Economics

HONOR CODE Agreement of terms for participations in

By registering in an online course, you agree to:

· Complete all papers assessments, and other assignments with your own work and only your own work.

· You will not submit the work of any other person.

· You will not post answers to problems that are being used to assess student performance

· You will not copy or share assignments with any web sites.

· When you hand in written work for a grade, it must be your own work and not copied from another student or from a book, magazine, Internet, etc. When you take an online quiz, you may use notes but you may not copy from other students.

· Academic dishonesty will lead to a failing grade for the course and possibly dismissal from school. Therefore, if you don’t understand these rules, please discuss them with me before you hand in written work.

This assignment is Mandatory and worth 50 points.

Each question is worth 5 points.

You will acknowledge any and all external sources used in your work;

Assignment 1.

Define and explain if the below groups are counted in the labor force.

1. Define Unemployed:

Are they counted in the labor force? Yes or No

2. Define Discouraged worker

Are they counted in the labor force? Yes or No

3. Due to Covid 19 the machines used to produce cement are used 4 hours a day instead of 8 hours a day, construction workers are working 3 days a week instead of 5. What is the term we would use to describe how we would label people or resources used but a less than full capacity? We would say they are ________________.

4. Al went to the movies. His driver’s license shows he was born in 1958.

Name the population group to which Al is a member and the years that population was born.

5. Mike his son was born in 1988. Name the population group for Mike and the years that population group was born.

6. What did Adam Smith mean by Laissez Faire?

7. What is the difference between a normal and an inferior good?

8. and 9. What are the 4 returns to the Factors of Production

10. The cost of employer-sponsored health care benefits are expected to approach $15,000 per employee next year. Big employers project that their total cost of providing medical and pharmacy benefits will rise 5 percent for the sixth consecutive year in 2019. The total cost of health care, including premiums and out-of-pocket costs for employees and dependents, is estimated to average $14,800 per employee in 2019, up from $14,099 this year. Large employers will cover roughly 70 percent of those costs, leaving $4,400 on average for employees to pick up in premium contributions and out-of-pocket expenses.

Read the above. For Employers, what is the “OPPORTUNTY COST “of health care? (not the price).

10 Consumer-Directed Health Plans