8. Assume that the economy of Belleland can produce a maximum of 400 products. Determine the status of the production possibilities listed below 1.200 cars & 200 TVs ✓2. 200 cars & 280 TVs 3. 400 cars & 0 TVs 4. 280 cars & 200 TVs A. Efficient B. Unnattainable
8. Assume that the economy of Belleland can produce a maximum of 400 products. Determine the status of the production possibilities listed below 1.200 cars & 200 TVs ✓2. 200 cars & 280 TVs 3. 400 cars & 0 TVs 4. 280 cars & 200 TVs A. Efficient B. Unnattainable
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:29.
28.
Assume that the economy of Belleland can produce a maximum of 400 products. Determine the status of the production possibilities listed below
1. 200 cars & 200 TVs
2. 200 cars & 280 TVs
✓3. 400 cars & 0 TVs
4. 280 cars & 200 TVs
A. Efficient
B. Unnattainable
Determine whether the following statements are normative or positive?
1. The unemployment rate increased significantly during the COVID pandemic
2. The federal government should extend unemployment insurance as the economy is still struggling
v 3. The price of gasoline increased by 20% last month
A. Positive
B. Normative

Transcribed Image Text:30.
Do the following events lead to an increase or decrease in the equilibrium price of athletic wear, other things equal.
?
1. Wearing athletic clothing items becomes very fashionable
2. Consumers are exercising more
? 3. Household income has been declining in the last 5 years
A. Decreased
B. Increased
27.
Pak is planning to take a day off work (8 hours) to work on some home repair.
He works as an electrician and earns about $35 per hour. Pak plans to spend $1500 on materials for his home repair project?
What is the opportunity cost of Pak's home repair project?
$
dollars.
Should Pak take time off to his home project?
OYes, if the cost of the project was $ 2225 if he hired someone to do it
OYes, if the cost of the project was $ 1800 if he hired someone to do it
OYes, because $ 1500 in material is reasonable
ONo, because he is giving up wages
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