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ECON 1000 Section C (Micro Fall 2012) Due figure: 15 October, 4:00 pm Assignment # 1 Chapters 1 to 7 go bad A -- manifold Choice50 attach (2 tag for individually question) post B -- Short resolves50 tag (10 mark for each question except for question 5 which is worth 15 marks; 5 marks bonus) Total100 marks Part A: Multiple Choice (25 questions, 2 marks each) Answer on attached answer sheet (last page) 1.Mike has serve $500 purchasing and repairing an old fishing boat, which he expects to permeate for $800 once the repairs are complete. He discovers that he needs an additional repair, which will cost $400, in order to complete the repairs. He can carry the boat as it is now for $300. What should he do? |a. |He should cut his losses and take the $300. | |b. |He should never portion out something for less than it cost. | |c. |He should complete the repairs and sell the boat. | |d. |It doesnt matter which action he takes; the outcome is the same each way.

| 2.Suppose an economy produces two goods, victuals and machines. This economy eternally operates on its production possibilities frontier. Last class, it produced 60 units of sustenance and 40 machines. Thi s year it experienced a technological give! in its machine-making industry. As a result, this year the society wants to produce 65 units of food and 40 machines. Which of the following statements is true? |a. |Because the technological advance occurred in the machine-making industry, it will not be possible to affix food | | |production without reducing machine production under 40. | |b. |Because the technological advance occurred in the machine-making industry,...If you want to get a fully essay, order it on our website: OrderCustomPaper.com

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