Eva finds that there is not enough time after work to have dinner, exercise, and watch TV, and she must make choices about how to use her limited time. For instance, if she chooses to exercise, she would need to give up watching TV. This example best illustrates which of the following four key ideas in Economics? Select one: a. the invisible hand principle b. gains from trade c. opportunity cost d. net marginal benefit

Q: Production Possibilities Frontier         Points   Number of Bagels   Number of Shirts…

A: Opportunity Cost means when an individual chooses one alternative then he must be losing something…

Q: combinations and then draw a line to connect them. Explain where you operate on your PPF and why.…

A: The production possibility frontier (PPF) is a curve which in turn illustrates the variations in the…

Q: Why can’t we accomplish all of our economics goals?

A: Economics is a branch of social science that deals with the allocation of resources among all the…

Q: You have just woken up and are deciding whether to sleep for one more hour or not. If you don’t go…

A: Oppurtunity cost is defined as the cost incurred by any individual when benefits associated with the…

Q: Which of the following are three key components of the economic problem? a. scarcity; choice; giving…

A: The economics as a study is based upon the basic idea of scarcity, where the resources which are…

Q: Debra can make either 12 cakes or 16 cookies in 4 hours. Sam can make either 6 cakes or 12 cookies…

A: Debra can make either 12 cakes or 16 cookies in 4 hours 12 cakes = 16 cookies 1 cake = 16/12 cookies…

Q: What does the Powerbar model tell us about how creativity fits into a market economy?

A: Ans-    Market power model means a broader market which existing rebranding bar.  It is constant…

Q: The idea of _________ in economics is that we have unlimited wants but limited resources. (A)…

A: Answer: The right answer for the above mentioned statement is option : "B" Scarcity

Q: Maisa decided to spend money on a book instead of going for a movie. She understood that if she…

A: Before we discuss the solution to the above problem, let us first understand the concept of…

Q: You have just woken up and are deciding whether to sleep for one more hour or not. If you don't go…

A: Opportunity cost refers to the value of next best alternative use of given resources.

Q: What is an Opportunity Cost in economics? Answer by giving an example.

A: Opportunity costs are the cost that represents the potential advantages an individual, investor, or…

Q: Imagine a society that produces military goods and consumer goods, which we will call "guns" and…

A: Production possibility frontier shows all possible points of production of two goods for the…

Q: Draw a production possibilities frontier for guns and butter. Using the concept of opportunity cost,…

A: Since you have asked multiple sub-parts, first three sub-parts would be answered. If you want the…

Q: Which of the following questions does economics NOT investigate? a. How do individuals deal with…

A: Economics is the social science that study the individual and economic agent behavior in the…

Q: As the manager at a local florist, you supervise two employees, Anita and Jerome. There are two…

A: since you have asked multiple questions and according to policy we can solve only 1 question and for…

Q: Draw and explain a production possibilities frontier for an economy that produces cheese and milk.…

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

Q: A popular bakery has only a few ingredients left to make their products. They could bake muffins or…

A: Meaning of Microeconomics: The term macroeconomics refers to that situation under which the economic…

Q: raw and explain a production possibilities frontier for an economy that produces cheese and milk.…

A: Production possibility frontier refers to the maximum possible combination of output of goods or…

Q: Debra can make either 12 cakes or 16 cookies in 4 hours. Sam can make either 6 cakes or 12 cookies…

A: Opportunity cost is the sacrifice of the second unit to produce one more unit of the first good. The…

Q: Sam has two options this weekend. He could work at his job and earn $9/ hour for three hours, or he…

A: Next best alternative cost is the opportunity cost. If Sam is going to theatre, he would spend $30…

Q: The production possibilities curve illustrates the notion of opportunity cost because A. as more of…

A: Meaning of Opportunity Cost: The term opportunity cost refers to the situation under which the…

Q: What is an opportunity cost? Give an example from class or make up your own

A: Economics studies how scarce resources are allocated in a manner that most of the human needs are…

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: Give an Example how a change in opportunity cost can effect behavior.

A: The opportunity cost refers to the cost of the next best alternative foregone while making a…

Q: What’s the difference between trade off and opportunity costs

A: As we know that human wants are limited but means to satisfy these wants are limited. A person has…

Q: Dina is training for a triathlon, a timed race that combines swimming, biking, and running. Consider…

A: In the above example, Dina needs to trade-off between swimming and work. If she works, she gets $9…

Q: What is “Opportunity Cost”? You win $1000 in a basketball pool. You have a choice between spending…

A: Opportunity cost is the value of anything when a new course of action is selected. Simply put to get…

Q: he first principle of economics discussed in Chapter 1 is that people face trade-offs. Use a…

A: Production Possibility Frontier is basically a curve that shows the various combination of two items…

Q: Karl chooses to walk to work instead of taking the metro.     A. The opportunity cost of walking to…

A: Opportunity cost is the foregone benefit of the alternative preferred.

Q: The first principle of economics is that people face trade-offs. Use a production possibilities…

A: As individuals have unlimited wants and desires and resources available to satisfy those wants and…

Q: Suppose that the church offers free tuition to Inanda Seminary High School students with a "B"…

A: The production means inputs are used in such a manner that the output is produced. The output is the…

Q: For each of the following, indicate how you might apply the four core principles of economics (the…

A: Here, given statements are related to principles of economics according to their influence on market…

Q: Graph the PPF, assuming that it has no curved segments.

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

Q: One of the famous Utopian Socialists, Robert Owen, disagreed with Adam Smith that self-interest…

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

Q: Economists use economic models to replicate real life situations for economic policy. Production…

A: Production possibilities frontier is a curve which represents all possible combinations of two…

Q: 1. Explain the following concepts: a. Scarcity b. Choice c. Opportunity cost d. Resources 2. State…

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

Q: Suppose you are a farmer with 20 hectares of land on which you could grow either wheat or barley.…

A: Production possibility Frontier or PPF shows the different combinations of two goods produced.

Q: What is a trade off? How does economics decide on what must be produced? What is an opportunity…

A: Answer: What is a trade-off? Trade-off: trade-off refers to the situation where one choice or good…

Q: The following is a rank ordering of how Allie would prefer to spend her time this evening: (1) Study…

A: Economics is a social science that discusses human behavior regarding their unlimited wants in terms…

Q: Discuss how race, citizenship, and gender intersect with economics and those intersections affect…

A: In communism and communist type of government, there is complete control and rule of government over…

Q: Marie has a weekly budget of $24, which she likes to spend on magazines and pies. What is Marie’s…

A: A budget constraint is faced by an individual and represents the different possible combinations of…

Q: Maria can read 20 pages of economics in an hour. She can also read 50 pages of sociology in an hour.…

A: Opportunity cost is nothing but the cost of the next best alternative or the amount sacrificed to…