Principles of Macroeconomics, Student Value Edition Plus MyLab Economics with Pearson eText -- Access Card Package (12th Edition)
12th Edition
ISBN: 9780134421193
Author: Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Question
Chapter 1, Problem 3.5P
To determine
Drawback of statements.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
According to standard economic theory which is true?
a.
Choices people make, including the choice to eat French fries or smoke, should be respected as long as these choices do not affect others.
b.
Taxes on sugary sodas force consumers to make decisions that are privately confusing.
c.
Public intervention is always justified as long as the prevalence of the problem is large
d.
Obesity is a public problem, not a private problem, because it is associated with reduced life expectancy.
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.
a) Trade-offs are important part of economic decision making. You are supposed to Analyze and explain any three trade-offs that you face in your life.
b) You plan to study on weekend and your friends ask you to go to a farm house with them. What do you think is the true cost of spending your weekend on a farmhouse with friends?
c) You plan to spend your weekend working at your father’s superstore for a wage, but your friends ask you go play cricket at the weekend. What do you think is the true cost of spending your weekend playing cricket with friends?
Chapter 1 Solutions
Principles of Macroeconomics, Student Value Edition Plus MyLab Economics with Pearson eText -- Access Card Package (12th Edition)
Knowledge Booster
Similar questions
- Some business and governmental units impose financial penalties on employees who refuse to vaccinate. Others lay off such employees until they are vaccinated, and some fire the unvaccinated. Countries such as Canada will not admit those who are unvaccinated. Set aside issues such as whether you think it is either legal or fair to require vaccinations. Just focus on economics for this example. (a) Is there an economic justification for such actions? (b) Why or why not? (c) What does this have to do with economic externalities?arrow_forwardmatch 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 costarrow_forwardEconomics 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 scarcearrow_forward
- . Your best friend has just purchased a new Sport Utility Vehicle (SUV). “These things are great.” he says. “They can get you to the private unspoiled places no one else can reach. On the road, it’s nice because you sit so high and can see over the other cars.” Your friend thinks everyone should buy an SUV. Is there an error in his reasoning? If so, what is it? (Use economics terms).arrow_forward"What is Economics?" Please respond to the following: 1. Identify a recent purchase that you made, recently, and determine how scarcity influenced your purchase decision. 2. Give an example of how scarcity of a product would have an impact on a microeconomic level. Please explain your rationale.arrow_forwardGambling decisions can be used to show ___ theories of decision making. 1. Normative 2. Creative 3. Choice 4. Appliedarrow_forward
- Using an economic point of view, please describe and explain the following two situations: Describe how you might determine the economically efficient number of exit doors on an airline, or the economically efficient number of safety marshals assigned to an airline flight. In 1938, the FDA was given the authority to require drug manufacturers to test and prove the safety of their product before distribution. What are some opportunity costs of this decision?arrow_forwardIn 2013 the UK government introduced a Help to Buy scheme that was aimed at helping people to get on the property ladder, i.e., buy their first home. The details are complex, but economically, the scheme offered a subsidy to first-time buyers. In 2013 the UK suffered from a relative shortage of housing and, at the same time, had no significant house-building programme. What are the consequences of such Help to Buy scheme under these circumstances? Who benefits most from such a scheme? Buyers, or sellers? Explain in economic terms. The elasticity of demand for the London Underground is estimated to be around -0.3 in the short term (one to two years). In 2018 there were around 1,400 million passenger journeys on the London Underground. Revenue from the London Underground in 2018 was £2,669 million. For 2019, Transport for London would like to increase the average fare by 4%. Explain and answer the following questions: In 2018, what is the average fare for the London Underground?…arrow_forwardDescribe the field of economics known as microeconomics.What is the cost-benefit principle?arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
- Exploring EconomicsEconomicsISBN:9781544336329Author:Robert L. SextonPublisher:SAGE Publications, Inc
- Principles of MicroeconomicsEconomicsISBN:9781305156050Author:N. Gregory MankiwPublisher:Cengage LearningEconomics (MindTap Course List)EconomicsISBN:9781337617383Author:Roger A. ArnoldPublisher:Cengage Learning
Exploring Economics
Economics
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:SAGE Publications, Inc
Principles of Microeconomics
Economics
ISBN:9781305156050
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Economics (MindTap Course List)
Economics
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Cengage Learning