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ECON 100 Principles of EconomicsName: LaTonya Cooper January 31, 2011 Due: February 14, 2011 Your assignment is to do Exercises 1-8 on p. 14 of the textbook. Type your name at the slide by right of this paper. Type your answers after each problem. Answer as concisely as you can while still getting your point across. Save this document, with your answers, on your computer. Rename it, if you like, to something that makes sense to you. indeed upload it to Moodle in the slot for Homework 1. 1. Explain why each of the following is or is not an economic good. [12 points] a. Steaks b. Houses c. Cars d. drivel e. T-shirts (D) Garbage is not a good source of an economic goods. P S D 0 Q 2. It is well documented in scientific research that sens is harmful to our health.

Smokers have higher incidences of coronary disease, cancer, and other blasting illnesses. Knowing this, about 30 percent of young race begin smoking and about 25 percent of the U.S. creation smokes. Are the sight who choose to smoke unreasonable? What do you think of the argument that we should ban smoking in golf club to protect these people from themselves? [12 points] The banning of smoking would be irrational however, it would still be a terrible things to do. 3. Use economics to explain why diamonds atomic number 18 more expensive than water supply, when water is necessary for survival and diamonds are not. [12 points] 3. I think that diamonds are scarcer more than, water. 4. Use economics to explain why people leave tips in the following two cases: (a) at a restaurant they visit often; (b) at a restaurant they visit only once. [12 points] A) It would be the benefit of leaving a tip; (good service in the... If you want to get a full essay, order it on our website: Ordercustompaper.com

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