Economy - 1064 Words

Unit 2 Assignment Sonda Vaszlavik Kaplan University Online Prof. P. Tovbin August 12, 2013 Unit 2 Assignment Questions: 1. A representative of the American clothing industry recently made the following statement: â€Å"Workers in Asia often work in sweatshop conditions earning only pennies an hour. American workers are more productive and as a result earn higher wages. In order to preserve the dignity of the American workplace, the government should enact legislation banning imports of low-wage Asian clothing.† Answer the following: a. Which parts of this quote are positive statements? Which parts are normative statements? The parts of the quote that are positive statements: Workers in Asia often work in sweatshop†¦show more content†¦Asian taxes would rise to offset the lost revenue of monies from the factories that have shut down. 3. Atlantis is a small, isolated island in the South Atlantic. The inhabitants grow potatoes and catch fresh fish. The accompanying table shows the maximum annual output combinations of potatoes and fish that can be produced. Obviously, given their limited resources and available technology, as they use more of their resources for potato production, there are fewer resources available for catching fish. Maximum annual output options Quantity of potatoes Quantity of fish (pounds) (pounds) A 1,000 0 B 800 300 C 600 500 D 400 600 E 200 650 F 0 675 a. Examine the Maximum annual output options table above and the resulting Production Possibility Frontier Graph below and answer parts b - f. Production Possibility Frontier Graph b. Can Atlantis produce 500 pounds of fish and 800 pounds of potatoes? Explain. No. Atlantis cannot produce 500 pounds of fish and 800 pounds of potatoes because technology and resource constraint, we can only do it if we are allowed to change our resources. c. What is the opportunity cost of increasing the annual output of potatoes from 600 to 800 pounds? The opportunity cost of increasing the annual output of potatoes from 600 to 800 pounds isShow MoreRelatedU.s. Economy s Economy1330 Words   |  6 PagesU.S. ECONOMY U.S. ECONOMY CRISIS Sheryle Leonard Colorado Christian University 2 U.S. ECONOMY Abstract The state of the U.S. economy has an impact on every American. There has been economic depression in this country since the collapse of the housing market in 2007, that has seen widespread unemployment and home foreclosure combined with conservative consumer spending. Research conducted through financial new websites, government reports and survey provided information on where the economy standsRead MoreCanada s Economy And The Economy1026 Words   |  5 PagesCanada’s economy is currently growing and statistics show the economy is expected to continue to grow in the following years. In addition, consumer spending has increased and the housing market conditions have improved. 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