homework1spring2007 - Economics 102 Homework #1 Spring 2007...

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Economics 102 Homework #1 Spring 2007 Due 02/06/2007 in lecture Directions: The homework will be collected in a box before the lecture. Please place your name , TA name and section number on top of the homework (legibly). Make sure you write your name as it appears on your ID so that you can receive the correct grade. Please remember the section number for the section you are registered in, because you will need that number when you submit exams and homework. Late homework will not be accepted so make plans ahead of time. Good luck! 1. Are the following statements true or false? Explain. (a) The opportunity cost of an action is measured by the monetary cost incurred in order to do the action. (b) Opportunity cost does not have to be measured in a monetary unit (such as dollars). (c) Mercel lives in a big house in Switzerland that he owns. Since he does not have to pay rent, his opportunity cost for living in this house is zero. 2. The following two graphs represent production possibility frontiers for countries A and B. Both of these countries produce milk (measured in gallons) and pork (measured in pounds). Country A
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This note was uploaded on 08/08/2008 for the course ECON 102 taught by Professor Drozd during the Spring '08 term at University of Wisconsin Colleges Online.

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homework1spring2007 - Economics 102 Homework #1 Spring 2007...

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