ASSIGNMENT #1 This assignment is due at the beginning of class on Thursday 24 January 2008 . A 50% deduction will be made for assignments handed in after this time. Another 50% deduction will be made for those assignments handed in after class on Friday 25 January 2008 (ie your mark will be zero). While you are encouraged to discuss the questions with your classmates, you must write the assignment on your own and use your own words. Do not copy someone else's answers. This assignment covers materials from Chapter 2. You will find this assignment easier to do after you've read the textbook, reviewed your notes, and answered questions from the textbook, study guide or Aplia. Answer all of the following questions. 1. An economy produces widgets and gadgets. Show the impact of the following four events by using a separate, properly-labeled production possibilities diagram for each event. In each diagram, clearly show the situation before the event and the situation after the event. 8 marks. a)
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