Answered step-by-step[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.
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