homework1fall2007

homework1fall2007 - Economics 102 Fall 2007 Homework #1 1....

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Economics 102 Fall 2007 Homework #1 1. Cheri earns $10 an hour as a tour guide for her university. She is scheduled to work for eight hours on Friday, but is considering calling in sick so that she can go see her favorite a cappella group perform. A ticket to the show will cost her $30, plus $5 for transportation costs. What is Cheri’s opportunity cost if she decides to see the show? 2. Which of the following statements are normative, and which are positive? a) The federal government should change the income tax structure so that the people with the highest income levels will have to pay a higher percentage of their income. b) Tariffs ultimately hurt consumers by increasing domestic prices. c) Labor unions should try to prevent outsourcing of manufacturing jobs overseas to protect the manufacturing industry in the United States. 3. Examine the following production possibilities frontiers for the United States and Japan. a) What are the slopes of the two lines?
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homework1fall2007 - Economics 102 Fall 2007 Homework #1 1....

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