Econ Micro (book Only)
6th Edition
ISBN: 9781337408066
Author: William A. McEachern
Publisher: Cengage Learning
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Chapter 1, Problem 6P
(Role of Theory) What good is economic theory if it can't predict the behavior of a specific individual?
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- 14. Question 14 options: An entity formed between two or more parties to undertake economic activity together is known as --------------arrow_forward17- There is freedom of choice for the consumers in United States of America. Identify which type of economic system this country has. a. Command economy b. None of these c. Capitalist economy d. Mixed economyarrow_forwardINTR.17 Suppose that you have graduated from college. If you had not gone to college, you would have worked and earned about $30,000 per year. Which of the following is the best way to think of the $30,000 per year? a Sunk cost. b Opportunity cost. c It was an opportunity cost, but is now a sunk cost. d It was a sunk cost, but now is an opportunity cost.arrow_forward
- 67. What are the four factors of production? Thanksarrow_forward14 Can you help me solve this question? Thanks.arrow_forward1. Jaynet spends $30,000 per year on painting supplies and storage space. She recently received a job offer from a famous marketing firm for $110,000. However, she turned the job offer down to continue a painting career. If Jaynet sells 25 paintings per year at a price of $8,000 each:What is the minimum amount that she would need to be offered to quit her painting career?arrow_forward
- 11-The selling price of a product in Oman is higher than the price in Dubai although both products are having the same nature. Customers are buying the product from Dubai due to the price differences. What will be the effect of the customers buying the products from Dubai? (1) Due to this, appreciation in the value AED (United Arab Emirates Dirham) relative to OMR, (2) Due to this, depreciate in the value AED (United Arab Emirates Dirham) relative to OMR, (3) Product sold in Oman market will decrease and the retail price will go down, (4) Product sold in Oman market will decrease and the retail price will go up, (5) The demand for the product and prices will increase in Dubai a. (2) and (3) only b. (1), (2), (3), (4) and (5) c. (1) and (2) only d. (1), (3) and (5) onlyarrow_forwardQuestion- A firm is considering an investment that will earn a 6% rate of return. If it were to borrow the money, it would have to pay 8% interest on the loan, but it currently has the cash, so it will not need to borrow. Should the firm make the investment?arrow_forward31-Some countries developed ICT community centers for people throughout the country. Such program enables the country to reduce the digital divide. Select one : O False truearrow_forward
- Description Background information: A worker in the United States and a worker in China can each produce 1,000 pairs of jeans per week. A worker in the United States can produce 50 cell phones in a week, and a worker in China can produce 100 cell phones in a week. Answer the following questions based on this information. Part A: If each country attempted to produce both jeans and cell phones, how many jeans and cell phones could each country produce? What would be the total number of jeans and cell phones produced by the two countries combined? Show your work.in detail Part B: Calculate the opportunity cost of producing jeans for each country. Show your work in detail Part C: Calculate the opportunity cost of producing cell phones for each country. Show your work in detail Part D: Determine how many jeans should be produced by each nation. Show your work in detail. Part E: If each nation should specialize in producing jeans and cell phones, explain why; use economic terminology in your…arrow_forward14. Please answer question. Show work clearly.arrow_forwardPQ 19 The "debt service ratio" for a country is the ration of the country's ______ to _____ a. total external debt / fross domestic product b. annual interest payment on external debt / exports of services c. annual interest payments on external debt and scdeuled annual external debt repayments / export earnings d. annual interest payment on external debt /exports of earningsarrow_forward
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