China and the United States are considered mixed economies. However, they are organized very differently. Briefly explain their similiraties and differences.[3:22 PM]
What flows clockwise in the simplest form of the circular flow? What flows counter clockcwise? (note: please consider the modified version of the circular flow, not the textbook version)
Name the 4 category of resources and what the income from each of these categories is called.
Are firms primarily buyers or sellers in the goods and services market? In the labor market? (textbook question)
Suppose you have a team of two workers: one is a baker and one is a chef. Explain why the kitchen can produce more meals in a given period of time if each worker specializes in what they do best than if each worker tries to do everything from appetizer to dessert. (textbook question)
Give one personal example of sunk costs. What is the best way to deal with this situation according to economists?
Assume country whatever can only produces two goods as shown by the diagram above: robots (x-axis) and pizzas (y-axis). Assume that this country can produce any of these 5 combinations a week: option 1: 1000 pizzas and 0 robots option 2: 850 pizzas and 1 robot option 3: 650 pizzas and 2 robots option 4: 350 pizzas and 3 robots option 5: 0 pizzas and 4 robots What is country’s whatever opportunity cost of producing the second robot in terms of pizza? (please write your answer as a number only)
Lashed is a college student and lives off a budget of $100/week. She spends all of it on Chipotle meals and/or Starbucks. Her Chipotle meal costs her $10 and her Starbucks bucks drink costs her $6. Calculate the opportunity costs of one of her Starbucks drinks in terms of Chipotle meals. Write your answer as a whole number or using decimals. For instance, 2, 3, 0.4, 0.8, 1.5, etc.
You estimated the cost of attending college at $100,000 for tuition, books, and added transportation costs. After taking this class, you realized that you did not take into account the opportunity costs of attending college. What else would you have to consider in order to have a true cost of attending college? Briefly explain your answer.
Suppose Alphonso town raiser the prices of bus tickets from $0.50 to $1 and the price of burgers rises from $2 to $4. What would happen to Alphonso’s opportunity cost? (textbook question).
Suppose Alphonso town raiser the prices of bus tickets from $0.50 to $1 and the price of burgers rises from $2 to $4. Additionally, his weekly spending money increases from $10 to $20. How is his budget constraint(line) affected from all these three changes?
Assume that you have a daily budget. You only buy two goods with
your budget: pizza slices or books. You can buy 5 slices of pizzas
if you spend all your money buying pizzas. Alternatively, you can
buy 4 books if you spend all your money buying books. Calculate the
opportunity costs of books in terms of pizza slices.
4/5
5/4
4/9
5/9