Module 1 Problem Sets

An Excel template is provided for your Problem Sets. Each problem is presented on a separate worksheet represented by the tabs at the bottom of the Excel worksheet.

You must submit only one Excel file for your Problem Sets. To receive full credit, all work must be shown and the final answer(s) must be highlighted in yellow, unless answers are derived from a graph and/or tables.

Problem Sets

Question #1: List some constraints on our labor force that prevent our fully using our plant and equipment 24 hours a day, seven days a wee

Question #2: When we are efficiently allocating our resources and using the best available technology, we are operating on our _________________________.

Question #3: Economic growth can be attained by:

Question #4: Full employment implies an unemployment rate of about ____________ percent.

Question #5: The law of increasing costs states that, as the output of one good expands, ________________________.

Question #6a: If we were at point C, could we quickly produce substantially more houses and more cars?

Question #6b: If we were at point M, could we quickly produce substantially more houses andmore cars?

Question #6c: If we were at point C, could we quickly go to point J?

Question #7: Fill in the following points:
	Point X: where our economy generally operates
	Point Y: a serious recession
	Point Z: a catastrophic depression
	Point W: economic growth

Question #8: Use the following illustration to answer the questions below:
	a. What is the opportunity cost of going from point B to point C?
	b. What is the opportunity cost of going from point D to point C?
	c. What is the opportunity cost of gong from point B to point A?
	d. What is the opportunity cost of going from point C to point D?

Question #9: The basis for international trade is _____________________________________.

Question #10: Brazil is better at producing ______________________________
than at producing_______________________________________.

Argentina is better at producing _____________________________
than at producing _______________________________________.

Question #11: If one (1) ton of steel could be traded for one (1) ton of wheat, Brazil
would trade its _____________________________________ for Argentina’s
_____________________________________________.

Question #12: Bolivia has a comparative advantage in the production of which type of metal?

Question #13: Chile has a comparative advantage in the production of which, type of metal?

Question #14: Bolivia will trade ____________________________ for _____________________________.

Question #15: Chile will trade __________________________________ for _______________________________________.

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