ECON 3205 Online Spring 2016
Homework 1 Chapters 1 & 3
Due Saturday January 23rd
1. What is scarcity? Can you think of two causes of scarcity?
Scarcity means that human wants for goods, services, and resources exceed what is
In the short story survival written by, John Hersey, the dramatic account
of an incident in the South Pacific during World War II involving the escape of John
F. Kennedy, is truly an inspiring story. Survival is the state or fa
Why Custom Made Jewelry
among the buyers. Most customers
give preference to custom made
jewelry even when given other
options in a jewelry store.
Case 3c, Chapter 11
December 1, 2014
1415 Walker Lane
Oklahoma City, OK 51248
Dear Mr. Wilkos:
This is to notify you that you that you cannot be issued a refund for the malfunctioning
mp3 player. The malfunctioning of the electroni
Dividendo Fin de Ao
Take the Quiz
CRITICAL THINKING QUESTIONS
22. No, the United States isnt regressing. The other countries are catching up when their prior
real GDP was significantly lower than the U.S. If the countries continue to grow, then yes, they
can overtake the U.S
12. What determines the level of prices in a market?
13. What does a downward-sloping demand curve mean about how buyers in a market will react to a higher price?
If a product is at a higher price people dont want to purchase the item. They will
Chapter 3 Problem Questions
52. Review Figure 3.4 again. Suppose the price of gasoline is $1.00. Will the quantity demanded be lower or higher than
at the equilibrium price of $1.40 per gallon? Lower. Will the quantity supplied be lower or h
Chapter 2 | Choice in a World of Scarcity 43
9. Explain why individuals make choices that are directly on the budget constraint, rather than inside the budget
constraint or outside it.
People generally work out how much they have to spend