TUTORIAL Week 1: What is Economics? Economic Problem – Part 1 1) Scarcity exists because A) human wants exceed the resources available to satisfy them. B) some individuals have low income. C) the costs of production are high. D) some people make bad economic decisions. E) people take too much leisure time. 2) Scarcity A) is the inability to satisfy all our wants. B) leads to higher prices. C) applies only to people living in poverty. D) is not something that affects very rich people. E) used to exist everywhere but has been eliminated in advanced economies. 3) Scarcity requires that we A) produce efficiently. B) learn to limit our wants. C) have the most rapid economic growth possible. D) have unlimited resources. …show more content…
C) marginal cost. D) marginal benefit. E) margin. 21) Huey has eaten two hamburgers and is considering a third. The marginal benefit in his decision is the pleasure from consuming A) the two previous hamburgers. B) all three hamburgers. C) just the third hamburger. D) just the second hamburger. E) the third hamburger minus the pleasure from consuming zero hamburgers. 26) Decision making on the margin involves A) comparing the marginal cost and marginal benefits when making a decision. B) comparing the total cost and the total benefit when making a decision. C) eliminating the additional cost when making a decision. D) determining the total benefits of a decision. E) comparing the benefits from the social interest to the benefits from the person 's self-interest. 32) When Gabriel made a rational choice to spend his entire allowance on candy bars, he did so by comparing the A) benefits of the candy bars to the desires he had for the candy bars. B) marginal benefits of the candy bars to the marginal costs of the candy bars. C) opportunity costs of the candy bars to the scarcity of the candy bars. D) benefits of the candy bars to the scarcity candy bars. E) self-interest to the social interest. 37) An incentive is A) a reward or a penalty that encourages or discourages an action. B) when people make rational choices by comparing costs and benefits. C) what you must give up to get something. D) a choice is made on the margin. E) a good or
Selling candy and sugary soft drinks can reduce problems around the school. For example, things around the school can be fixed by the money that was given for candy and sugary soft drinks. In addition, It reduces sharing with others because everybody would have their own candy
In this podcast Planet Money conducts an experiment to answer the question “Is there a way to make the holiday season both more efficient and more joyful?”. The experiment consisted of children who were in the seventh grade, variation of candy, and questions. The first thing that was done was sharing the candy. The cast of Planet Money went into a classroom and started passing out candy randomly. Some children got newton bars while others might had gotten a three musketeer. Once they got a candy the children didn't seem as ecstatic as someone should be if they received candy, in other words they look at the candy bewilderedly. In this experiment they had ten different kinds of candy some very popular others not so much. Once everyone had a
3. CII. It’s then easy to understand why people want/desire this third form of happiness (C, Modus Ponens).
2. During this portion of the assignment the parent/student will create a healthy meal with snacks using the food pyramid, giving one or more example why it is a healthy choice or not a healthy choice.
“And why do you want to know?” Garrett asked agitatedly. Robbie plucked a generous amount of candy floss from one of Rachel’s cones.
Yet the world each time during his life was doubtful to his new ideas. He’d communicate to the world in an empowering manner to clarify the simplification of Apples products or services. (Willing to be misunderstood)
Clark walked over beneath the tree to think about what he should wish for. Then he had a brilliant idea! If he had $100 he could buy as many pieces of candy as he wanted.
After not allowing humans in his Chocolate Factory for the past decade Willy Wonka, a creative genius of all things chocolate and candy, decided to let five lucky children tour his Chocolate Factory. All the children, excluding Charlie, had to leave the tour early due their greed and disobedience. Being at a Chocolate Factory full of temptation, the person who is quickly adaptable to not fall into the temptations reaps the rewards at the end. All the other children fell prey to their temptation and vices, while Charlie did not succumb to the pressure. At the end, being the only one left, Charlie became the sole winner and inheritor of the Chocolate Factory. This idea follows the theory of Charles Darwin and shows that Charlie will be a great
For the purpose of this paper, I will present a simplified version of this experiment modified for two participants to show the logic behind game theory, which will determine the supposed outcome of the experiment. The basic model serves the general purpose of demonstrating how the most beneficial scenario is to always look out for one’s own interests. In this case, the players have two choices; donate their money, which would take away from their own pleasure, or keep it. Suppose both are male participants. Each is assigned 1 monetary unit (MU) for the one-turn game;
You are four years old and are seated by yourself at the kitchen table. Your mom places one piece of your favorite candy in front of you. She explains that you can eat it right now, but if you wait while she leaves the room to do a quick chore, you can have two pieces of candy when she returns. She leaves the room. What do you do? Do you grab the gooey goody the minute she's out the door? Or do you patiently sit there resisting temptation hoping to double your treat upon her return? Do you know that your our reaction to this situation may very well determine the degree of your success in life? A similar study with children was actually conducted by a psychologist using marshmallows. The study showed that children
Lennie and George’s farm inspired Candy with the dream of joining them on their farm, even willing to put most of his money towards it. As Candy expresses in the novel, “they gave me two hundred and fifty dollars ‘cause I los my hand. An I...I could cook and tend the chickens and hoe the garden some. How’d that be?” (59). To george this was a great opportunity, so quickly George took Candy up on this offer. This shows how Candy had a strong desire to join Lennie and George on their farm. A lot of the men on the farm aren’t very wealthy, so Candy saying he would put three hundred and fifty dollars towards the farm. Although the farm was pleasant dream, it was never fulfilled. George, Lennie, and Candy all had faith that one day they would be men of their very own farm.
Scarcity in Resources Choice = Decision Making = Tradeoff Market/Price Mechanism Exchange = Swap = Transaction = Trading
The government launches a campaign to encourage the population to eat fewer sugary and fatty snacks, and to eat more fruit instead. (5 Marks)
The result was an increase in inventories and severe cutbacks in production at a number of electronics, automobile, and textile manufacturers, as well as at the smaller firms that supplied the parts. Factory automation systems were introduced to reduce dependence on labor, to boost productivity with a much smaller work force, and to improve competitiveness. It was estimated that over two-thirds of South Korea's manufacturers spent over half of the funds available for facility investments on automation.
Aggregate wage measures the overall cost of labor, and the index shows the percentage of change in this value over the period examined in this case, there has been an increase of 4.59% in the aggregate wage. The aggregate for each year is calculated by multiplying the rate by the number of staff for each grade (to weight the wages correctly), then summing the results; the index is simply the current year divided by the base year and multiplied by 100. The average rate measures the costs of labor in the amount-per-unit of labor rather than as an overall or total measure, in this case showing a 2.47% increase over the period in question. Average rates for each year are calculated by taking the same sum of rate times number of staff for each grade and dividing by total number of staff; the index is current year/base year * 100.