Macroeconomics
13th Edition
ISBN: 9781337617444
Author: Roger A. Arnold
Publisher: Cengage
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Chapter 1, Problem 2QP
To determine
Examples for tangible, intangible, and bad goods.
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What examples do you have of goods or services that are both consumer goods and resources depending upon the context in which those goods are used?
Which of the following best demonstrates the influence of economic factors on consumer decision-making?
a.
A consumer buys a Lexus after her neighbors and garden club pals each buy one.
b.
A married couple with three young children purchase a minivan.
c.
A blue collar worker holds off on buying a new truck, pending potential layoffs at work.
d.
A young professional buys a utility vehicle for off-road exploring.
what is the difference between a positive statement and a normative statement?
Chapter 1 Solutions
Macroeconomics
Ch. 1.2 - Prob. 1STCh. 1.2 - Prob. 2STCh. 1.2 - Prob. 3STCh. 1.3 - Prob. 1STCh. 1.3 - Prob. 2STCh. 1.3 - Prob. 3STCh. 1.4 - Prob. 1STCh. 1.4 - Prob. 2STCh. 1.4 - Prob. 3STCh. 1.4 - Prob. 4ST
Ch. 1 - Prob. 1QPCh. 1 - Prob. 2QPCh. 1 - Prob. 3QPCh. 1 - Prob. 4QPCh. 1 - Prob. 5QPCh. 1 - Prob. 6QPCh. 1 - Prob. 7QPCh. 1 - Prob. 8QPCh. 1 - Prob. 9QPCh. 1 - Prob. 10QPCh. 1 - Prob. 11QPCh. 1 - Prob. 12QPCh. 1 - Prob. 13QPCh. 1 - Prob. 14QPCh. 1 - Prob. 15QPCh. 1 - Prob. 16QPCh. 1 - Prob. 17QPCh. 1 - Prob. 18QPCh. 1 - Prob. 19QPCh. 1 - Prob. 20QPCh. 1 - Prob. 21QPCh. 1 - Prob. 22QPCh. 1 - Prob. 23QPCh. 1 - Prob. 24QPCh. 1 - Prob. 25QPCh. 1 - Prob. 26QPCh. 1 - Prob. 1WNGCh. 1 - Prob. 2WNGCh. 1 - Prob. 3WNG
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Similar questions
- Suppose you won $15 on a lotto ticket at the local 7-Eleven and decided to spend all the winnings on candy bars and bags of peanuts. Candy bars cost $0.75 each while bags of peanuts cost $1.50 each. a. Construct a table showing the alternative combinations of the two products that are available. b. Plot the data in your table as a budget line in a graph. What is the slope of the budget line? What is the opportunity cost of one more candy bar? Of one more bag of peanuts? Do these opportunity costs rise, fall, or remain constant as additional units are purchased? c. Does the budget line tell you which of the available combinations of candy bars and bags of peanuts to buy? d. Suppose that you had won $30 on your ticket, not $15. Show the $30 budget line in your diagram. Has the number of available combinations increased or decreased?arrow_forwardGive me three examples of a normal good, luxury good and inferior good and tell me why ?arrow_forwardDescribe the three major tasks of economics. Number one is description number two is evaluation and number three is explanatoryarrow_forward
- someone can enjoy the benefits of the good without bearing the costs.arrow_forwardA). List the Ten Principles of Economics (just the titles). Group them in three categories: (i). How people make decisions, (ii). How people interact, and (iii). How the economy as a whole works. B). Define opportunity cost. Be precise with the words used. C). Draw a Circular Flow diagram.arrow_forwardExplain why economists consider costs and benefits, instead of only benefits.arrow_forward
- Tim Geithner, a former U. S. Treasury Secretary, has said, "The recession that began in late 2007 was extraordinary severe. But the actions we took at its height to stimulate the economy helped arrest the free fall, preventing an even deeper collapse and putting the economy on the road to recovery." Which two of the three principles of economy-wide interaction are at work in this statement?arrow_forwardName any two types of consumption goods with examplesarrow_forwardKatie loves swimming. Every afternoon, she visits the local swimming pool for a swim. The entry cost to the pool costs Katie $10 but she can swim for as long as she wants. Once she has entered the pool and paid the fee, Katie wonders how many hours should she spend swimming if she were to think like an economist. She expects to gain an incremental benefit of $21 from the first hour of swimming, then gains subsequent incremental benefits of $17 from the second, $11 from the third and $4 from the fourth. For every hour spent swimming, it will cost Katie $6 as she could have spent the time doing her homework. In determining how many hours Katie should be swimming, the $10 entry fee to the pool is a/an Type A for Average cost, M for Marginal cost, S for Sunk cost or O for Opportunity cost. Using marginal analysis, what is the optimal amount of hours Katie should spend swimming? The maximum surplus for Katie, from spending the number of hours you found in part b, is $ Answer to the nearest…arrow_forward
- George Bernard Shaw stated, "Economy is the art of making the most of life." Which of the following is the most accurate paraphrase of this quotation? Select one: а. Economy is about making enough relaxation time. b. Economy is about earning enough money. С. Economy is about making the best choices. d. Economy is about living for today.arrow_forwardTim Geithner, a former V. S. Treasury Secretary, has said, "The recession that began in late 2007 was extraordinary severe. But the actions we took at its height to stimulate the economy helped arrest the free fall. preventing an even deeper collapse and putting the economy on the road to recovery." Which two of the three principles of economy-wide interaction are at work in this statement?arrow_forwardExplain what consumer welfare in economics meansarrow_forward
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