ECON 2100 Midterm: ECON 2100 Kennesaw State ECON2100 Summer2010 Exam1C
Document Summary
Econ 2100 (summer 2010 sections 05 and 06) Corey spends his workday making hamburgers and hotdogs. His opportunity cost of making a hamburger is 4 hotdogs. As a result, his opportunity cost of making a hotdog cannot be determined from the given information. is greater than 4 hamburgers. is equal to 4 hamburgers. is equal to. Ken has to spend and wants to purchase either a dvd player or an mp3 player. Each good costs exactly , so he can only purchase one of the two items. This scenario illustrates the basic concept that people respond to incentives. people face tradeoffs. imposing price controls in a market will reduce the quantity traded of a good. Specialization can allow societies to produce greater quantities of output. No workers in the u. s. with annual incomes below ,000 should have to pay any. People should boycott bp, in order to punish the company for the ongoing oil leak in the.
