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problem 1

# problem 1 - He reached the temple shortly before sunset...

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ECON 162B-A0, A1 Kenny Christianson Fall 2010 due: September 17 PROBLEM SET NUMBER ONE 1. Go to the following website to read Ben Bernanke’s speech on August 2, 2010 before the Southern Legislative Conference in Charleston, South Carolina: http://www.federalreserve.gov/newsevents/speech/bernanke20100802a.htm After reading the speech, answer the following questions: a. Who is Ben Bernanke? b. How does Bernanke characterize the current state of the economy? c. What are the challenges facing state and local governments? d. According to Bernanke, why is education important? 2. From Bernanke’s speech, find a. a macroeconomic statement. b. a microeconomic statement. c. a normative statement. d. a positive statement. 3. One morning, exactly at sunrise, a Buddhist monk began to climb a tall mountain. A narrow path, no more than a foot or two wide, spiraled around the mountain to a glittering temple at the summit. The monk ascended at varying rates of speed, stopping many times along the way to rest and eat dried fruit he carried with him.
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Unformatted text preview: He reached the temple shortly before sunset. After several days of fasting and meditation he began his journey back along the same path, starting at sunrise and again walking at variable speeds with many pauses along the way. His average speed descending was, of course, greater than his average climbing speed. Prove that there is a spot along the path that the monk will occupy on both trips at precisely the same time of day. 4. Determine the opportunity costs of the following activities: a. going on a date on Friday night. b. buying a Big Mac at MacDonald’s. c. opening a MacDonald’s franchise in your hometown. d. going to college. e. building a space station. 5. Construct a Production Possibilities Curve for your choices between time spent on your academic life and your social life in college. How does this exercise help you to think about what to do in college?...
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