problem set 1 - Econ 211 Fall 2008 1 An economic model a b...

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Econ 211 Name:  Jeff Surver Fall, 2008 1. An economic model: a. generally works well in theory, but not in practice b. is unlike models in all other disciplines, because it abstracts from reality c. ideally is simple, general, and useful in predicting behavior d. all of the above e. none of the above 2. When we refer to the "cost" of an action, we mean: 3. Suppose Thelma and Louise are each capable of producing cakes and pies and only these two goods. When we say that Thelma is the low cost producer of pies, we mean that: 4. Assume Peter can produce either radishes or carrots (and only those two goods). Also assume Peter’s production possibility curve (PPC) is a straight line. Based on this information we can conclude that for Peter:
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