1. An market for a non perishable good is initially in equilibrium.Then changes occur that create the expectation that prices will fall in the future.Complete the following sentence.In the current period, there will be a/an decrease in[A]and a/an increase in[B]leading to a/an[C]in equilibrium price and a/an[D]equilibrium quantity.
2. Describe a choice you have made that serves both your self interest and the social interest.
3. Consider the following scenario and categorize each in the four categories of factors of production. We are looking at an farmer that produces almonds (a nut) in California, USA.

oA farmer as s/he tends the orchard ........

• The tractor and harverster used in the orchard .......
• Bees that pollinate the almond trees .....
• The famer's understanding of the market for almonds .....
• The almond trees ......

1. Sam can produce 5 face shields or 30 masks in one day.Jo can produce 5 face shields or 10 masks in one day.

• What is Sam's marginal cost of a face shield?
• In what product does Sam have comparative advantage?
• Will trade occur if the terms are set at 4 masks per face shield? Why or why not?

1. The income elasticity of demand for movies is estimated to be 3.4.You are advising a movie theatre chain about an expansion. Household incomes are expected to rise by 10 per cent over the next 5 years. How can you use this information to inform the firm considering the expanion?