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Chapter 1

Review Exercise_Chapter 1 and 2.docx

4 Pages
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Department
Economics
Course Code
ECON 102
Professor
Wokia Kumase

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Review Exercise Chapter 1 and 2 1. Use the figure below to answer the following questions. A. Which curve or curves shows a positive relationship between unemployment and inflation? B. Which curve or curves shows no relationship between unemployment and inflation? C. Which curve or curves shows a negative relationship between unemployment and inflation? 2. Use the table below to answer the following question. w 2 4 6 8 10 u 15 12 9 6 3 What type of relationship exists between w and u? 3. Calculate the slope of the relationship shown in fig.A1.8 above 4. (a) Calculate the slope of the relationship both at pointAand B (b) Calculate the slope across the arcAB 5. What would happen to the study of economics if scarcity disappeared? 6. One tradeoff society faces is between efficiency and equity. Define each term. 7. If the Canadian government redistributes income from the rich to the poor, explain how this action affects equity as well as efficiency in the economy. 8. You are selling your 1996 Mustang. You have already spent $1000 on repairs. At the last minute, the transmission dies. You can pay $600 to have it repaired, or sell the car “as is.” In each of the following scenarios, should you have the transmission repaired? Explain. A.Blue book value is $6500 if transmission works, $5700 if it doesn’t B.Blue book value is $6
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