Homework
For this homework, write a narrative essay (minimum of 1200 words) which addresses the questions and statements below. When finished, the essay should demonstrate a thorough understanding of the READ and ATTEND sections.
I. Define the term "scarcity". Explain how scarcity applies even in a "rich" country like the United States.
II. Contrast positive economics and normative economics? Give an example of each.
III. The person who smokes cigarettes cannot possibly be think- ing in terms of costs and benefits because it has been proven that cigarette smoking increases one's chances of getting lung cancer. Evaluate the part of the statement that reads "the person who smokes cigarettes cannot possibly be thinking in terms of costs and benefits"?
IV. Describe how each of the following would affect the U.S. PPF:
i. a war takes place on U.S. soil,
ii. the discovery of a new oil field,
iii. a decrease in the unemployment rate, and
iv. a law that requires individuals to enter lines of work for which they are not suited.
V. Explain the condition that gives a PPF a bowed outward (concave downward) shape. Identify an example of this law.
Format your homework according to the following formatting requirements:
i) The answer should be typed, using Times New Roman font (size 12), double spaced, with one-inch margins on all sides.
ii) The response also includes a cover page containing the title of the homework, the student's name, the course title, and the date. The cover page is not included in the required page length.
iii) Also include a reference page. The Citations and references must follow APA format. The reference page is not included in the required page length.