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Q: England and Scotland both produce scones and sweaters. Suppose that an

England and Scotland both produce scones and sweaters. Suppose that an English worker can produce 50 scones per hour or 1 sweater per hour. Suppose that a Scottish worker can produce 40 scones per hou...

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Q: Draw and explain a production possibilities frontier for an economy that produces

Draw and explain a production possibilities frontier for an economy that produces milk and cookies. What happens to this frontier if disease kills half of the economy’s cows?

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Q: Imagine a society that produces military goods and consumer goods, which

Imagine a society that produces military goods and consumer goods, which we’ll call “guns” and “butter.” a. Draw a production possibilities frontier for guns and butter. Using the concept of opportuni...

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Q: Draw a circular-flow diagram. Identify the parts of the

Draw a circular-flow diagram. Identify the parts of the model that correspond to the flow of goods and services and the flow of dollars for each of the following activities. a. Selena pays a storekeep...

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Q: Classify each of the following statements as positive or normative. Explain

Classify each of the following statements as positive or normative. Explain. a. Society faces a short-run trade-off between inflation and unemployment. b. A reduction in the rate of money growth will...

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Q: Classify the following topics as relating to microeconomics or macroeconomics.

Classify the following topics as relating to microeconomics or macroeconomics. a. a family’s decision about how much income to save b. the effect of government regulations on auto emissions c. the imp...

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Q: An economy consists of three workers: Larry, Moe, and

An economy consists of three workers: Larry, Moe, and Curly. Each works 10 hours a day and can produce two services: mowing lawns and washing cars. In an hour, Larry can either mow one lawn or wash on...

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Q: The first principle of economics is that people face trade-offs

The first principle of economics is that people face trade-offs. Use a production possibilities frontier to illustrate society’s trade-off between two “goods”—a clean environment and the quantity of i...

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Q: List and briefly explain the three principles that describe how the economy

List and briefly explain the three principles that describe how the economy as a whole works.

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Q: Why is a country better off not isolating itself from all other

Why is a country better off not isolating itself from all other countries? Why do we have markets, and according to economists, what roles should government play in them?

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