Econ 110 Assignment 2

Topics: Supply and demand, Economics, Microeconomics Pages: 2 (1042 words) Published: October 15, 2014
ECONOMICS 110/111*
Assignment #1
Due Dates and Notes:

DUE: By Friday October 3, 2:00 PM. Completed assignments should be placed in the slot marked for your section in the white assignment collection box on the 2nd floor of Dunning Hall. Late assignments will not be accepted.

Use the Cover Page (download from the Assignments page on moodle) when submitting assignments. Place diagrams for particular questions with your answers to those questions (not all at the end).

Group Work: Maximum four per group, all students must be registered in the same class. Names (as they appear on moodle) must be in alphabetical order on the cover page (last names first).

Graded work will be available for pick-up beginning on the afternoon of Friday October 17 in the Econ Distribution Center, Dunning Hall Room 334. You will require your student card.

This assignment covers material from Chapters 1, 2, 33 (pgs 823-835), and 3 of the text.

True, False, or Uncertain

[48 marks - 6 marks each]

Explain why each of the following statements is True, False, or Uncertain according to economic principles. Use diagrams where appropriate. Unsupported answers will receive no marks. It is the explanation that is important.

A1-1. If all Canadians earned the same income, there would be neither poverty nor scarcity in the country. A1-2. The sentence below is an example of a purely positive economic statement. “During a recession the government must increase its spending to replace reduced private spending and reduce unemployment even if this leads to an increase in the national debt.” A1-3. In a supply and demand model of the Canadian corn market, the price and quantity of corn are endogenous variables while government ethanol mandates, the local weather during the growing season, and the extent of wild fires affecting Russian wheat production and therefore world-wide wheat prices, are exogenous variables.

A1-4. Suppose Ontario can produce...
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