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- John is thinking about going to the movies tonight . A ticket costs $ 9 and he will have to cancel his baby - sitting job that pays $ 20 . The total opportunity cost of seeing the movie is O A ) $9 O B ) $29 O C ) Indeterminate O D ) $ 29 minus the benefit of seeing the moviea) Suppose that in the production of computer software, the marginal rate of technical substitution between engineers and marketer is 5 for IBM and 3 for Microsoft. Explain why this outcome violates the condition for efficiency in production and how a voluntary exchange could make both companies better off. b) Ignoring rationing problems and black markets, under rent control (or any price ceiling that produces a shortage) the price paid by consumers equals the marginal cost of producing the good. Does this mean the output level is efficient? Explain. c) What does the contract curve in an Edgeworth production box signify? Why do competitive markets generate equilibriums that lie on the contract curve?Almost all states levy sales taxes on retail products, but about half of them exempt purchases of food. In addition, virtually all services are exempt from state sales taxes. a. The exemption of food from sales taxes is most likely explained by what? A. Attaining social objectives. B. The ability-to-pay principle. OC. The horizontal-equity principle. OD. The benefits-received principle. b. The exemption of services from sales taxes is most likely explained by what? A. The ability-to-pay principle B. Attaining social objectives such as avoiding tax evasion. OC. The benefits-received principle. D. The horizontal-equity principle. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
- Question 6 : If disequilibrium exists in a market : O b ) it must be because the government has intervened in the market , resulting in the market's failure to reach equilibrium . O c ) it will continue unless there is government intervention O d ) there will be opportunities available to people to make themselves better off . Question 7 : Which of the following is an example of marginal analysis ? O a ) A hungry person decides whether to eat one more slice of pizza . O b ) A hungry person writes a check to pay for the pizza rather than using a credit card . O c ) A hungry person orders a pizza rather than eating leftover meatloaf . O d ) A hungry person uses a coupon to save $ 2 on a pizza .Looking at the scope of central planning in the Soviet Union post WW-II, between 1951 and 1960 the number of items for which output targets were set O a. increased from 1,600 items to 12,750 items. O b. increased from 10 items to 525 items. O c. decreased from 25,482 items to 16,351 items. O d. decreased tom 4,592 items to zero items (since central planning was abandoned in the country in 1960).- As the opportunity cost of a good decreases, people buy Select one: a. more of that good and also more of its complements. b. less of that good but more of its complements. c. more of that good but less of its complements. d. less of that good and also less of its complements. - In broad terms what is the difference between microeconomics and macroeconomics? Select one: a. They use different sets of tools and ideas. b. Macroeconomics studies the effects of government regulation and taxes on the price of individual goods and services whereas microeconomics does not. c. Microeconomics studies the effects of government taxes on the national unemployment rate. d. Microeconomics studies decisions of individual people and firms and macroeconomics studies the entire national economy. - What will happen when there is a fall in price? Select one: a. Leads to a higher level of production b. Will cause an outward shift of supply c. Leads to a movement along a demand…
- a. Suppose that the Scarceland economy is currently in recession, so that there is high level of unemployment. the Privs currently have enough government goods, and the Guvs have enough private goods, but each group has less of its own favored goods than it wants. what point is the economy at?--------- is it possible make both groups better off? How? b. A politician seeks support from both Privs and Guvs by promising to implement policies that will lead the economy to produce the amount of private goods favored by the Privis and government goods favored by the Guvs. what point is the Politician promising? Why? What's wrong with this promise? Could it fulfilled now? Could it fulfilled in time? How?Suppose that in response to learning that some sick individuals were denied health insurance, the government mandates that insurance companies offer insurance to everyone at unregulated rates. (a) Would this help reduce the number of uninsured? Explain. (b) An alternative strategy for reducing the number of uninsured might be to mandate that insurance companies charge individuals with health problems no more than individuals without health problems. Would this help reduce the number of uninsured? Explain.2 Which of the following definitions of economics is combining Wealth, Welfare and Problems of Choice? a. Wealth Definition b. Scarcity definition. c. Welfare Definition d. Growth Definition
- 1. In the Traveler’s Dilemma, each of two people chooses a number between 180and 300. Each is paid the lower of the two numbers, but the person who choosesthe higher number must pay an amount x to the person who chose the lowernumber. In one case, x = 5, while in the other case x = 180. What differencewould you expect between choices with the two values of x?a. Higher choices when x = 5.b. Higher choices when x = 180.c. Little or no difference.d. Impossible to predict.2. Consider these statements about communication in experiments.1. Chat communication is usually more effective than written simple signals (A,B, etc.).2. Friendly appeals to mutual interest and payoff dominance are effective.3. Promises often affect beliefs and actions.4. A promise is not worth the paper it is printed on.Which of these are true?a. 1 and 2b. 1 and 3c. 2 and 3d. 1, 2, and 33. A treasure is hidden under one of the four boxes below. A person gets twoguesses to find the treasure. What do you think is the most…Supposed that there is widespread inefficiency in agricultural production in a region, due to low uptake of new information and new farming practices. Now suppose that agricultural extension services provided by the government lead to higher efficiency in production. a) Is this likely to improve overall wellbeing among farmers in the region? Does the answer to this question depend on whether the low efficiency prior to the government intervention is due to low allocative efficiency, low technical efficiency, or both? b) Does your answer to (a) depend on whether raising efficiency is costless for the farmers or not? Illustrate your answer graphically.Suppose Americans decide to save more of theirincomes. If banks lend this extra saving to businessesthat use the funds to build new factories, how mightthis lead to faster growth in productivity? Who doyou suppose benefits from the higher productivity? Issociety getting a free lunch?