Question

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01. Why is the study of economics an important part of social science? Give an example from the real world Q2. If the real wage rate (adjusted for inflation) declines for the jobs for high school graduates, would the true opportunity cost of attending college or spening or higher education decline? Give an example. Q3. How do you measure the efficiency of resource allocation? Give an example from a real-world application of measuring the efficiency of resource allocation. Q4. Use the table below to measure the opportunity cost of two jobs performed by two different workers in a factory, and then answer the following questions: 4a. Which of the two workers has the lowest opportunity cost in doing Job1? 4b. Which of the workers has the comparative advantage in doing Job1? WorkersJob1: Hrs to finishJob2: Hrs to finish Opportunity cost Worker 1 Worker 2 4 16

Answer 1

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Answer 1)

Social Science is defined as any subject that deals with human behaviour. The different aspects of social science , like Political Science, Psychology, Ethics.

Economics is a major part of social science because it deals with an important aspect of human behaviour, how men deal with problems of scarcity of resources, how people allocate resources among themselves.

Real world example: how the resources are allocated to maximize the welfare of the individuals in the society.

Question 2)

question 4).

Social Science is defined as any subject that deals with human behaviour. The different aspects of social science, like Political Science, Psychology, Ethics. Economics is a major part of social science because it deals with an important aspect of human behaviour, how men deal with problems of scarcity of resources, how people allocate resources among themselves. Real world example: how the resources are allocated to maximize the welfare of the individuals in the society. Real wage rate downarrow for Jobs for high school Graduates, Thus if someone doesn�t attend college after Graduation (High school), then his wage falls, thus opportunity cost of attending college falls, (In terms of Reduced earnings of working after High school, rather attending college.) True. Now if worker 1 performs Job 1, 3 hrs needed to finish a Job If not perform Job 1, then do Job 2, Thus cost of doing Job 1 is to Give up Job 2