PLEASE ANSWER ALL OF THESE QUESTIONS -------------------------------------------
ID: 1148468 • Letter: P
Question
PLEASE ANSWER ALL OF THESE QUESTIONS
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Economic Cartoons: Questions 1 through 5 pertain to the Economic Cartoon that appears below. Answer the questions in the spaces provided.
1) Who is the lion tamer depicted in the cartoon? What does the lion represent?
2) Inaugurated as President on March 4, Roosevelt immediately faced "the lion." Why does the cartoonist have Roosevelt saying what he says to the "March lion"?
3) What kind of financial crisis did the Roosevelt Administration face in the 1930's?
4) What led to the crisis in the banking system? What were some of the steps that Roosevelt took to end the banking crisis and reform the banking system?
5) Does the cartoonist approve of the way Roosevelt is handling the crisis? How can you tell?
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Economic Cartoons: Questions 1-4 refer to the above Economic Cartoon.
1) What other activity might Calvin have been planning on engaging in when his father asked him to pick up the sticks and branches?
2) What are Calvin's trade-offs for choosing to do the chore?
3) How do the trade-offs for choosing to do the chore change after Calvin demands twenty-five dollars for it?
4) Why do you think Calvin's father says Calvin is a "smart kid"?
-AND YOURE GOING OUT LIKE A LAMB!Explanation / Answer
1.
The other activity that Calving planning was playing with his toys at his bedroom
2.
The trade-off is the opportunity cost of choosing the chore over the play. This is as much as $25 to Cavin.
3.
After Cavin demanded $25 for the chore and her father refuses, the trade-off becomes choosing to do the chore for nothing or doing it for $1.
4.
As a rational economic agent Caving choses $1 for the chore instead of nothing. Hence, he is termed as "smart kid" by his father.
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