THE TEXBOOK THE QUESTIONcame out of is ECONmacro Principles of Macroeconomics student edition 4) THE INSTRUCTION IS (Answer the following from the Problems Appendix in the back of your textbook on pp 325 326, and upload your answers through Blackboard Chapter 1 Questions 1, 2, and 4 Chapter 2 Questions 1, 2, and 4 (I ALREADY FINISH CHAPTER 1 QUESTION) Your completed Homework assignment should be at least three to four pages in length All sources used, including the textbook, must be referenced paraphrased and quoted material must have accompanying citations All references and citations used must be in APA style Information about accessing the Blackboard Grading Rubric for this assignment is provided below ( I ALREADY FINISHCHAPTER 1 QUESTION) QUESTION 2 1 DESCRIBES THE RELATIONSHIP BETWEEN CHOICE AND OPPORTUNITY COST (Sunk Cost and Choice) Suppose you go to a restaurant and buy an expensive meal Halfway through, despite feeling quite full, you decide to clean your plate After all, you think, you paid for the meal, so you are going to eat all of it Whats wrong with this thinking (Opportunity Cost) You can spend spring break either at home working for $80 per day for five days or go to Florida for the week If you stay home, you expenses will total about $100 If you go to Florida, the airfare, hotel, food, and miscellaneous expenses will total about $700 Whats your opportunity cost of going to Florida 2 2 EXPLAINS HOW COMPARATIVE ADVANTAGE, SPECIALIZATION, AND EXCHANGE AFFECT ECONOMIC OUTCOMES (OUTPUT) (Absolute and comparative advantage) You have the following information concerning the production of wheat and cloth in the United States and the United Kingdom LABOR HOURS REQUIRED TO PRODUCE ONE UNIT THE UNITED KINGDOM THE UNITED STATES wheat 2 1 cloth65 What is the opportunity cost of producing a unit of wheat in the United Kingdom In the United States Which county has an absolute advantage in producing wheat In producing cloth Which country has a comparative advantage in producing wheat In producing cloth Which country should specialize in producing wheat In producing cloth (Specialization) Provide some examples of specialized markets or retail outlets What makes the Web so conducive to specialization 2 4 DESCRIBE DIFFERENT ECONOMIC SYSTEMS AND THE DECISION MAKING RULES THAT DEFINE THEM (Economic Systems) the United States is best described as having a mixed economy What are some elements of command in the U S economy What are some market elements What are some traditional elements

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 13, 2024

THE TEXBOOK THE QUESTIONcame out of is ECONmacro Principles of Macroeconomics/ student edition 4) THE INSTRUCTION IS (Answer the following from the Problems Appendix in

THE TEXBOOK THE QUESTIONcame out of is "ECONmacro" Principles of Macroeconomics/ student edition 4) THE INSTRUCTION IS (Answer the following from the Problems Appendix in the back of your textbook on pp. 325-326, and upload your answers through Blackboard: Chapter 1: Questions 1, 2, and 4 Chapter 2: Questions 1, 2, and 4"" (I ALREADY FINISH CHAPTER 1 QUESTION)""

Your completed Homework assignment should be at least three to four pages in length. All sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying citations. All references and citations used must be in APA style.

Information about accessing the Blackboard Grading Rubric for this assignment is provided below. ( I ALREADY FINISHCHAPTER 1 QUESTION)

QUESTION

2-1 DESCRIBES THE RELATIONSHIP BETWEEN CHOICE AND OPPORTUNITY COST

(Sunk Cost and Choice) Suppose you go to a restaurant and buy an expensive meal. Halfway through, despite feeling quite full, you decide to clean your plate. After all, you think, you paid for the meal, so you are going to eat all of it. Whats wrong with this thinking?
(Opportunity Cost) You can spend spring break either at home working for $80 per day for five days or go to Florida for the week. If you stay home, you expenses will total about $100. If you go to Florida, the airfare, hotel, food, and miscellaneous expenses will total about $700. Whats your opportunity cost of going to Florida?

2-2 EXPLAINS HOW COMPARATIVE ADVANTAGE, SPECIALIZATION, AND EXCHANGE AFFECT ECONOMIC OUTCOMES (OUTPUT)

(Absolute and comparative advantage) You have the following information concerning the production of wheat and cloth in the United States and the United Kingdom:

LABOR HOURS REQUIRED TO PRODUCE ONE UNIT

-------------------------------------------------------------------------

THE UNITED KINGDOM THE UNITED STATES

wheat 2 1

cloth65

What is the opportunity cost of producing a unit of wheat in the United Kingdom? In the United States?
Which county has an absolute advantage in producing wheat? In producing cloth?
Which country has a comparative advantage in producing wheat? In producing cloth?
Which country should specialize in producing wheat? In producing cloth?
(Specialization) Provide some examples of specialized markets or retail outlets. What makes the Web so conducive to specialization?

2-4 DESCRIBE DIFFERENT ECONOMIC SYSTEMS AND THE DECISION-MAKING RULES THAT DEFINE THEM

(Economic Systems) the United States is best described as having a mixed economy. What are some elements of command in the U.S. economy? What are some market elements? What are some traditional elements?