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
determinants of money supply

You win a lottery. You have the choice of two ways to be paid. If you pick Payout Scheme X, you get $2,750 today. If you pick Payout Scheme Y, you get three payments: $1,000 today,

The LM curve with inflation  We know that LM curve will shift upwards when P increases (presuming MS is constant). This is still true though we can also add that LM curve glid

In The No-Trade Equilibrium Stormlands: WageL = 24 WageW = ? MPLL = 4 MPLW = ? PL = ? PW = 4 Reach: Wage*L = ? Wage*W = 6 MPL*L = ? MPL*W = 1 P*L = 3 P*W = ? (a) Which

What is the meaning of Capital - Gross domestic product By capital we characteristically mean manufactured goods which are used to produce other goods and services though are

TRADE AND DEVELOPMENT: In the earlier Units of this block, you have learnt about the trade policy from historical perspective and the recent shift in policy during nineties. Y

Table below shows the descriptive statistics which have been condensed from the data sheet for the period 1987 Q4 to 2011 Q3.   GDP (%) Real Exchan

Recently, a bank was trying to decide what fee to charge for "expedited payments" - payments that the bank would transmit extra-speedily to enable customers to avoid late fees on c

A design-build-operate engineering company burrowed $6 million for 3 years so that in can purchase new equipment. The interest is compounded and the total amount owed will be paid

Q1. A company selling widgets advertises through three types of media: print, television and internet. Recently the company has decided to increase its advertising budget by $100,0