Assignment
1. Give 3 reasons that explain why the division of labor increases an economy's level of production.
1. Answer this question in one paragraph of about 150 words.
2. Explain why scarcity leads to trade-offs.
1. Answer this question in one paragraph of about 150 words.
3. Identify which of the following would be studied as a part of microeconomics, and which would be studied as a part of macroeconomics.
1. You may do this quite briefly. Simply list the letters A thru J - and write "micro" or "macro" next to each one.
a - Salt Lake City, UT
b - The Bahamas
c - Target
d - GDP (Gross Domestic Product)
e - The Trump Administration changing the tax system
f - Mike's Deli
g - Inflation
h - International Trade
i - The Salvation Army
j - Burger King
4. Study this table of monthly production possibilities for Mike, an economics professor at TCIU - Totally Cool Interstate University, and part-time wedding planner.
| |
A
|
B
|
C
|
D
|
E
|
F
|
|
# of econ classes/month
|
12
|
10
|
9
|
6
|
4
|
2
|
|
# of weddings/month
|
0
|
3
|
5
|
9
|
10
|
11
|
What would it cost Mike to move .....
from C to F
from D to B
from E to A
from B to D