A reputable doctor quits his job, which pays $77,000 a year, to open a non-governmental organization (NGO) to serve the needs of orphans. His annual expenses for the NGO amounts to $62,700 for food and daily supplies, $9,400 for maintenance, and $1,800 for books. i. What is his opportunity cost of opening the NGO? (Show working) (4)
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- A reputable doctor quits his job, which pays $77,000 a year, to open a non-governmental organization (NGO) to serve the needs of orphans. His annual expenses for the NGO amounts to $62,700 for food and daily supplies, $9,400 for maintenance, and $1,800 for books. i. What is his
opportunity cost of opening the NGO? (Show working) (4)
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- Harry Homeowner pays $300 monthly on a mortgage in a community where identical houses rent for $800 per month. Harry could move back into his parents house and live rent free. What is the opportunity cost to Harry for each month he lives in the house he owns?2. The population of Tatoonia is very small. Luis works full-time for pay. Robin works one shift a week as counter help at a fast-food restaurant. Sheila is retired. Shawna does not work for pay, but is thinking about getting a job and has been looking through employment postings to see what is available. Bob has given up looking for work, after months of not finding anything. Ana, the only child in the country, is 12 years old. a. How would a household survey, following U.S. methods, classify each person? b. What is the labor force participation rate in Tatoonia? c. What is the unemployment rate in Tatoonia?Question 12 (i) Monica can go to work today and earn $500. However, she is also thinking about studying for the English test. If she studies for the English test she will not be able to go to work. What is Monica’s opportunity cost of studying for the English test? A: $0 B: $500 C: $500 minus the benefit from studying for the test D: The benefit of studying for the test minus $500 (ii) Which of the following is(are) considered as sunk cost for a competitive firm in the short-run? Variable cost Fixed cost A: 1 only B: 2 only C: Both 1 and 2 D: Neither 1 nor 2
- Questions: 1. What do you think are the possible causes of overpopulation in our country? 2. Is there any positive side of having huge population in our country? 3. What do you think will be the implications of this issue in our country? 4. Explain how the other field or sector in the country will be greatly affected by overpopulation in our country? (For example, in terms of food supply etc.) 5. What do you think are the things that the government should do to resolve this issue?Nori is debating on a phone and where to get it. Several places have the same phone, but it's easier for her to get to some stores than others. Store Travel Time Each Way (Minutes) Price of phone (Dollars per phone) Local Phone Store 10 100 Across Town 25 85 Neighboring City 40 55 Nori makes $50 an hour at her job. Assume that returning to work takes Nori the same amount of time as getting to a store and that it takes her 40 minutes to shop. You can ignore the cost of gasoline and depreciation of her car when traveling. Assume she takes opportunity costs and the price into consideration when she shops. Nori will minimize the cost of the suit if she buys it from the a. local phone store Ob. store across town C. store in the neighboring city Od. not enough information given22. The United Kingdom is made up of several smaller countries that used to be independent. The largest is England and one of the smallest, Wales, became unified with England around 700 years ago. The land in most of England is relatively fertile and can be used to grow wheat or pasture sheep. Wales, on the other hand, is mountainous and it is hard to grow wheat or find good land on which to pasture sheep, although it can be done. The land costs of producing wheat and sheep are shown below. Wheat 5 acres/ton 10 acres/ton Sheep 2 acres/sheep 2.5 acres/sheep England Wales For simplicity suppose England has 20 acres and Wales has 10 acres. Now suppose that England conquers Wales and the king wants his economist, to plot out the production possibilities for his unified kingdom. Do not expect the PPF to be a straight line, so plot more than two points. It will be helpful to consider the different patterns of specialization below and plot the points. Fill in the table Production pattern…
- PROBLEM: With the aid of supply and demand diagrams, show and explain how and why we would expect prices and quantities to change in each of the following markets if and when a political crisis were to cause a long lasting war in the Persian Gulf that would stop all oil shipments from that area. (a) The market for large SUVS. (b) The market for hybrid cars. (c) The market for coal. (d) The market for home insulation. (e) The market for motor oil.22. The United Kingdom is made up of several smaller countries that used to be independent. The largest is England and one of the smallest, Wales, became unified with England around 700 years ago. The land in most of England is relatively fertile and can be used to grow wheat or pasture sheep. Wales, on the other hand, is mountainous and it is hard to grow wheat or find good land on which to pasture sheep, although it can be done. The land costs of producing wheat and sheep are shown below. Wheat England Wales 5 acres/ton 10 acres/ton Sheep 2 acres/sheep 2.5 acres/sheep For simplicity suppose England has 20 acres and Wales has 10 acres. Now suppose that England conquers Wales and the king wants his economist, to plot out the production possibilities for his unified kingdom. Do not expect the PPF to be a straight line, so plot more than two points. It will be helpful to consider the different patterns of specialization below and plot the points. Fill in the table Production pattern…Economics system - role of consumers, producers, government and Voluntary sector in the welfare of economic stakeholders
- 28. Country A has a GDP-per-capita of $500, and Country B has a GDP-per-capita of $75,000. Which of the following is NOT a plausible reason for Country B's higher GDP-per-capita? (A) Country B has more open and inclusive economic and political institutions. (B) Country B has more natural resource wealth. (C) Country B has lower productivity. (D) Country B has more capital. 29. After lockdowns were declared globally in 2020, the price of oil crashed from $64 per barrel in January to $18 per barrel in April. What is the most likely reason that lockdowns contributed to the oil price crash? (A) Supply increased due to oil companies reallocating resources to help with the COVID-19 pandemic. (B) Supply decreased due to oil workers being furloughed. (C) Demand increased from factories producing Personal Protective Equipment for essential workers. (D) Demand decreased since fewer people were commuting to work. 30. Suppose that the GDP deflator is 150, and nominal GDP is $7.5 billion. What is…Trends, or patterns of change, in the external business environment can create opportunities or threats for businesses. The Social environment includes social and demographic trends that affect consumer demand and, therefore, affect business success. The following are four trends in the Social environment in Canada. 1. More women working outside the home 2. Increasing number of people over age 65 3. Growing use of the Internet 4. Increasing cultural diversity Assess the impact of these trends on the following service businesses: Restaurant Telemarketing service Medical clinic Hair or beauty salon (Will the trend have a positive or negative effect on the demand for these services? How?)QUESTION 2 a) The World Development Report 2012 provides the following information for Colombia and Thailand: Table 2: Information relating to Colombia and Thailand Per Capita Population GDP (PPP | Country Per Total Gini below National Poverty Poverty Line (%) 17.7 Сapita |GDP ($) $) Coefficient Gap (%) | (%) |Colombia | 2080 5890 3.2 57.1 Thailand 2010 6330 13.1 0.5 41.4 Explain what each entry in the final three columns of this table measure. b) Discuss three characteristics of the poor.
