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Question- Give an example of how the Principle of Opportunity Cost applies to your life. Think of a recent decision you made. It could be a decision as simple as whether to eat out or cook your own dinner, or it could be a decision to quit your job and go back to school. What alternatives did you consider? How did you arrive at your final decision?
Did you implicitly weigh marginal cost and marginal benefit? How does the concept of opportunity cost apply to production possibilities curve (PPC) analysis? How can we use PPC analysis to examine what we do? If I give you a free ticket to the Opera House downtown, would you necessarily go? How can you use the concept of opportunity cost to explain?
1. under what conditions does a nominal tariff applied to an import product overstate or understate the actual or
Discuss the three main factors that determine aggregate money demand. Illustrate, with examples, how changes in these factors alter aggregate money demand.
Assume that the input price increases from $2 to $3 with no accompanying change in productivity. What is the new per-unit cost of production. In what direction would the $1 increase in input price push the economy's aggregate supply curve.
The Law of Demand states that the demand for a product is inversely related to the price of such product. Therefore, the demand for a product is considered downward sloping. This implies that quantity demanded increases when price decreases. Is this ..
Calculate the total money creation in the economy with the help of formula and how the banks create money with the help of given information.
Many automotive dealerships, such as BMW, sell low mileage late model used cars, with warranties on defects and repairs that offer more coverage for longer periods of time than the warranties on their brand new cars. Explain the rationale for this..
Toby can produce 5 gallons of apple cider or 2.5 ounces of feta cheese per hour. Kyle can produce 3 gallons of apple cider of 1.5 ounces of feta cheese per hour. Can Toby and Kyle benefit from specialization and trade? Explain.
A major limitation of nonrandom samples is that they are not appropriate for most statistical methods. Critically review this statement with suitable examples and supportive references.
Why do virtually all societies create something to function as money and how did the combination of increased holding of excess reserves by banks and currency by the public lead to bank failures in the 1930s?
Proponents of free market systems argue that free enterprise leads to more efficient production and better response to changing consumer preferences. Others point to the fact that markets are not perfect.
Many would consider the US Postal Service a publically good. Is this assumption valid.
The dating service's owner said that the difference in price compensated for inequities in pay scales between men and women. Which of the following statements below is an alternative explanation that an economist would look for.
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