Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
1. Differentiate trade-off from
2. If the government is to redistribute income from wealthy to poor to achieve equality, the size of the economic pie will certainly shrink. Please elucidate the statement with an example.
3. Is attending college rational? Why?
4. Describe an incentive your parents offered to you in an effort to influence your behavior.
5. Give an ideal example of a positive (consumption) externality which leads to a market failure.
6. Differentiate equality from equity.
7. Which one is better? Equality or Equity? Give an example in which the government has done such a thing.
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