AutoSave . OFF 1homework 1 - Saved to my Mac Q Home Insert Draw Design Layout References Mailings Review View ? Tell me Share Comments Calibri (BO... ~ 1 A" A Aa Ap EEVEEVEE AaBbCcDd AaBbCcDdEe AaBbCcDdEe AaBbCcDdE AaBb AaBbCcDdEc Paste BIUbX X A LA Heading 1 Norma No Spacing Heading 2 Title Subtitle Styles Dictate Sensitivity Pane 1. How does the study of economics depend upon the phenomenon of scarcity? 2. Define opportunity cost. What does "There is no free lunch" mean? 3. Labor input (working-hours) of producing TV & wheat U.S. Canada TV 10 10 Wheat 5 8 Questions: A) Who has AA in TV, and wheat? Who has CA in TV and wheat? B) Assume that both U.S. and Canada have 120 work hours. Create PPFs for U.S. and Canada. C) Which country should specialize in which product? D) After full specialization (=one country produces only one product), how much of each product will the two countries produce together? Page 1 of 1 104 words English (United States) Focus E + 136%