ECON_homework1_graphs - Shannon Sarles 93A6fi206 ECON OO2...

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Shannon Sarles 93A6fi206 ECON OO2 Homework 1 1. a) Give an example of a normative economic statement. Should we tax religious establishments or give them tax breaks? b) Define each of the following terms: Opportunity cost: What we give up when we make a decision Sunk Cost: cost that we already incurred. Microeconomics: Economics that analyses smaller decision making units i.e. household and firms Scarcity: A limited amount of something. Ceteris Paribus: A way to analyze the relationship between two variables assuming nothing else changes. c) Give an example of the fallacy of composition. The military gives everyone several annual vaccines. However a very small population has an allergic reaction and become ill or scarred. d) Give an example of the post hoc ergo propter hoc fallacy. It rained yesterday because we had plans to go to the park. e) Graph the equation Y = 14 -2X. Your graph should be carefully labeled, with Y on the vertical axis, and X on the horizontal axis. What is the slope
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This note was uploaded on 02/10/2011 for the course ECON 102 taught by Professor Clifford during the Spring '11 term at Pennsylvania State University, University Park.

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ECON_homework1_graphs - Shannon Sarles 93A6fi206 ECON OO2...

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