Module 1 Problem Set

Must use the Excel Spreed Sheet provided thank you.

 

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An Excel template is provided for your Problem Sets. Each problem is  presented on a separate worksheet represented by the tabs at the bottom  of the Excel worksheet.
 

You must submit only one Excel file for your Problem Sets. To  receive full credit, all work must be shown and the final answer(s) must  be highlighted in yellow, unless answers are derived from a graph  and/or tables.

2

>Module

1

Problem Sets

Principles of Economics
Name:
Date:

Question #1

1
2
Question #1: List some constraints on our labor force that prevent our fully using our plant and equipment 24 hours a day, seven days a week
Answers:
3

Question #2

Question #2: When we are efficiently allocating our resources and using the best available technology, we are operating on our _________________________.
Answer:

Question #3

1
2

Question #3: Economic growth can be attained by:
Answer:

Question #4

Answer:

Question #4: Full employment implies an unemployment rate of about ____________ percent.

Question #5

Answer:

Question #5: The law of increasing costs states that, as the output of one good expands, ________________________.

Question #6a

Answer:

Question #6a: If we were at point C, could we quickly produce substantially more houses and more cars?

Question #6b

Answer:

Question #6b: If we were at point M, could we quickly produce substantially more houses andmore cars?

Question #6c

Answer:

Question #6c: If we were at point C, could we quickly go to point J?

Question #7

Answer:

Question #7: Fill in the following points:
Point X: where our economy generally operates
Point Y: a serious recession
Point Z: a catastrophic depression
Point W: economic growth

Question #8

What is the opportunity cost of going from point B to point C?

What is the opportunity cost of going from point D to point C?

What is the opportunity cost of gong from point B to point A?

What is the opportunity cost of going from point C to point D?

Answers:

a.
b.
c.
d.
Question #8: Use the following illustration to answer the questions below:
a.
b.
c.
d.

Question #9

Answer:

Question #9: The basis for international trade is _____________________________________.

Question #10

Answers:

Question #10: Brazil is better at producing ______________________________
than at producing_______________________________________.
Argentina is better at producing _____________________________
than at producing _______________________________________.

Question #11

Question #11: If one (1) ton of steel could be traded for one (1) ton of wheat, Brazil
would trade its _____________________________________ for Argentina’s
_____________________________________________.
Answers:

Question #12

Answer:

Question #11: Bolivia has a comparative advantage in the production of which type of metal?

Question #13

Answer:

Question #13: Chile has a comparative advantage in the production of which, type of metal?

Question #14

Answers:

Question #14: Bolivia will trade ____________________________ for _____________________________.

Question #15

Answers:

Question #15: Chile will trade __________________________________ for _______________________________________.

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