Draw a production possibilities curve for time. On one axis put sleep time and on the other put awake time. You have 24 hours available in a given day. Indicate the combination that describes your allocation today. Also indicate a combination that is unavailable for anyone.
According to Figure 1.1 in the textbook Essentials of Economics 10th edition), what is the opportunity cost of increasing consumer output from OF to OD?
There are three answers, which must be addressed by any economy. These are outlined in the instructor’s comments. For each of the questions, I would like a criticism of how each is answered in the U.S.
If automobile emissions controls were not mandated by law, would people willingly buy and install them? Explain your response.
According to the text (page 29), GDP per capita in the U.S. was $49,000 dollars in 2012. Given the following three assumptions with zero population growth, what will it be in 2022 if GDP per capita grows each year by:
0 percent growth rate in GDP
2 percent growth rate in GDP
4 percent growth rate in GDP