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Problems
Problem 1
Draw a production possibilities curve for time. On one axis put sleep time and on the other put awake time. You have 24 hours available in a given day. Indicate the combination that describes your allocation today. Also indicate a combination that is unavailable for anyone.
Problem 2
According to Figure 1.1 in the textbook Essentials of Economics 10th edition), what is the opportunity cost of increasing consumer output from OF to OD?
Problem 3
There are three answers, which must be addressed by any economy. These are outlined in the instructor’s comments. For each of the questions, I would like a criticism of how each is answered in the U.S.
Problem 4
If automobile emissions controls were not mandated by law, would people willingly buy and install them? Explain your response.
Problem 5
According to the text (page 29), GDP per capita in the U.S. was $49,000 dollars in 2012. Given the following three assumptions with zero population growth, what will it be in 2022 if GDP per capita grows each year by:
0 percent growth rate in GDP
2 percent growth rate in GDP
4 percent growth rate in GDP
