Economics: Principles, Problems, & Policies (McGraw-Hill Series in Economics) - Standalone book
20th Edition
ISBN: 9780078021756
Author: McConnell, Campbell R.; Brue, Stanley L.; Flynn Dr., Sean Masaki
Publisher: McGraw-Hill Education
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Chapter 1, Problem 4RQ
To determine
The opportunity cost of buying a stapler.
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Suppose you have two job offers and are considering the trade-offs between them. Job A pays$45,000 per year and includes health insurance andtwo weeks of paid vacation. Job B pays $30,000 peryear and includes four weeks of paid vacation butno health insurance. [LO 1.2]a. List the benefits of Job A and the benefits ofJob B.b. List the opportunity cost of Job A and theopportunity cost of Job B
You rent a car for $29.95. The first 150 miles are free, but each mile thereafter costs 15 cents. You plan to drive it 200 miles. What is the marginal cost of driving the car? (LO1-2)
Suppose you currently earn $30,000 a year. You are considering a job that will increase your lifetime earnings by $300,000 but that requires an MBA. The job will mean also attending business school for two years at an annual cost of $25,000. You already have a bachelor’s degree, for which you spent $80,000 in tuition and books. Which of the above information is relevant to your decision on whether to take the job? (LO1-2)
From the list below, select the characteristics thatdescribe a good economic model. [LO 1.6]a. Includes every detail of a given situation.b. Predicts that A causes B.c. Makes approximately accurate assumptions.d. Fits the real world perfectly.e. Predicts things that are usually true.
Chapter 1 Solutions
Economics: Principles, Problems, & Policies (McGraw-Hill Series in Economics) - Standalone book
Ch. 1.2 - Prob. 1QQCh. 1.2 - Prob. 2QQCh. 1.2 - Prob. 3QQCh. 1.2 - Prob. 4QQCh. 1.A - Prob. 1ADQCh. 1.A - Prob. 2ADQCh. 1.A - Prob. 3ADQCh. 1.A - Prob. 1ARQCh. 1.A - Prob. 2ARQCh. 1.A - Prob. 1AP
Ch. 1.A - Prob. 2APCh. 1.A - Prob. 3APCh. 1.A - Prob. 4APCh. 1.A - Prob. 5APCh. 1.A - Prob. 6APCh. 1.A - Prob. 7APCh. 1.A - Prob. 8APCh. 1 - Prob. 1DQCh. 1 - Prob. 2DQCh. 1 - Prob. 3DQCh. 1 - Prob. 4DQCh. 1 - Prob. 5DQCh. 1 - Prob. 6DQCh. 1 - Prob. 7DQCh. 1 - Prob. 8DQCh. 1 - Prob. 9DQCh. 1 - Prob. 10DQCh. 1 - Prob. 11DQCh. 1 - Prob. 1RQCh. 1 - Prob. 2RQCh. 1 - Prob. 3RQCh. 1 - Prob. 4RQCh. 1 - Prob. 5RQCh. 1 - Prob. 6RQCh. 1 - Prob. 7RQCh. 1 - Prob. 1PCh. 1 - Prob. 2PCh. 1 - Prob. 3PCh. 1 - Prob. 4PCh. 1 - Prob. 5PCh. 1 - Prob. 6PCh. 1 - Prob. 7PCh. 1 - Prob. 8P
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- Each statement below is part of an economicmodel. Indicate whether the statement is a prediction of cause and effect or an assumption. [LO 1.6]a. People behave rationally.b. If the price of a good falls, people will consume more of that good.arrow_forwardAssume China has 10,000 workers. Suppose that each Chinese worker produces either 30 pairs of boots or 10 software per month. Suppose that half of Chinese workers produce boots and half produce programs. What quantities of boots and software does China produce? Are these production combinations efficient? Select one: O a. China produces 50,000 pairs of boots and 150,000 software per month. These production combinations are efficient O b. China produces 150,000 pairs of boots and 50,000 software per month. These production combinations are efficient. O c. China produces 50,000 pairs of boots and 150,000 software per month. These production combinations are not efficient. O d. China produces 150,000 pairs of boots and 50,000 software per month. These production combinations are not efficient.arrow_forwardYour friend Sam has been asked to prepare appetizers for the university reception. She has anunlimited amount of ingredients and 6 hours inwhich to prepare them. Sam can make 300 minisandwiches or 150 servings of melon slices toppedwith smoked salmon and a dab of sauce per hour.[LO 2.1]a. What is Sam’s opportunity cost of makingone mini-sandwich?b. What is Sam’s opportunity cost of baking onemelon appetizer?c. Suppose the reception has been postponed,and Sam has an extra 4 hours to prepare.What is the opportunity cost of making onemini-sandwich now?d. Suppose the reception has been postponed,and Sam has an extra 4 hours to prepare.What is the opportunity cost of making onemelon appetizer now?e. Suppose Sam’s friend Chris helpsby preparing the melon slices, increasingSam’s productivity to 300 mini-sandwichesor 300 melon appetizers per hour. What isthe opportunity cost of making one minisandwich now?f. Suppose Sam’s friend Chris helps by preparing the melon slices, increasing…arrow_forward
- 12. Suppose that, on the basis of a nation’s production possibilities curve, an economy must sacrifice 10,000 pizzas domestically to get the 1 additional industrial robot it desires but that it can get the robot from another country in exchange for 9000 pizzas. Relate this information to the following statement: “Through international specialization and trade, a nation can reduce its opportunity cost of obtaining goods and thus ‘move outside its production possibilities curve.arrow_forwardJohn 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 moviearrow_forwardThink about how and why goods and resourcesare scarce. Goods and resources can be scarcefor reasons that are inherent to their nature at alltimes, temporary or seasonal, or that are artificially created. Separate the goods listed below into two groups; indicate which (if any) are artificiallyscarce (AS), and which (if any) are inherentlyscarce (IS). [LO 1.1]a. air of any qualityb. landc. patented goodsd. original Picasso paintingsarrow_forward
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