mt445 unit 1 assignment

Topics: Economics, Production-possibility frontier, Opportunity cost Pages: 3 (421 words) Published: January 12, 2015
Unit 1 Assignment
Student Name:

Please answer the following questions located in the template document. Submit the file as a Microsoft® Word® document to the Dropbox when completed.

1. Analyze whether each of the following is primarily a microeconomic or a macroeconomic issue:

i. Setting the price for a cup of coffee.

ii. Measuring the impact of tax policies on total household spending in the economy

iii. A household’s decision regarding whether or not to go on vacation

iv. A worker’s decision regarding which job to accept

v. Designing government policies to address issues with the social security program

2. Explain why each of the following is either a positive or normative economic statement. i. A 40-cent-per-pack tax on cigarettes will reduce teenage smoking by 10 percent.

ii. The federal government should spend more on diabetes research.

iii. Rising paper prices will increase book prices.

iv. The price of bagels at Bruegger’s is too high.

3. Identify the effect of each of the following on the United States Production Possibilities Frontier (PPF). Does it shift inward, outward, or not at all?

i. A decrease in the average length of annual vacations

ii. An increase in immigration of foreign workers to the U.S.

iii. An increase in the average retirement age

iv. The migration of skilled workers to Europe

4. Identify whether each of the following would increase or decrease the opportunity costs for stay-at-home moms or dads (those who choose not to accept work outside the home). Briefly explain your answers.

a.Higher unemployment rates.

b.Lower average wages.

c.Higher demand for labor.

d. Lower income tax rates on wages earned.

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