Gallaway
Homework
# 1
Type or write your
answers neatly on a separate piece of paper. Do not use paper from a
spiral notebook!
·
The price of chicken is too high.
·
The inflation rate is 2%.
· Unemployment ought to be lower.
·
Capitalism exploits workers.
·
Capitalism is more desirable than socialism.
·
Can Asteroid
Lust avoid the allocation of their concert tickets?
·
What do you expect will happen at the concert?
·
Draw this PPF
·
What is the slope of the PPF?
·
What is the opportunity cost of a copy of The Wealth
of Nations?
·
How many copies of The Wealth of Nations can the economy produce?
·
Can the economy produce 100 copies of both books
in the same time period?
· Are resources specialized in this example? How do you know?
7. Give an example of something that causes an increase in supply. Give an example of something that causes an increase quantity in supplied.