review_Q1.pdf

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Department
Economics
Course
ECON 101
Professor
Ratna Shrestha
Semester
Summer

Description
Principles of Microeconomics Review Questions 1 Chapters 13 1 Explain if each of the following government policy is motivated by Efficiency or Equity a Regulating cable TV prices b Providing free prescription drugs to people on welfare c Prohibiting smoking in public areas d Preventing mergers between two banks2 The Old Age Security Program provides income for people over age 65 How does this program affect peoples incentives to save while working3 Production PossibilityABCDE Truck 0 10 20 30 40 Corn 70 60 45 25 0 Draw a PPF and explain if this production technology exhibits diminishing marginal returnsproductivity for TruckCorn4 Ivan spends his entire allowance on two goods ice cream cones which cost 1 each and tickets to the movies which cost 5 each What is the opportunity cost of one movie and the opportunity c
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