AB 224 Unit 1 Assignment Template 0914

Unit 1 Assignment Template:

Name: –

Course Number:–

Section Number:–

Unit Number:– 1

Date:–

———————————- General Instructions for all Assignments———————————–

1. Unless specified differently by your course instructor, save this assignment template to your computer with the following file naming format:

Course number_section number_LAST_FIRST_ unit number

2. At the top of the template, insert the appropriate information: Your Name, Course Number, Section Number and Date

3. Insert your answers below, or in the appropriate space provided for in the question. Your answers should follow the APA format with citations to your sources and, at the bottom of your last page, a list of references. Your answers should also be in Standard English with correct spelling, punctuation, grammar, and style (double spaced, in Times New Roman, 12-point, black font). Respond to questions in a thorough manner, providing specific examples of concepts, topics, definitions, and other elements asked for in the questions.

4. Provide a list of references at the end of the last page of your assignment.

5. Upload the completed assignment to the appropriate dropbox.

6. Any questions about the assignment, or format questions, should be directed to your course instructor.

——————————————- Career Competencies —————————————–

In this assignment, you will engage in developing the following career competencies:

Analyzing Quantitative Data

Analyzing Qualitative Data

Improving Global Awareness

——————————————- Assignment ——————————————-

1. Liza needs to buy a textbook for the next economics class. The price at the college bookstore is $65. One online site offers it for $55 and another site, for $57. All prices include sales tax. The accompanying table indicates the typical shipping and handling charges for the textbook ordered online.

a. What is the opportunity cost of buying online instead of at the bookstore? Note that if you buy the book online, you must wait to get it.

b. Show all of the relevant choices for this student. What determines which of these options the student will choose?

2. In August 2007, a sharp downturn in the U.S. housing market reduced the income of many who worked in the home construction industry. A Wall Street Journal news article reported that Wal-Mart’s wire-transfer business was likely to suffer because many construction workers are Hispanics who regularly send part of their wages back to relatives in their home countries via Wal-Mart.

a. Which of the principles of economy-wide interaction best describes this situation?

b. Using this principle, describe the chain of links that best explains how reduced spending for U.S. home purchases is likely to affect the performance of the Mexican economy.

3. During the Great Depression, food was left to rot in the fields or fields that had once been actively cultivated were left fallow.

a. Which of the principles of economy-wide interaction best describes this situation?

b. Using this principle, describe the chain of links that best explains how the Great Depression caused food to rot in fields and other fields to lay fallow.

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References: