efficiency of resource allocation

They are short Question. You need to answer each Question very shortly. You dont need to…

They are short Question. You need to answer each Question very shortly. You dont need to answer long. Thanks

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

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