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[MUST SHOW WORK] 1. It takes Mom 30 minutes to cook dinner. In the...

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[MUST SHOW WORK] 1. It takes Mom 30 minutes to cook dinner. In the...

[MUST SHOW WORK]
1. It takes Mom 30 minutes to cook dinner. In the same time, she can iron 6 shirts. Dad takes an hour to cook dinner and 30 minutes to iron a single shirt.

Select one:

A.Mom should cook dinner and iron; trade is impossible.

 

 

B.Dad has an absolute advantage in cooking.

 

 

C.Dad should cook dinner; the opportunity cost is only 2 shirts.

 

 

D.Dad should cook dinner; the opportunity cost is only 1 shirt.

 

 

E.Dad has an absolute advantage in ironing shirts.

 

 

2.A good economic model

Select one:

A.leaves out unnecessary information.

 

 

B.is difficult to test.

 

 

C.assumes that "other things are unchanged."

 

 

D.is the mental equivalent of controlled experiments in a laboratory.

 

 

E.does all of the above.

3. [MUST SHOW WORK] 
If buyers expect the price of gasoline will be higher in the future, the price of gasoline today ________ and the quantity supplied today ________.

Select one:

A.rises; increases

 

 

B.rises; decreases

 

 

C.falls; decreases

 

 

D.falls; increases

 

 

E.falls; is unaffected

 

 

4.[MUST SHOW WORK] 
If demand increases and supply decreases, this leads to

Select one:

A.lower prices.

 

 

B.a shortage in the market.

 

 

C.higher prices.

 

 

D.chaos.

 

 

E.equilrium.

 

 

5. [MUST SHOW WORK]
Gina missed her shift at the restaurant in order to attend a soccer game. She paid $30 for the ticket, $20 for parking, and ate $10 worth of popcorn. Had she worked her shift, Gina would have earned $100. Her opportunity cost of attending the game is

Select one:

A.$0.

 

 

B.$150.

 

 

C.$100.

 

 

D.$160.

 

 

E.$60.

 

 

 

 

 

Answer & Explanation

Solved by verified expert
Answered by Malikotsi on coursehero.com

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