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ECON 100 – Principles of EconomicsName: LaTonya Cooper
January 31, 2011
Due: February 14, 2011

Your assignment is to do Exercises 1-8 on p. 14 of the textbook. Type your name at the top right of this paper. Type your answers after each problem. Answer as concisely as you can while still getting your point across. Save this document, with your answers, on your computer. Rename it, if you like, to something that makes sense to you. Then upload it to Moodle in the slot for Homework 1.

1. Explain why each of the following is or is not an economic good. [12 points]

a. Steaks
b. Houses
c. Cars
d. Garbage
e. T-shirts

(D) Garbage is not a good source of an economic goods.

P
S

D
0 Q

2. It is well documented in scientific research that smoking is harmful to our health. Smokers have higher incidences of coronary disease, cancer, and other catastrophic illnesses. Knowing this, about 30 percent of young people begin smoking and about 25 percent of the U.S. population smokes. Are the people who choose to smoke irrational? What do you think of the argument that we should ban smoking in order to protect these people from themselves? [12 points]

The banning of smoking would be irrational however, it would still be a terrible things to do.

3. Use economics to explain why diamonds are more expensive than water, when water is necessary for survival and diamonds are not. [12 points]

3. I think that diamonds are scarcer more than, water.

4. Use economics to explain why people leave tips in the following two cases: (a) at a restaurant they visit often; (b) at a restaurant they visit only once. [12 points]

A) It would be the benefit of leaving a tip; (good service in the...
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