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- Opportunity cost is the cost of next best foregone. Explain true or false.Pls help with below homework. What is the main difference between the adaptive and the visionary approach ? Pls give atleast two examples.Economics is concerned with A. All the given answers B. the effects of changes in opurtunity cost on decisions C. the competition that scarcity makes necessary D. the choices people must make because resources are scarce
- Note: The solution should not be hand written. Your elderly grandma tells you: "I haven't been taking my beloved walks because I'm concerned about falling and getting hurt. See, there is always a cost to doing something. But if you don't do anything, then there is no cost." Your grandma does not understand the economic concept of: A) scarcity. B) efficiency. C) opportunity cost. D) marginal analysis.1. Approximately what percentage of the world"s economies experience scarcity? A. 100% b. 75% c. 50% d. 25%describe an important of trade-off you recently faced. Give an example of some action that has both a monetary and nonmonetary opportunity cost.
- match each term with the correct definition ;economics opportunity cost marginal analysis utility a. the next best thing that must be forgone in order to produce one more unit of a given product b. the pleasure happiness or satisfction obtained from consuming a good or service. c the social science concerned with how individuals institutions and society make optimal choices under conditions of scarcity d. making choices based on comparing marginal benefits with marginal costScarcity is a universal problem. Discuss any TWO (2) limited resources thatyou faced as a student.Give the Examples of benefit-cost analyses?
- 2(b)(i) Timothy quits his job, which pays $6000 a year to enroll in a 2-year graduate program. His annual school expenses are $60000 for tuition, $8000 for books and $1400 for food. What is his opportunity cost of attending the graduate program. 2b(ii) What core principles are considered in Timothy’s decision making? Scarcity, choice and opportunity cost Cost-Benefit analysis Incentive principle Diminishing returns Select one: All principles are considered (i) only (i) and (ii) only (i), (ii) and (iii) only (ii) and (iii) only (i) and (iv) only (ii) and (iv) only (iii) and (iv) onlyTrue or False: Economics is the study of production technology consumption decisions how society decides what, how, and for whom to produce the best way to run society. Please dont use chatgpt.Mr. Adam has recently graduated from NSU and is now thinking of starting an MBA in the USA. How can the cost-benefit model help Mr. Adam in his decision? Discuss in detail how the cost-benefit model can be applied in this case.