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Chapter 2: Q 2.4 (page 27)
Explain why the economy faces a trade-off between consumption goods and capital goods.
Because the opportunity cost of making a consumer good will lead to a loss in the making of capital goods and viceversa.
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Evaluate why everyone, whether poor or affluent, faces the problem of scarcity.
Why might a person pay a firm at a mall to prepare her tax forms while she shops instead of allocating the same amount of time to finding a qualifying Free-File tax-preparation service?
Senator Borman interjects the following comment after the statements by Senators Creighton and Long reported in Problems 2-10 and 2-11: 鈥淚n fact, both of my esteemed colleagues are wrong, because an unacceptably large portion of our nation鈥檚 resources is currently unemployed.鈥� Of the labeled points on the diagram, which one is consistent with Senator Borman鈥檚 position?
Like physical capital, human capital produced in the present can be applied to the production of future goods and services. Consider the table in Problem 2-13, and suppose that the nation鈥檚 residents are trying to choose between combination C and combination F. Other things being equal, will the future production possibilities curve for this nation be located farther outward if the nation chooses combination F instead of combination C? Explain.
Could the U.S. Navy expand its production of both ships and weapons after switching from missiles to rail-gun weapons? Explain your reasoning.
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