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ECON 1000 Section C (Micro Fall 2012) Due insure: 15 October, 4:00 pm Assignment # 1 Chapters 1 to 7 go bad A -- manifold Choice50 attach (2 tag for individually question) post B -- Short resolves50 label (10 tag for each question except for question 5 which is worth 15 marks; 5 marks bonus) Total100 marks Part A: Multiple Choice (25 questions, 2 marks each) Answer on attached answer sheet (last page) 1.Mike has fag $500 purchasing and repairing an old fishing boat, which he expects to disperse for $800 once the repairs are complete. He discovers that he needs an surplus repair, which will cost $400, in order to complete the repairs. He can carry the boat as it is now for $300. What should he do? |a. |He should cut his losses and take the $300. | |b. |He should never carry something for less than it cost. | |c. |He should complete the repairs and sell the boat. | |d. |It doesnt matter which action he takes; the outcome is the same whatsoever way.

| 2.Suppose an economy produces two goods, nutriment and machines. This economy eternally operates on its production possibilities frontier. Last twelvemonth, it produced 60 units of victuals and 40 machines. This year it experienced a scientific give in ! its machine-making industry. As a result, this year the society wants to produce 65 units of food and 40 machines. Which of the following statements is true? |a. |Because the technological advance occurred in the machine-making industry, it will not be possible to affix food | | |production without reducing machine production under 40. | |b. |Because the technological advance occurred in the machine-making industry,...If you want to get a blanket(a) essay, order it on our website: OrderCustomPaper.com

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