1.) Write a short essay explaining the four primary groups of production. Include in your explanation an example of each group as well as what we call the payment each group receives.
2.) (a) What do economists mean by the acronym TANSTAAFL.
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(b) How would this concept apply to the policy of giving everyone “free” college tuition? Use the concepts of efficiency and equity to support your explanation.
3.) (a) Suppose you earn a $10,000 cash bonus at your job. You use all of the money to purchase a car. Explain how both the cash and the automobile would flow through the Circular Flow diagram. Be sure to include both the product and factor markets as well as households and firms in your description.
(b) Draw a circular flow diagram and place it in the Drop Box to support your explanation.
[You may draw your diagram by hand and take a photo with your phone. E-mail the photo to yourself and download the photo or save to Google Drive. You will then be able to upload it to the Drop Box.]
4.) On the production possibilities curve (PPC), there are points that are not attainable (N), efficient, and inefficient (I).
(a) Briefly explain where an economy would prefer to be on the PPC.
(b) Can the economy operate at point N? Explain why or why not.
(c) Can the economy operate at point I? Explain why or why not.
There is plenty of information in your course materials for you to focus on. There is no need to do outside research.
You can choose how you disperse this among the questions. More words do not necessarily mean better answers, so make sure you are focused on the content and having complete answers. You should not have any problem meeting the word count requirement if you do this.
Please separate the question and answer into one document. Do Not combine this together into a essay.
There is four 4 question so will need 4 answers. Each each is 300 words. This will be a total of 1200 words for the 4 questions.
Use the reading material as a reference only. No other references but the one I gave you.