Econ 2202 hw 1: chap 1 & 2 (8 pts) 1. Identify the resources below as land, capital, labor, or entrepreneurial ability.

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Econ 2202 Hw 1 Chap 1 2 8 Pts 1 Identify The Resources Below As Land Capital Labor Or Entrepreneurial Ability 1 (58.59 KiB) Viewed 29 times

Econ 2202 hw 1: chap 1 & 2 (8 pts) 1. Identify the resources below as land, capital, labor, or entrepreneurial ability. a. Uranium deposits in Canada. b. The work performed by the late Henry Ford. c. The work done by a robot at an auto plant. d. A carpenter building a house 2. Indicate whether each of the following statements applies to micro or macro economics: a. The U.S. economy imported more goods and services than it exported last year. b. Rains from El Nino hit the California region causing severe flooding in farms. The prices for citrus and produce are expected to rise sharply. c. The civilian unemployment rate for December was 7.8%. 3. Identify each of the following as either a positive or a normative statement: a. The government should provide free tuition to all college students. b. The economy grew at a rate of 3.4% last year. c. Real average hourly earnings rose 0.3% in December. 4. Use the production possibilities graph to answer the questions below. Digital Cameras (millions per year) 60 8 8 8 8 8 500 40 20 10 8 0 10 Names C is 0 R 20 30 40 50 Pocket PC (millions per year) a. Identify all the letters that represent an efficient use of resources? b. Identify all the letters that represent an inefficient use of resources? c. Identify all the letters that represent an unattainable combination? d. What is the opportunity cost of moving from point C to point D? e. How would you describe what happens to the graph if technology improves for Digital Camera production, but not for Pocket PC's?