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1. What goes into your decision to work (for households) OR hire labor (for businesses)?
2. List three different issues that influenced your decision.
Betty can make either “12 bottles of wine and 0 boxes of chocolates” or “0 bottles of wine and 96 boxes of chocolates” or a combination of wine and chocolates. Find Betty's opportunity cost of a bottle of wine in terms of box(es) of chocolates.
A large food-processing corporation is considering using laser technology to speed up and eliminate waste in the potato-peeling process. To implement the system, the company anticipates needing to purchase the industrial-strength lasers.
(a) How many people were unemployed? (b) How many more jobs would be required to push the unemployment rate down to 5%? (c) According to Okun's Law, how much would GDP have to increase (in percentage) in order to create enough jobs to push the unem..
An individual makes $45017 per year. If they move to a city where prices are on average 11 percent lower, and they continue to make the same salary, then what is their purchasing power parity adjusted income?
Research one case of trade restriction, implemented by any nation. Research your topic, using at least 2 sources, and write a brief report (approximately 2 pages) on your findings.
What is Price Discrimination? How are the different degrees of Price Discrimination used differently?
Each bidder perceives that all other bidders valuations for the item are evenly distributed between $50000 and $80000.
Elucidate the concept of the opportunity cost. your answer could consider opportunity cost in the context of the production possiblity curve.
An economy adjusts on its own to close a recessionary gap because there is
Social life can be interpreted from one of three major theoretical frameworks. Describe the major points of each framework. List at least one sociologist who has been identified with each framework.
Discuss the correlation between GDP growth and health outcomes. Compare short-term trends vs. long-term trends. Why would this be an example of the fallacy of composition in health economics?
Which factors make the strongest impact on your personal labor productivity, or that of your closest family member, if you don't have a job? What actions can a person take to increase his or her labor productivity?
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