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
The original data values cannot be determined once they are grouped into a frequency distribution channel?

If a supply curve goes through the point P = $10 and Qs = 320, then a. $10 is the highest price that will induce firms to supply 320 units b. $10 is the lowest price that wil

Which of the following would indicate the beginnings of an expansion of the economy? a. Fewer new firms are started. b. Stock market prices decline c. Consumer confidence improves

What are the 4 scarce, factors of production and what is a description of each of them. What are the costs to these resources?

explain any two factors that cause the shifts in the balance of payments curve.

Trade and Economic Growth: For a long time, academic debate on trade liberalization and its positive effects on growth rate remained inconclusive and unsettled. But most recen

Ok... So if the price level is rising, this means that inflation is rising as well, so the value of the dollar in the US would decrease meaning that purchasing power decreases as

Discretionary fiscal policy will stabilize the economy most when: A.) deficits are incurred during recessions and surpluses during inflations B.) the budget is balanced each year C

Use the points on the graph below to answer the following questions. i)   What is Ep along D1 (from A to B)? ii)  What is the Ep along D2 (from X to Y)? iii) What are

An effort to reduce energy costs, a major university has installed more efficient lights as well as automatic sensors that turn the lights off when no movement is present in a room