Individuals make trade-offs to a. determine economic values b. cooperate with others c. minimize costs d. allocate limited resources e. reduce risk
Q: positive or normative.
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Q: Discuss three examples of important trade-offs that you face in your life.
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- Explain the individual’s economizing problem and how trade-offs, opportunity costs, and attainable combinations can be illustrated with budget lines.Incentives and opportunity costs. Why do we do the things we do, and how do opportunity costs show that we have to make sacrificesParents offer to buy their son a new videogame if the kid gets an A in all his classes. Which economic principle are the parents trying to apply? Group of answer choices People respond to incentives Trade can make everyone better off The real cost of something is what you give up to get it People face trade-offs
- Give three examples of important trade-offs that you fqcevin your lifegive three examples of important tradeoffs that you face in your lifeSelect the correct answer. Which form of relativism states that people rely on their own standards of right and wrong when making a decision? A. naïve relativism B. role relativism C. social relativism D. cultural relativism E. habitual relativism
- describe an important trade-off that you recently faced and give an example of some action that has either monetary or non monetary opportunity costWhich of the following makes economics an art? a. Practical use b. Value judgment c. Objectivity of statements d. Capability of measurementMaisa decided to spend money on a book instead of going for a movie. She understood that if she purchases the book, she does not have the money to watch the movie . Here the cost of sacrifice is related to ______. a. opportunity cost b. profit maximization c. scarcity d. All of these
- Incentives matter. Which of the below situations that find DOES NOT indicate a strong positive alignment of incentives with higher output and creativity? Bill Gates dropped out of Harvard to found Microsoft, which made him one of the richest men on the planet and launched the computer revolution in the process - making all of us better off too. When we are paid on commission we work harder. "From each according to his abilities, to each according to his needs."Rob decided to drive to school rather than take the school bus. What was the opportunity cost of Rob’s decision?Your opportunity cost of going to a movie isa. the price of the ticket.b. the price of the ticket plus the cost of any sodaand popcorn you buy at the theater.c. the total cash expenditure needed to go to themovie plus the value of your time.d. zero, as long as you enjoy the movie and considerit a worthwhile use of time and money