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You are trying to decide whether to take a vacation. Most of the costs of the vacation (airfare, hotel, and foregone wages) are gauged in dollars, but the benefits of the vacation are psychological.
How can you compare the benefits to the costs?
1. Decide the benefits of what you give up by going on the vacation and compare them to the benefits of going on vacation.
2. Compare the airfare and hotel costs of the vacation against the foregone wages.
3. Get a degree in psychology.
Suppose that technophiles are willing to pay $400 now for the latest iPhone, but only $300 if they have to wait a year. Normal people are willing to pay $250, and their desire to purchase does not vary with time. Ignore the time value of money a..
Identify the differences and similarities of each budget and what accounts for the major sources of revenue for each and how are the revenue amounts expected to change in the future?
The concepts of supply and demand to life situations.
Suppose Jonah and Carlos have a contract, which Carlos chooses to breach. Jonah sues, and a court orders Carlos to pay him the amount he expected to gain at the time they made the contract, net of any amount he actually did receive after the breac..
Evaluate the Clean Air Act and determine if it has been effective from an economic standpoint. Explain your reasoning. Based on your evaluation of the Clean Air Act and additional efforts to address pollution, make policy recommendations that woul..
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The primary gain from international trade is increased employment in the domestic-export sector. more goods than would be attainable through domestic production alone. tariff revenue. increased employment in the domestic-import sector.
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