Answered: 1.Give an example of some actionthat…

1.Give an example of some actionthat has both a monetary and non monetary opportunity? 2.describe an incentive your parents offered to you in an effort to influence your behavior

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter1: Ten Principles Of Economics

Section: Chapter Questions

Problem 4PA

See similar textbooks

Related questions

Q: Shannon has decided to spend less time on social media because she needs to improve her grades. What…

A: In economics, an opportunity cost represents the potential benefits a consumer, individual or…

Q: In some countries the government makes most of the decisions about what will be produced, how it…

A: We have limited resources, but unlimited wants. Everyone wants more house, more water, more…

Q: 1. In Islamic Economics, what are contribution the law of inherintence? 2. In Islamic Economics, how…

A: Islamic inheritance is a science of distribution of deceased person's property in accordance with…

Q: Discuss how the concepts in microeconomics can be applied to real-world situations and increase your…

A: Microeconomics is the study of economics at a level where the individuals or the organizations make…

Q: What are the four complementary social institutions required in economic coordination?Why are they…

A: Meaning of Co-ordination: Co-ordination is the act of organizing, making different people or…

Q: (1) The opportunity cost of an activity is the lowest valued alternative forgone as the result of…

A: Opportunity cost refers to the monetary costs of lost options.

Q: what are the examples of every college student in their decision (could range from small matters to…

A: College students consist of those populations whose main objective is to learn and improve skills…

Q: Discuss the difference between economic value and social value or the shared value creation…

A: Social value are often described as a measurement of the relative importance and it depends on the…

Q: How do people make decisions, according to economic assumptions? a. They allow others to make…

A: "Economics is the study of use of scarce resources." The scarce resources include land, labor,…

Q: What does the law of increasing opportunity cost state?

A: Law of Increasing opportunity cost staes that when the production of a particular product is…

Q: On what are the Economic decisions based?

A: Economic decisions are the decisions made by the economic agents to pursue a goal and achieve a…

Q: Your former neighbor gave you his lawnmowerwhen he moved. You are thinking of using this giftto mow…

A: Opportunity costs represent the foregone value of the highest valued alternatives of goods and…

Q: What is the difference between association and causation? Explain it with example. Give an example…

A: Among two or more than two variables, there can be a relation of association or causation. These two…

Q: How do you evaluate your opportunity cost in terms of the alternative decisions that you have to…

A: Oportunity cost is the following best elective which we have renounced because of purpose of present…

Q: Timothy receive $100 on his birthday. He wants to buy either a new skate board or a new mp3 player…

A: In a market, action and decision of the market participants belongs to some of the core economic…

Q: Explain what non-economic (or non-market or non-capitalist) values are involved in your example and…

A: Economic pursuit is a person who acts in nature to improve the quality of life and increase work…

Q: From Opportunity cost point of view. Although attending college is expensive, time-consuming, and…

A: Opportunity cost is defined as the benefits an individual, business, or investor forgoes when he/she…

Q: LeBron James is making an ethical decision. He wants to make sure he is fair and impartial to all…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Wendy Be Help ell me what you want to do ー t ▼ 스▼tt ▼ TNorm allTNo Spac Heading 1 Heading 2 Title…

A: Opportunity cost refers to the next best alternative that you give up for something. If we analyze…

Q: Mr. Adam has recently graduated from NSU and is now thinking of starting an MBA in the USA. How can…

A: Companies employ a cost-benefit analysis to identify which decisions to make and which to avoid. The…

Q: You win $100 in a basketball pool. You have a choice between spending the money now or putting it…

A: The opportunity cost refers to the amount or value that one has to give up in order to choose…

Q: 1. Explain the link between scarcity, choice and opportunity cost? 2. How can we demonstrate an…

A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: What are some economic opportunities and challenges for an ageing population?

A: Meaning of Ageing Population and Economic Opportunity: Ageing Population refers that as large…

Q: Give the Examples of benefit-cost analyses?

A: Benefit-cost analysis is a process used by the business to analyze the decisions and to choose the…

Q: 3 Ways in which human decisions making differs from the rational individual

Q: 1. Explain 4 ways in which human decisions making differs from the rational individual conventional…

A: The behavioural economics is the subfield of economics that integrates the insight of psychology…

Q: 10.Before starring in Iron Man, Robert Downey Jr. had appeared in 45 movies that grossed an average…

A: 10. a) Robert Downey Jr. was partly responsible for Iron Man's popularity, he now requires a higher…

Q: Lately, a lot of people are buying iPhone 12. Which trend is it in entrepreneurial scope? Select…

A: Technology encompasses all techniques, skills, methods, and procedures employed in the manufacture…

Q: Give two examples of opportunity one can face today

A: Opportunity cost is the cost of next alternative forgone while making decision, i.e. it is the loss…

Q: Incentives and opportunity costs. Why do we do the things we do, and how do opportunity costs show…

A: The concept of scarcity is used to explain the existence of opportunity cost in economics. In the…

Q: Incentives matter. Which of the below situations that find DOES NOT indicate a strong positive…

A: Incentives can be defined as anything that motivates a person to do something.

Q: How are the WHAT, HOW, FOR WHOM questions answered in a command economy? How are the WHAT, HOW, FOR…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: When do we use Opportunity-Cost Approach?

A: The opportunity - cost approach helps to determine the second best alternative available or an…

Q: 1. A rational decision maker does which of the following? A. Takes an action only if the combined…

A: We will answer the first question only. Please resubmit the other question separately in case you…

Q: describe an important trade-off that you recently faced and give an example of some action that has…

A: Trade-off refers to the situation where some amount of goods should be given up in order to gain…

Q: What is the opportunity cost of attending college ?What happens in terms of opportunity cost as one…

A: In terms of the opportunity cost, as one gets more educated such as earning a graduate degree or the…

Q: True/False A change in opportunity costs would probably change a persons behavior

A: # Opportunity cost is referred to be as the cost of the next best alternative foregone. The concept…

Q: A) In which system are the 3 basic economic questions answered by custom and habit? B)Which system…

A: There are three main sorts of economies: free market, command, and mixed. Individuals and businesses…

Q: 1.1) Describe a significant trade-off that you recently faced and give an example of some action…

A: Opportunity cost is gradually known to be as the overall potential loss from a certain amount of the…

Q: Suppose you get $1,000 as a birthday gift. You can spend it today or you can put the money in a…

A: The opportunity cost of spending the money can be calculated as follows: When the $1,000 gift amount…

Q: How does personal gain affect choices by individuals and government? Resources are finite. What…

A: Scarcity refers to the difference between limited resources and theoretically limitless needs, which…

Question

1.Give an example of some actionthat has both a monetary and non monetary opportunity?

2.describe an incentive your parents offered to you in an effort to influence your behavior

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

G, 1 michael has spent 100 000 of his personal savings to start up the business. he could have earned a 15 percent return from his savings. what is the opportunity cost for the business?
16. Explain positive and normative statement with examples for each?
1.What does it mean "the opportunity of one action"? could you discuss with examples how the opportunity cost it important for people live ?
1. Explain 4 ways in which human decisions making differs from the rational individual conventional economic theory
1. In some countries the government makes most of the decisions about what will be produced, how it will be produced, and for whom. Does the fact that these choices are made by the government eliminate scarcity in these countries? Why or why not? 2. Should an economic model describe reality exactly?
Suppose you get $1,000 as a birthday gift. You can spend it today or you can put the money in a bank for a year and earn 2 percent interest. What is your opportunity cost of spending the money today?
What are the human behaviors economists should observe when creating economic models? Example: people tend to find solutions that are good enough, but not the best solutions..
Give two examples of opportunity one can face today
3. “A wider commitment to enforce "Buy American" laws”, would it count as positive economics or normative economics? Explain.
Your group won $100 from a Tiktok dance challenge. You have a choice between spending the money now and putting it away for a year in a bank account that pays 5 percent interest. What is the opportunity cost of spending the $100 now? (support your answer with computations and discussion)
From the ten principles of economics, explain how a person can understand a recent event in a more in-depth manner. For example, by using our understanding of incentives and tradeoffs to understand why famous retail brands are not doing well.
a. According to economic theory, society makes an important tradeoff between scarcity, choice and opportunity costs. Carefully discuss this tradeoff with relevance to health economics. b. A reputable doctor quits his job, which pays $77,000 a year, to open a non-governmental organization (NGO) to serve the needs of orphans. His annual expenses for the NGO amounts to $62,700 for food and daily supplies $9,400 for maintenance, and $1,800 for books. i. What is his opportunity cost of opening the NGO? (Show working) ii. What core economic principles are considered in the doctor’s decision making?