Econ 202 homework 1

Econ 202 homework 1 - progressively more and more. d) You...

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English Grade Computers Cars Cars Computers Chris Blake ECON 202-ElNasser Homework #1 Chp 1 5. a) They are producing 45 jars of salsa, and the total production of salsa and advertisements between the two is 49. b) Yes, if Tina only specializes in producing salsa and Julia only specializes in producing advertisements. c) The total production would be 55. 6. a) Math Grade b) The opportunity cost increasing the time spent on math from 80%-100% is having your English grade drop from a 50 to a 0. The opportunity cost increasing the time spent on math from 60%-80% is having your English grade drop from a 70 to a 50 c) Yes, because every time you increase your time studying math your grade in English drops
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Unformatted text preview: progressively more and more. d) You cant because according to the chart it is not possible. 7 a) b) The production possibilities frontier grows outward. 8. The Japanese put most of their resources into their economy, including the ones they would normally use for the armed forces. This generated their rapid growth. Chp 19 6. In a centrally planned economy, the government is the one who asks how, what, and for whom goods and services should be produced. It basically has total control of its economy. In a market economy, individuals make the decisions about how, what, and for whom goods and services should be produced....
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This note was uploaded on 04/07/2008 for the course ECON 202 taught by Professor Elnasser during the Spring '08 term at SUNY Fredonia.

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Econ 202 homework 1 - progressively more and more. d) You...

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