1.)A country's standard of living depends on its ability to produce goods and services (given the available resources). The United States is the most productive economic system in the world (as measured by economic activity per person). Some areas in the U.S., however, are more productive than others. Explain why 60 years after the start of the "war on poverty" by the U.S. Federal Government, the "Mississippi Delta region" still has an extremely high poverty rate. 2.) Define opportunity cost. B. What are the opportunity costs of college athletes forming unions like the basketball players have done at Dartmouth College"? C. What are the opportunity costs if the United States bans imported oil from OPEC countries to send a message to Iran and other terrorist funding sources? D. What are the opportunity costs of the United States Treasury (through the FDIC) insuring all commercial bank deposits for all depositors with no limit to the size in $$ of those deposits? 4. Use the Circular Flow Diagram Model to explain the ideal Economic System you hope to find yourself in when you are 50 years old? Describe the Firms, the Households, the Market for Goods and Services and the Market for Factors of Production in this ideal place that you "hope" to live in when you are 50 years old (you don't need to draw out the diagram just describe in detail each of the 4 components of the economic system you hope to live in when you are 50 years old)