Economics and Available Inputs

Name: and Section Score Date Course Problem: A. Describe your potential opportunity cost given the listed decision that you have made with your friends gave to a friend your mother’s hometown 1 . Attending your Economics class for today 2. Spending 2 hours of your vacant period in the canteen 3. Spending your IPPP. O for a gift you 4. Going on a vacation in B. Identify whether the statement is an outcome of positive or normative economic analysis 1 .

The Philippine economy attained 4% growth in 2011. 2. Education must be the top priority of the government. 3. Non-traditional politicians are most likely to win in the election, hence, economic growth is expected. 4. The Philippine exchange rate for a dollar decreases from POP to POP. 50. 5. A good leader should inculcate nationalism to attain growth in the country. C. Indicate whether the following events are concerns of macroeconomics or microeconomics. 1. The level of government spending 2.

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A grant given by the government to the textile industry 3. The price of rice increases 4. The continuous increase in inflation rate 5. The oil deregulation program Exercise 2. 1 Given the Production Possibilities Curve for s hypothetical economy, which production points A, B, C, D, F represents the following situations. (Note: Eng A,B,C,D,F Eng Malabar pop Jan ay UN Eng corresponding dots 0 senses an Malabar ) 1. The economy uses all its available inputs in the production of good Y. 2.

The economy has not maximized the use of its productive inputs. 3. The economy has decided to produce 30 of capital goods X and 80 consumer goods Y. 4. Efficient production point/ points for the economy. 5. Point or points of impossible production level. 6. The economy uses all its available inputs in production capital good X. 7. Production points of inefficiency. 8. Production point if all inputs are used for Y. Use of all available inputs, nothing is left untilled. 10. The economy produces 20 of consumer good X and 50 of capital good Y.