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Principles of Microeconomics
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Workers in Nigeria and the United Arab Emirates can produce the following (in units per worker per year):
|
Crops
|
|
Machines
|
Nigeria
|
2
|
OR
|
5
|
Emirates
|
8
|
OR
|
10
|
Each country has 20 workers. What would the total units of production be for Nigeria after they specialize and
trade
? Assume they specialize based on comparative advantage.*** Correct answers will receive 1 mark. Incorrect answers will receive -0.75 mark. An answer left blank will receive 0 marks. So decide carefully before you answer.***
The following statement is a normative statement:
Consumer spending at restaurants increased after the introduction of vaccine passports.
*** Correct answers will receive 1 mark. Incorrect answers will receive -0.75 mark. An answer left blank will receive 0 marks. So decide carefully before you answer.***
The following statement is a positive statement:
Mandatory vaccines are needed to ensure a healthy level of economic growth in 2022.
We can say that an economy is operating efficiently only if:
Jason wants to buy lemons. The benefit to him is $1.90 for the first lemon, and for each additional lemon his benefit decreases by $0.10. If each lemon costs him $0.89, how many lemons will he buy?
| Number of Lemons | Benefit per Lemon |
| 1 | $1.90 |
| 2 | $1.80 |
| 3 | $1.70 |
| 4 | $1.60 |
| 5 | $1.50 |
| 6 | $1.40 |
| 7 | $1.30 |
| 8 | $1.20 |
| 9 | $1.10 |
| 10 | $1.00 |
| 11 | $0.90 |
| 12 | $0.80 |
| 13 | $0.70 |
| 14 | $0.60 |
| 15 | $0.50 |
Julia's favorite hockey team is playing Saturday night. Julia usually works on Saturday nights at a restaurant where she earns $16.75 per hour and she works for six hours. A ticket to the hockey game will cost $122 and if she goes she will not be able to work at the restaurant. The game will last for two hours. If she goes to work she can eat for free, but if she goes to the game she will have to buy food for $16. To get to either the game or to work she will have to pay $3.95 for the bus. What is Julia's opportunity cost if she goes to the hockey game?