FOR3705 Assignment 1 Semester 1 2023 {Distinction} Question and Answer

There are limited resources to satisfy all of society's wants - -Scarcity -Comparing the benefits and costs of engaging in an activity - -Trade-offs -Suppose you are a freshman in college and you have not declared a major. One reason you enrolled at your college was the schools vibrant social life. At the same time, you want to balance your academic life because you know that your grades will matter for graduate school or job applications. You decide to forgo partying for two hours to study for an upcoming economics exam. To make that decision you weighed your... - -Opportunity costs -You start a part-time job as a package handler at a large delivery company. After training, you start your first shift and your supervisor tells you to unload packages from a single truck. Unfortunately, he tells 5 other people to do the same which causes most of you to stand around and wait for your co-workers to get out of the way. There are several other trucks already on the dock waiting to be unloaded. Which of the following terms best describes what your supervisor has failed at? - -Efficiency -Your economics professor is attempting to recruit more students to major in economics. She presents data showing that economics majors develop skills valuable in private industry, government, and research. She also argues that they earn a relatively higher income than other majors. Your professor is presenting you with _______ to major in economics - -incentives -You are assigned a final group project for your economics course. One member of your group is really good at finding resources for the project, one is really good at proofreading and editing, and you are really good at making a presentation. Based on this, you know that via ______ you can complete the project more efficiently than if you all did each part together - -specialization -The $15 Kelly's big burger gift card that your friend gave you for your birthday expires today. You can either use the gift card to buy yourself dinner at Kelly's big burger or you can stay home and eat a delicious home-cooked meal. What is the opportunity cost of eating the home-cooked meal? a. The time if takes to eat your home-cooked meal and the value of a $15 meal at Kelly's big burger b. The value if the ingredients that go into the home-cooked meal and the value of a $15 meal at Kelly's big burger c. The value of the ingredients that go into the home-cooked meal d. There is no opportunity cost since you did not pay for the gift card e. The value of a $15 meal at Kelly's big burger - -b. The value of the ingredients that go into the home-cooked meal and the value of a $15 meal at Kelly's big burger -Which demonstrates a scenario with no opportunity cost? a. Its Friday night and you stay up late talking and hanging out with your friends b. The chemistry club is giving out free pizza for lunch to all who come to their table c. Naomi, age 8, is at a bookstore and chooses to buy a book about a young wizard instead of buying a math textbook that she would probably never open