Langara Microeconomics - Economic Advisers - Report Writing Economics Assignment Help

Assignment Task:

1.

1. Scarcity arises because we all have limited money, time, and energy. 

2. Scarcity means every choices involves a trade-off. 

3. The true cost of any choice is the cost of all alternatives given up. 

4. Incentives work because these rewards and penalties change the costs and benefits of the choices you make. 

5. To encourage a child to do his chores, you should either increase the reward for doing, or increase the penalty for not doing the chores. 

6. Your preferences can be affected by advertising. 

7. Sam will drink anything that is cold, while Dave will only drink Gatorade. We expect Sam is willing to pay more for Gatorade than is Dave. 

8. Trade is only mutually beneficial if the traders have different comparative advantages. 

9. Differences in opportunity costs are the key to mutually beneficial gains from trade.

10. Specialization and voluntary trade eliminate the problem of scarcity. 

Using the case provided answer the following questions:

2. If you were Prime Minister, would you be more interested in your economic advisers’ positive views or their normative views? Why? 

3. Which of the following statements is positive, which is normative, and which can be tested?

a. Canada should cut its imports.

b. China is Canada’s largest trading partner.

c. If the price of gasoline rises, people will drive less and use less gasoline.

4. As the average income in China continues to increase, explain how the following would change:

a. The demand for beef

b. The demand for rice

5. Why do economists tend to oppose policies that restrict trade among nations? 

6. Dairies make low-fat milk from full-cream milk, and in the process they produce cream, which is made into ice cream. The following events occur one at a time:

(i) The wage rate of dairy workers rises.

(ii) The price of cream rises.

(iii) The price of low-fat milk rises.

(iv) With a drought forecasted, dairies raise their expected price of low-fat milk next year.

(v) New technology lowers the cost of producing ice cream.

Explain the effect of each event on the supply of low-fat milk.

7. Classify the following pairs of goods and services as substitutes in production, complements in production, or neither.

1. Bottled water and health club memberships
2. French fries and baked potatoes
3. Leather purses and leather shoes
4. Hybrids and SUVs
5. Diet coke and regular coke

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