Microeconomics (MindTap Course List)
10th Edition
ISBN: 9781285859484
Author: William Boyes, Michael Melvin
Publisher: Cengage Learning
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Question
Chapter 2, Problem 14E
To determine
(a)
The time spend by Chris on making the shirt, if he makes a shirt himself.
To determine
(b)
The number of hours of work that will be required by Chris to earn the money to buy the shirt.
To determine
(c)
The term that denotes the three hours that Chris saved by working at his job and trading his money for a shirt instead of making it himself.
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Jeremy has $30 in his pocket. He would like to take his friend to a movie. The movie would cost $20 for both him and his friend. Jeremy would also like to get a new shirt. The shirt would cost him $25. If Jeremy decides to buy the shirt, what would be his opportunity cost?
$25
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$20
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Suppose that Canada produces only lumber and fish. It has 18 million workers, each of whom can cut 10 feet of lumber or catch 20 fish daily.
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plase solve all 8 quetions
1. Economics can be defined as the study of how people choose to allocate __________ to satisfy their _____________________.
A. Unlimited wants, scarce resources.
B. Needs, wants.
C. Scarce resources, unlimited wants.
D. Wants, needs.
2. ________________ refers to initiative, talent and organisational ability to incorporate and co-ordinate the different factors for profitable and efficient production.
A. Capital.
B. Entrepreneurship.
C. Labour.
D. Land.
4. An economic system where tradition and customs determine what, how and for whom to produce is called the ________________________ system.
A. Free market.
B. Traditional.
C. Mixed.
D. Command.
6. Which one of the following is not a macroeconomic goal?
A. Control inflation.
B. Achieve unemployment.
C. Promote economic growth.
D. Avoid balance of payment difficulties.
7. An economy experiences inflation when __________________________.
A. The investments are rising.
B. The population is rising.
C. The general…
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Microeconomics (MindTap Course List)
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