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1. For each of the following, describe some of the potential opportunity costs:
a. Studying for your economics test
b. Spending 2 hours playing computer games
c. Buying a new car instead of keeping the old one
d. A local community voting to raise property taxes to increase school expenditures and to reduce class size
e. A number of countries working together to build a space station
f. Going to graduate school
2. “As long as all resources are fully employed and every firm in the economy is producing its output using the best available technology, the result will be efficient.”Do you agree or disagree with this statement? Explain your answer.
Explain why the waiter will provide bad service and since you are interested in good service, can you convince the waiter, in a binding/credible manner that you will tip him?
At a management luncheon, two managers were overeat arguing about the following statement "A manager must never hire another worker if new person diminishing returns". Is this statement correct? If so, why? If not, discuss why not?
Which of the following is NOT a condition for price discrimination? Different groups of consumers should be charged differing prices for the same product. The firm's demand curve should be downward sloping.
Assume that you have $165,000 invested in a stock that is returning 11.5%, $85,000 invested in a stock that is returning 22.75%, and $235,000 invested in a stock that is returning 10.25%. What is the expected return of your portfolio?
Comcast and Verizon are considering which services to offer customers in the Nashville region.
According to the textbook, Bill Clinton re-defined welfare by creating the Temporary Assistance for Needy Families (TANF) program. TANF's key feature was its temporary nature. Conclude whether or not welfare assistance has become temporary. Provide e..
1. Suppose the government imposes a tariff on all imports. Use the DD-AA model to an- alyze the effects this measure would have on the economy. Analyze both temporary and permanent tariffs. 2-Suppose there is a permanent fall in private aggregate ..
Discuss actions governments can use to restrict free trade; give at least two specific examples and explain the advantages and disadvantages of government restriction on free trade in each situation.
The opportunity cost of the debt is: The interest payments on the debt. Less of an issue if the economy is below full employment since crowding out is less likely to occur. Not an issue if the debt is financed internally. The decrease in public-secto..
Explain the connections that exist between female labor force participation and divorce. Use your analysis to predict the patterns of divorce and female labor force participation over the next decade.
In the market in which David and Ellen have rent-controlled apartments, Ellen gets an apartment and Charlie does not. In the market with no price controls, the situation is reversed. Charlie gets an apartment and Ellen does not.
Calculate output, marginal cost, average cost, price, and profit at the average cost-minimizing activity level and calculate these values at the profit-maximizing activity level. Explain your answers briefly
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