Problem Set #1.PDF - 1 24 2 26 3 20 4/10 5 20 Name Period UNT I Basic Economic Concepts Problem Set#1 T 100 1 Complete each of the following tasks with

Problem Set #1.PDF - 1 24 2 26 3 20 4/10 5 20 Name Period...

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1. 24 2. 26 3. 20 4. _/10 5. 20 Name Period UNT I: Basic Economic Concepts Problem Set #1 T: 100 1. Complete each of the following tasks with short paragraphs: a. Define scarcity and explain how it is related to choices and trade-offs b. Fully explain the difference between the following (use examples for each): (~3) 1. 11. m. iv. v. Vi. VB. Trade offs and opportunity cost Price and Cost Normative and Positive Economics Consumer Goods and Capital Goods Allocative and Productive Efficiency Resource Markets and Product Markets Free Market and Centrally Planned Economies (~3) (~3) (~3) (~3) (~3) (~3) (~3) 2. Draw a Production Possibilties Graph for the Ford Motor Co. using the following information: (~5) A B C D E F G Trucks 0 20 28 35 40 43 45 Cars 54 52 49 43 35 25 0 a. What are the consequences ofFord producing at combination A? Combination G? In reality, are either combination desirable? Why? Why not? ( --s) b. Plot the combination with 30 cars and 40 trucks and label it "Y." Plot the combination with 40 cars and 50 trcks and label it "X." Explain what occurs at each ofthese points.
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  • Fall '19
  • Tom McGuire
  • Harshad number

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