the question is for globe class

please to understand the question , and this is the questions

Writing HW 1- Solution

  1. What was your opportunity cost of attending college? (2 pts) Possible answer) You would have some income from a full time job. That income you gave up would be your opportunity cost of being a college student now.
  2. As the baby boom generation (born between 1946 and 1964) ages, which of the following is a likely outcome? (1 pt)
    a) A movement to the right in the demand for nursing home beds
    b) A movement to the left in the supply for nursing home beds c) A movement to the right in the supply of nursing home beds d) A movement to the left in the demand of nursing home beds This is an example of an increase in population
  3. Suppose you have been given money by your friends and sent to get beverages for a party. Think about your demand for those beverages to explain why the concept of the “real balance effect” will mean your demand is downward sloping. (4 pts) Let’s assume that you cannot find any acceptable substitute in the store. Given the money from your friends, you buy less with a higher price of beverage you originally wanted. With a lower price, you buy more. That is why a demand curve is downward sloping.

For the questions #4 and #5, we will do in the class.

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