Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN: 9781305971509
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Chapter 1.1, Problem 1QQ
To determine
Real life trade-off situation.
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An important trade-off you’re recently faced
Describe an incentive your parents offered to you in an effort to influence your behavior.
a) Describe an important trade-off you recently faced.
b) Define opportunity cost and give an example of some action that has both a monetary and nonmonetary opportunity cost.
c) Describe an incentive your parents offered to you in an effort to influence your behavior.
describe an important of trade-off you recently faced. Give an example of some action that has both a monetary and nonmonetary opportunity cost.
Chapter 1 Solutions
Principles of Macroeconomics (MindTap Course List)
Ch. 1.1 - Prob. 1QQCh. 1.2 - Prob. 2QQCh. 1.3 - Prob. 3QQCh. 1 - Prob. 1CQQCh. 1 - Prob. 2CQQCh. 1 - Prob. 3CQQCh. 1 - Prob. 4CQQCh. 1 - Prob. 5CQQCh. 1 - Prob. 6CQQCh. 1 - Prob. 1QR
Ch. 1 - Prob. 2QRCh. 1 - Prob. 3QRCh. 1 - Prob. 4QRCh. 1 - Prob. 5QRCh. 1 - Prob. 6QRCh. 1 - Prob. 7QRCh. 1 - Prob. 8QRCh. 1 - Prob. 9QRCh. 1 - Prob. 10QRCh. 1 - Prob. 1PACh. 1 - Prob. 2PACh. 1 - Prob. 3PACh. 1 - Prob. 4PACh. 1 - Prob. 5PACh. 1 - Prob. 6PACh. 1 - Prob. 7PACh. 1 - Prob. 8PACh. 1 - Prob. 9PACh. 1 - Prob. 10PACh. 1 - Prob. 11PA
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- give three examples of important tradeoffs that you face in your lifearrow_forwardGive three examples of important trade-offs that youface in your lifearrow_forwarddescribe an important trade-off that you recently faced and give an example of some action that has either monetary or non monetary opportunity costarrow_forward
- Purposeful behavior means that: people are selfish in their decision-making. people weigh costs and benefits to make decisions. people are immune from emotions affecting their decisions. decision-makers do not make mistakes when weighing costs and benefits.arrow_forwardIf behavior is governed by rational self interest why do people make charitable contributions of time and moneyarrow_forwardexamples of personal decisions (could range from small matters to big life-changing decisions) in which you think you have applied some economic way of thinking.arrow_forward
- Give two examples of opportunity one can face todayarrow_forwardDescribe two decision-making traps identified in Chapter 11 of your text that affected important choices you have made in your lifearrow_forwardTrue/False A change in opportunity costs would probably change a persons behaviorarrow_forward
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