ENG 101 - One man draws the wire, another straightens
Question # 00505480
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Updated on: 03/29/2017 04:38 AM Due on: 03/29/2017
Answer each question in a short essay format (no more than two paragraphs):
Question 1: “One man draws the wire, another straightens it, a third cuts it, a fourth points it, a fifth
grinds it at the top for receiving the head, to make the head requires two or three distinct operations, to
put it on is a peculiar business, to whiten it is another, it is even a trade by itself to put them into the
paper.”
This quote –from Adam Smith’s Wealth of Nations - illustrates what TWO economic principles? Why are
these principles important to the economy?
grinds it at the top for receiving the head, to make the head requires two or three distinct operations, to
put it on is a peculiar business, to whiten it is another, it is even a trade by itself to put them into the
paper.”
This quote –from Adam Smith’s Wealth of Nations - illustrates what TWO economic principles? Why are
these principles important to the economy?
Question 2: Over the last several years the Demand for used and reconditioned cell phones has
increased about 150% (that is – the Demand curve has shifted right). Which determinant (also called a
Factor) of demand would be responsible for this increase and WHAT is causing the change in this
determinant?
increased about 150% (that is – the Demand curve has shifted right). Which determinant (also called a
Factor) of demand would be responsible for this increase and WHAT is causing the change in this
determinant?
Question 3: One of the five Factors of Production (resources) in Economics is Human Capital – that is –
YOU! To improve your Human Capital, you, and your families, are investing significant time, money,
sweat, blood (paper cuts – ha!) in your education. Does this investment pay off for you? Why? AND,
what does Society gain from this investment in the improvement of Human Capital? Why?
YOU! To improve your Human Capital, you, and your families, are investing significant time, money,
sweat, blood (paper cuts – ha!) in your education. Does this investment pay off for you? Why? AND,
what does Society gain from this investment in the improvement of Human Capital? Why?
Question 4: What are the defining characteristics of a Public Good? Give an example of a Public Good
and how those characteristics apply to your example?
and how those characteristics apply to your example?
Question 5: What is the effect on both Supply and Demand of a Price Floor in the Labor Market? Give
examples?
examples?
Question 6: Because of Scarcity – insufficient resources – we must always make trade-off choices that
have an Opportunity Cost. In your choice to attend college; your Opportunity Cost to attend is greater
than the Monetary Cost of college? Why and give examples?
have an Opportunity Cost. In your choice to attend college; your Opportunity Cost to attend is greater
than the Monetary Cost of college? Why and give examples?
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Solution: ENG 101 - One man draws the wire, another straightens