Exploring Macroeconomics
8th Edition
ISBN: 9781544363332
Author: Robert L. Sexton
Publisher: Sage Publications
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Question
Chapter 2, Problem 3P
To determine
The two conducts such that car and truck led to new wants.
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Something that is perceived as a luxury rather than a need is something that brings pleasure. Worldwide, the majority of people view food, shelter, and water as requirements. Undoubtedly, indoor plumbing and electricity would be included on the list by many Americans. As opposed to being a luxury, internet connection is increasingly considered as a need. But is it actually essential for surviving? What then happens to those who don't utilize or have access to the internet? Could the expansion of e-commerce be impacted by how people view Internet connection as a need or a luxury?
You are a frequent flier in general and for your company in particular. Your company pays for your business travel but how does the current regulation of the airlines affect the airlines tickets you purchase for your excursion/vacation which comes out of your own pocket for you and your family?
Suppose you are in charge of snow removal in your community and you are trying to figure out if you should clear snow on a street. You survey the 20 people that live on that street who say they they each value having snow cleared on their street at $50 per year. The snow removal only costs $600 per year so you hire a snow plow and clear the snow that winter. When you ask for donations to pay for the snow removal you only receive $80. What does this result show?
a
The people on that street were free-riders.
b
The snow removal suffered from the Tragedy of the Commons problems.
c
The snow removal cost must have been greater than their economic benefit.
d
You must have overestimated the value of a fireworks show.
Please suggest me right answer with explanation
Chapter 2 Solutions
Exploring Macroeconomics
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