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I need help on these 5 microeconomics questions: Question 1 (2.5 points) J Saved What is the general purpose of Economics? @ To study the

I need help on these 5 microeconomics questions:

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Question 1 (2.5 points) J Saved What is the general purpose of Economics? @ To study the choices individuals make when faced with scarce resources. O To come up with prescriptions about achieving personal wealth. 0 To convince the general public that markets are the best way to perform transactions. O To convince the general public that the government should not intervene in the economy. Question 2 (2.5 points) The opportunity cost of building a parking lot is 0 none 0 the value of the property and resources used at all of their alternative use 0 the cost of inputs (concrete, labor, etc.) used to build the lot 0 the cost of concrete, labor, etc. used to build the lot plus the value of the property and resources used at their next-best alternative use Question 3 (2.5 points) Suppose Russel and Wilson are doing Biology and Math homework. In one hour, Russel can solve 10 Biology questions or 10 Math questions, or any other combination lying on the line between those two points. In the same amount of time, Wilson can solve 20 Biology questions or 30 Math questions, or any other combination lying on the line between those two points. Which of the following statements is true? O Wilson has the absolute advantage in doing Math homework and Russel has the absolute advantage in doing Bio homework. O Russel has the comparative advantage in doing Math homework and Wilson has the comparative advantage in doing Bio homework. O Russel has the comparative advantage in doing Bio homework and Wilson has the comparative advantage in doing Math homework. O Wilson has the comparative advantage in both Biology and Math solutions. Question 4 (2.5 points) The linear production possibility curves for 2 countries are shown in the following gure. Assume that both countries only produce coconuts and sh. Use the gure to answer the following three questions. coconuts coconuts Country A Country B 500 500 sh sh 1500 2500 If Country A and Country B engaged in specialization and trade, will specialize in producing coconuts. A price (in terms of number of sh) acceptable to both countries for a coconut is 0 country A; 3.5 sh 0 country A; 0.3 sh 0 country B; 4 sh 0 country B; 0.2 sh Question 5 (2.5 points) Suppose that construction companies in Canada import cement from the U.K. as an input in their production. The price of silica fume, a substitute for cement, has recently surged in the U.K. because of the disruptions in their supply lines for this product. Given this information and holding everything else constant, you predict that these changes will lead the ______ curve for Canadian construction industry to _____ . O demand; shift to the right 0 demand; shift to the left O supply; shift to the left 0 supply; shift to the right

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