take time away from work, where she earns $10 per hour. This is in addition to paying a $4 entrance fee for the pool. Which basic principle of individual choice do these statements best illustrate? A-The cost of something is what you give up to get it. B-People usually exploit opportunities to make themselves better off. C-Trade can make everyone better off. D-Markets are usually a good way to organize economic activity.
- 16. How prices allocate resources Suppose that there are three beachfront parcels of land available for sale in Asilomar and six people who would each like to purchase one parcel. Assume that the parcels are essentially identical and that the minimum selling price of each is $595,000. The following table states each person's willingness and ability to purchase a parcel. Willingness and Ability to Purchase (Dollars) Person Ana 530,000 Kevin 750,000 Maria 660,000 Rajiv 620,000 Simone 570,000 Yakov 540,000 Which of these people will buy one of the three beachfront parcels? Check all that apply. O Ana O Kevin O Maria O Rajiv O Simone O Yakov Assume that the three beachfront parcels are sold to the people that you indicated in the previous section. Suppose that a few days after the last of those beachfront parcels is sold, another essentially identical beachfront parcel becomes available for sale at a minimum price of $582,500. This fourth parcel - be sold, because will purchase it from the…4. The government of a country must make a decision between increasing military spending and subsidizing food available because the trucks carrying it are on strike, Shehi water available for irrigating a crop because it is used for other crops. 1. Any resources that are made by humans and used to create other goods and services are called Identify the choice that best completes the statement or answers the question. racy Intro to Economics Chapter 1 9-20-21 333 2nd hr Class: pate: Multiple Choice a. services, b. production. An example of a shortage is limited amounts of capital. labor. 2. a. b. labor available because the workers baye other joos c. food available because few people want The resources used to make all goods and services are the production possibilities. factors of production. d. 3. buy it. production trade-offs. d. opportunity costs. c. wheat farmers. This kind of decision is a guns or butter issue, decision at the margin. global trade-off. basic economic decision. с.…4. Shifts in production possibilities Suppose the United Kingdom produces two types of goods: agricultural and capital. The following diagram shows its current production possibilities frontier for barley, an agricultural good, and cars, a capital good. Drag the production possibilities frontier (PPF) on the graph to show the effects of an immigration law that results in fewer workers entering the country. Note: Select either end of the curve on the graph to make the endpoints appear. Then drag one or both endpoints to the desired position. Points will snap into position, so if you try to move a point and it snaps back to its original position, just drag it a little farther. ? CARS (Thousands) 300 250 200 150 100 50 0 0 80 PPF 160 240 320 BARLEY (Millions of bushels) 400 480 6 PPF
- 2. The Latin term, "Ceteris paribus," refers to: a. The outcome of an economic analysis. b. The assumption that all other things are held equal when conducting an economic analysis. c. The fact that nothing changes when a market is in equilibrium. d. The mechanisms by which a market returns to equilibrium.10- Which of the following deals with Lionel Robbins definition of economics? a. behavior associated with using limited and scarce resources. b. None of these c. the distribution of surplus goods to those in need. d. ways to reduce wants to remove the problem of scarcity.planning to spend Saturday working at your part time job, but a friend asks you to go skiing. 3. You are What is the cost of going skiing in this case? a 1 Now suppose you have been planning to spend the whole day studying in the library. What is the b. cost of going skiing in this case? If he has absolutely nothing to do at home, what is the cost of going skiing? c.
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