Chapter 1. What Economics is About 8. Appendix A: Pre-Class 8. In-Class Activities Packet Nametl.D. Number : Section: Date: Part 3 Discussion Questions& Problems on Chapter 1 (#1 -6) 1. The United States is considered a rich country because Americans can choose from an abundance of goods and services. How can there be scarcity in a land of abundance? 2. Give two examples for each of the following: (a) an intangible good. ' 8. (b) a tangible good. . 8. (c) a bad. . 8. 3. Give an example of something that is a good for one person and a bad for another person. 4. What is the difference between the resource labor and the resource entrepreneurship? 5. Explain the relationship between changes in opportunity costs and changes in behavior. 6. Explain the statement, "Scarcity implies choice and choice implies opportunity cost". Discussion Questions 8. Problems on AppendixA {#7- 10} 7. What type of relationship would you expect between the following: Say \"Directly\". "I nversely" or \"Independent\" if they are not related at all: (a) sales of hot dogs and sales of hot dog buns: b) the price of winter coats and sales of winter coats: c) the price of personal computers and the production of personal computers: sales of toothbrushes and sales of cat food : ( ( (d) (8) number of children in a family and the number of toys in a family: 8. What is the special characteristic of a 45-degree line? 9. What is the slope of a 45-degree line? 10. When is a pie chart better than a bar chart for illustrating data? ['3