Econ 1 - 1287 Words

Chapter 1 1. (Rational Self-Interest) Discuss the impact of rational self-interest on each of the following decisions: a. Whether to attend college full time or enter the workforce full time i. Individuals will consider the benefits of attending college full time and the expected cost of doing so. A benefit of attending college full time would be that it has the potential to increase their wage or salary because of increased knowledgebase, network and skills. The expected cost to consider includes tuition, fees, books and wages that could have been earned by working instead if attending school full time. If the expected benefits of attending college full time outweigh the cost, then the rational person would choose to†¦show more content†¦(Production Possibilities) Under what conditions would an economy be operating inside its PPF? On it’s PPF? Outside it’s PPF? m. An economy is operating inside its PPF if resources are idle or if resources are allocated ineffi ciently. n. An economy is considered operating on its PPF is all of its resources are employed efficiently. o. The economy can’t operate outside its PPF because that would represent combinations that are unattainable, given the technology and resources available. 7. (Specialization and Exchange) Explain how the specialization of labor can lead to increased productivity. p. The specialization if labor focuses work effort on a single task or particular product. Productivity is increased by taking advantage of individual’s preferences and natural abilities. Workers have the opportunity to gain experience at particular tasks and reduce the need to shift between different tasks. It also has the potential to introduce laborsaving machinery. 8. What are your future plans? Do you think learning economics will play an important role in achieving your goals in the near future? Briefly discuss. q. After obtaining my bachelors and masters in social work, I plan on becoming a LCSW and working as a school social worker. As a social worker, it is important to know how the economy, particularly economic injustice, affects our clients. Possible affects includeShow MoreRelatedECON 545 Project 12058 Words   |  9 Pagesremaining equal, when the price of a product rises, its demand falls. Determinants of gasoline demand: According to economics.about.com, if the real price of gasoline goes up, in the short run: a) The volume of traffic is supposed to go down by roundly 1% within about a year. b) The volume of fuel consumed can decrease by about 2.5% within a year. c) Fuel is being more efficiently used by an increased 1.5% within a year. d) The total number of vehicles owned goes down. Now a meta-analysis explainingRead MoreECON 312 Week 1 Quiz1974 Words   |  8 PagesCLICK TO DOWNLOAD ECON 312 Week 1 Quiz 1. (TCO 1)  The general concern of economics is with the study of the 2. (TCO 1) The term  scarcity  in economics refers to the fact that 3. (TCO 1) Are the goods that businesses offer for free to consumers also free to society? 4. (TCO 1) Which is considered to be an economic resource by economists? 5. (TCO 1)  If an economy is producing at a point inside a production possibilities curve, then 6. (TCO 1) Which would not be characteristic of a capitalist economyRead MoreEssay about Econ Ch.1728 Words   |  3 PagesChoice [QUESTION] 1. 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So let’s take a look at each of these components and what economicRead MoreEcon 201 N23-1 Essay1209 Words   |  5 PagesProblem 4-1 AlwaysRain Irrigation, Inc., would like to determine capacity requirements for the next four years. Currently two production lines are in place for making bronze and plastic sprinklers. Three types of sprinklers are available in both bronze and plastic: 90-degree nozzle sprinklers, 180-degree nozzle sprinklers, and 360-degree nozzle sprinklers. Management has forecast demand for the next four years as follows: |    | ------------------------------------------------- YEARLY DEMANDRead MoreEcon 151a Midterm 1 Essay1378 Words   |  6 PagesMidterm #1 Exam Answer Key ECN 151A Summer 2013 Eschker (3pts each) Version A 1. Ans: E 2. Question deleted; Everyone gets 3 points 3. Ans: D 4. Ans: A 5. Ans: D 6. Ans: B 7. Ans: C 8. Ans: C 9. Ans: B 10. Ans: E Version B 1. Ans: C 2. Ans: A 3. Ans: B 4. Ans: D 5. Ans: E 6. Ans: C 7. Ans: B 8. Ans: E 9. Question deleted; Everyone gets 3 points 10. Ans: D Part II. Answer the following. Show your work for all answers. 10 points each. 1. After watching the TV show American Idol, Blake thinks thatRead MoreEcon 4130 Review 1 Essay2566 Words   |  11 PagesEconomics 4130 SP13 Midterm 1 Review The exam will have 5, 10-point questions on it from the questions below. 1. List 2 data sources researchers use to estimate historical standards of living and explain what they can infer from these sources. List three indicators of economic development other than National Income measures (NI, GDP, or GNP, level, growth rate, or per capita) that are of interest to economists and explain what can be inferred from each of these indicators. Read MoreEssay on Project Part 1 Econ 545682 Words   |  3 PagesEveryone’s Gasoline Problem The price of gasoline is definitely driven by the concept of supply and demand. When prices fall, quantity demand will rise, when price rises, quantity demanded will fall. This statement is true in most cases. But gasoline is a necessity to most Americans. The demand for fuel does not decrease when the price increase. Consumers often influence the price of gasoline. Gas prices in the late spring and summer months are the highest during the entire year. These areRead MoreEssay on Econ 545 Micro Analysis Project 11836 Words   |  8 PagesMichele Jimenez Business Economics 545 Fewer Physicians Project 1 July 27, 2014 INTRODUCTION Based in recent surveys, reports show a trending decline on the rate at which physicians move. Statistically, this may suggest the economy is preventing or affecting physicians from frequent job changes, or retirement. According to survey results, the move rate was reported as follows: 18.2% in 2008, 15% in 2009, 12.4% in 2010, and 11.3% in 2011. In as much as this reflects an obvious trend of lowerRead MoreEssay about ECON 511WS1 Project Description 1658 Words   |  3 Pagesof your analysis and recommendations is to help the organization’s top management choose the best course of action for its global operations in light of your evidence and predictions. Your report must include the following components: 1. Executive Summary (1-2 pages) Your report should begin with a summary of the content. Your summary should outline what each section covers. The summary should provide enough information so the officers of the organization gain enough knowledge to develop a framework