Economics Homework 7 | StudyDaddy.com

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

b. Whether to buy a new textbook or a used one

2- (Resources) To which category of resources does each of the following belong?

a. A taxicab

b. Computer software

c. One hour of legal counsel

d. A parking lot

3- (Micro versus Macro) Determine whether each of the following is primarily a microeconomic or a macroeconomic issue:

a. What price to charge for an automobile

b. Measuring the impact of tax policies on total consumer spending in the economy

c. A household’s decisions about what to buy

d. A worker’s decision regarding how much to work each week

Chapter 2

4 (Opportunity Cost) You can either spend Spring Break working at home for $80 per day for five days or go to Florida for the week. If you stay home, your expenses will total about $100. If you go to Florida, the airfare, hotel, food and miscellaneous expenses will total about $700. What’s your opportunity cost of going to Florida? (Hint: Answers may vary)

5. (Shifting Production Possibilities) Determine whether each of the following would cause the economy’s PPF to shift inward, outward, or not at all:

a. An increase in average length of annual vacations

b. An increase in immigration

6. (Production Possibilities) Under what conditions would an economy be operating inside its PPF? On its PPF? Outside its PPF?

7. (Specialization and Exchange) Explain how the specialization of labor can lead to increased productivity.

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.

9. Do you face the problem of scarcity in your life? Can you think of any example? 

10. WEB Question.  What Can I Do with an Economics Degree?

    The U.S. Department of Labor (Links to an external site.) (www.dol.gov (Links to an external site.)) is the agency of the U.S. federal government charged with matters pertaining to the American workforce. One of      its arms is the Bureau of Labor Statistics (Links to an external site.) (www.bls.gov (Links to an external site.)), which is responsible for the important tasks of collection, organization, and distribution of data concerning employment and work in the U.S. Every other year, BLS publishes the Occupational Outlook Handbook (Links to an external site.) (www.bls.gov/oco/ (Links to an external site.) ). The OOH describes for workers in a wide range of occupations what they do on the job, their working conditions, the training and education that they need, what they can expect to earn, and what their employment prospects are in the future. 

    In the wake of the most recent publication of the OOH (Links to an external site.), Shelly Schwartz of CNNfn (Links to an external site.) (http://cnnfn.cnn.com/2000/08/18/career/q_degreeeconomics/ (Links to an external site.)) posted an article about the job market faced by holders of degrees in economics. In it she discusses and summarizes some of the information provided by the OOH. She also provides a link to Inomics (Links to an external site.) (http://www.inomics.com/cgi/show (Links to an external site.)), an example of a site that caters to job-searching economists. Please go to the CNN (Links to an external site.) article and read through it, and then to the OOH (Links to an external site.) website. Once at the OOH site, click on the link for “A-Z Index” and find the listing for “Economists and market and survey researchers.” (Links to an external site.)(http://www.bls.gov/oco/ocos055.htm (Links to an external site.)) Once you have read through these sites, please answer the following questions:

a)    According to the Occupational Outlook Handbook, what do economists study and do?

b)      According to the CNNfn (Links to an external site.) article http://money.cnn.com/2000/08/18/career/q_degreeeconomics/ (Links to an external site.), what are the top three types of jobs for economics graduates?







Calculate Your Essay Price
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more

Order your essay today and save 10% with the coupon code: best10