BECN 150 - ONA Assignment No. 1 - Due June 2, Summer 2017 (1)

# BECN 150 - ONA Assignment No. 1 - Due June 2, Summer 2017 (1)

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BECN 150 – ONA: Assignment No. 1 – (5%) – Due Friday, June 2, 2017 Clearly show all Steps and Explanations, 80 Marks (5 marks included for neatness) 1. Indicate whether each of the following statements applies to microeconomics or macroeconomics , and why : 12 Marks Total a. 7% of the workers in a Mississauga plant were laid off last week. b. A Canadian software firm discharged 15 workers last month and transferred the work to India. c. An unexpected freeze in central Florida reduced the citrus crop and caused the price of oranges to rise. d. Canadian economic output i.e. GDP (Gross Domestic Product) adjusted for inflation grew by less than 2.0 percent in 2015. e. Last week the Scotia Bank lowered its interest rate on business loans by one-half of 1 percentage point. f. The Canadian consumer price index an indicator of national inflation rose by 2.2% in 2015. 2. The Consumers Budget Lines : See text pages 9 and 10. Suppose you won \$30 on a Lotto Canada ticket at the local 7-Eleven and decided to spend all the winnings on candy bars and bags of peanuts. The price of candy bars is \$1.50 and the price of peanuts is \$3.00. 20 Marks Total a. Calculate 6 combinations of candies and peanuts you may purchase with \$30 and Construct a table as shown below showing the alternative combinations of the two products that are available, i.e. the trade-offs. Check to make sure you send the \$30 in each combination.

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