Exam (elaborations)

BROCK UNIVERSITY Econ 1P91, Fall 2024 Department of Economics Assignment 1-Section 1 Answered.

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Course
ECON 1P91 (ECON1P91)

Institution
Brock University ( )

BROCK UNIVERSITY Econ 1P91, Fall 2024 Department of Economics Assignment 1-Section 1 Due: At the beginning of your weekly tutorial the week of Sept. 23, 2024 Instructions: Submit typed or neatly handwritten answers to the following questions on Brightspace using the Assignments tool by the beg...

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in which situation woul
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BROCK UNIVERSITY
Econ 1P91, Fall 2024
Department of Economics
Assignment 1-Section 1

Due: At the beginning of your weekly tutorial the week of Sept. 23, 2024
Instructions: Submit typed or neatly handwritten answers to the following questions on
Brightspace using the Assignments tool by the beginning of your weekly tutorial. No late
assignments or emailed assignments will be accepted. Please put your name and student
number on your assignment. Total marks:50

1. In which situation would economists use the word equity? (1 mark)

a. Each member of society has the same income.
b. Society is getting the most it can from its scarce resources.
c. Those in society who have the least will receive the most.
d. The benefits of society’s resources are distributed fairly among society’s
members.
Answer: Economists would use the word equity in situation D.

2. If an externality is present in a market, what may enhance economic efficiency? (1 mark)

a. government intervention b. increased competition
c. better informed market participants d. more defined property rights

Answer: The answer to this question is more defined property rights/D

Downloaded by youn sam (samsonkariuki04@gmail.com)

, lOMoARcPSD|6353920

3. Refer to the above figure. At which point or points can the economy produce? (1 mark)
a. points B, D, and E b. points A, B, D, and E
c. points D and C d. point D

Answer: For this question I would say that points B, D, and E/option A is the answer

4. What will be the probable outcome if Honduras chooses to engage in trade? (1 mark)

a. It will only benefit if it trades with countries that produce goods it cannot
produce.
b. It cannot benefit if it trades with less developed countries.
c. It will only benefit if it trades with countries that are geographically close to
Honduras.
d. It can benefit by trading with any other country.

Answer: Option D

5. Henry decides to spend two hours swimming at the beach rather than working at his job,
which pays $16 per hour. What is Henry’s tradeoff? (1 mark)

a. the $32 he could have earned working for two hours
b. nothing because he enjoys going to the beach more than working
c. the increase in skill he obtains from swimming for those two hours
d. nothing, because he spent $32 on new swim shorts

Answer: The answer is option A because he makes $16, and he decides not to work those two
hours so 16x2 = $32 tradeoff

6. If the average income of a Norwegian is higher than the average income of a Belizean,
what is the most likely reason? (1 mark)

a. Productivity is higher in Norway than in Belize.
b. Norway has a more industrial economy than Belize.
c. There is more competition in Norway than in Belize.
d. Labour unions are more aggressive in Norway than in Belize.

Answer: I would go with option A because higher productivity usually leads to higher incomes

Downloaded by youn sam (samsonkariuki04@gmail.com)

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