Find out the opportunity cost of corn, Macroeconomics

Outline briefly

a.      How people make decisions?

b.      How they interact?

c.       How economy as a whole works?

1.  Give three examples of important trade offs, that you face in your daily life.

2.  What is the role of incentives in your life? Give two examples.

3.  How inflation and unemployment are related in short run?

4.  What is the opportunity cost of seeing a movie?

5.  Draw a circular flow diagram and show how households and firms interact with each other.

6.  Draw a production possibility frontier for an economy that produces corn and rice. What happens to this frontier if a new fertilizer is developed that doubles the amount of corn that can be produced on each acre of land?

7.  Find out the opportunity cost of corn in terms of rice in both cases.

8.  Classify the following topics as relating to microeconomics or macroeconomics.

a.  Your decision about how many hours to study.

b.  The effect of government spending on the national unemployment rate.

c.   A workers choice among a set of two jobs.

d.  The relationship between education and economic growth.

e.  The optimal choice of output for a firm producing electric heaters.

Posted Date: 3/20/2013 4:03:05 AM | Location : United States







Related Discussions:- Find out the opportunity cost of corn, Assignment Help, Ask Question on Find out the opportunity cost of corn, Get Answer, Expert's Help, Find out the opportunity cost of corn Discussions

Write discussion on Find out the opportunity cost of corn
Your posts are moderated
Related Questions
Estimate the cost of expanding a planned new clinic by 20,000ft^2. The appropriate capacity exponent is 0.66, and the budget estimate for 200,000ft^2 was $15 million.

Suppose a company is considering two independent projects, Project A and Project B.  The cash outlay for Project A is $14,000. The cash outlay for Project B is $20,000. The company

Illustrate the UK macroeconomic performance UK macroeconomic performance must be judged on economy's long-term ability to produce growth, create jobs and improve living standa

Imagine a firm with the same cost structure but in each of the four market structures: Competitive, Monopolistically Competitive, Oligopoly, and a Monopoly. Using the concepts of c

In 1 to 2 sentences respond to the following comment. "Pollution restrictions will reduce gross domestic product and therefore hurt the economy."

Quantity Equation-Has this theory worked? Why or why not?

Read "How Did Economists Get It So Wrong" by Paul Krugman and second, the blog "History of Economics Playground", by Pedro Duarte, Tiago Mata, Clement Levallois, Yann Grd...etc., t

Tariff Reform: India's customs tariff rates have been declining since 1991. The "peak"  rate came down from 150 percent in 1991-92 to  40 percent  in 1997-98. The downward mom

What are the difference between explicit cost and implicit cost? Both are concerns to Opportunity Cost and Decisions: An explicit cost is a cost which involves essentially

equilibrium in money market and derivation of lm curve