ECON 110 Connect Homework 1 The Challenge of Economics The US Economy Assignment solutions answers

ECON 110 Connect Homework 1 The Challenge of Economics The US Economy Assignment solutions complete answers 

 

Question 1

Use the information listed in the table to calculate the opportunity cost of increasing missile production and then graph the production possibilities curve.

a. Calculate the opportunity cost of increasing missile production (in 50 missile increments) based on the following information:

Instructions: Enter your responses as a whole number.

b. Using the information presented in the table above, graph the production possibilities with missiles on the horizontal axis and houses on the vertical axis. 

Instructions: Use the tool provided 'PPC' to plot the production possibilities curve (plot 6 points total).

 

Question 2

Assume that it takes four hours of labor time to paint a room and two hours to sand a floor. 

If two workers each spend 24 hours painting,

a. How many rooms could be painted?

b. If a decision were made to only sand floors, how many floors could be sanded?

c. Illustrate with a production possibilities curve. The figure below shows the production possibilities for one worker.

Instructions: Use the tool provided 'PPC2' to plot a second production possibilities curve to illustrate the possible combinations of painting rooms and sanding floors when there are two workers (plot 13 points total, showing whole rooms and whole floors completed). 

 

Question 3

North Korea has a population of 26 million people, of whom 1.2 million are in the military. South Korea has an army of 650,000 out of a population of 52 million.

What percentage of the population is in the military in

 

Question 4

In 2018 the dollar value of total output was roughly $40 billion in North Korea and $1,600 billion in South Korea. South Korea devoted 2.9 percent of its output to defense and North Korea devoted 19.0 percent of its output to defense.

Instructions: Round your response to one decimal place.

a. How much did North Korea spend on its military (in dollars)?

b. Which nation spent more (in dollars)?

 

Question 5

POLICY PERSPECTIVES According to the figure below:

a. if as much health care as possible is provided, how many other goods will be provided?

b. What is the opportunity cost of increasing health care from point E to point D?

 

Question 6

Use the figure above to answer the following questions.

a. What is the opportunity cost of increasing investment goods from 4 units to 8 units?

b. What will happen to future production possibilities if investment increases now?

c. What will happen to future production possibilities if only consumer goods are produced now?

 

Question 7

GDP per capita in the United States was approximately $60,000 in 2019.

Use the growth formula to answer the following questions:

a. What will it be in the year 2025 if GDP per capita grows each year by 0 percent?

a. What will it be in the year 2025 if GDP per capita grows each year by 2 percent?

 

Question 8

Use the table to answer the following questions.

If a McDonald's Happy Meal costs $3, how many Happy Meals per week could

Instructions: Round your responses to the nearest whole number.

a. the average person in South Korea afford?

b. the average person in Cuba afford?

 

Question 9

Use the table related to the size distribution of income to answer two questions.

According to the table,

a. What is the average income in the United States?

b. What percentage of the average income of people in the highest fifth would have to be taxed away to bring them down to that average?

 

Question 10

Complete the following table and answer the following questions. 

Using the table, the ratio of a high-income family's to a low-income family's

Instructions: Round your responses to one decimal place.