Exploring Economics
8th Edition
ISBN: 9781544336329
Author: Robert L. Sexton
Publisher: SAGE Publications, Inc
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Question
Chapter 3, Problem 3P
To determine
The direct relationship between job opportunities and demand for appliances.
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USA Today noted that the destruction caused by three 2004 hurricanes, combined with the already high real-estate prices, were making people reconsider retiring to Florida. The cost of homeownership was increasing partly because past hurricanes had roughly doubled insurance premiums statewide. Construction costs could rise due to stricter building codes. Some people, however, did not expect the influx of retirees to change because the baby boom generation was approaching retirement age and Florida had long attracted many retirees. Which of the following factors is tending to move the demand curve for Florida housing to the right?
a.The aging of the baby boomers, increasing the number of people who are retiring.
b.The increase in the cost of insurance.
c.The already high real-estate prices.
d.The current high construction costs.
Determine whether each of the following would increase or decrease the opportunity costs for mothers who decide not to work outside the home. Explain your answers.
Higher levels of education for women
Higher unemployment rates for women
Higher average pay levels for women
Lower demand for labor in industries that traditionally employ women
Many households supplement their food budget by cultivating small vegetable gardens. Explain how each of the following might influence this kind of household production:
Both husband and wife are professionals who earn high salaries.
The household is located in a city rather than in a rural area.
The household is located in a region where there is a high sales tax on food.
The household is located in a region that has a high property tax rate.
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?
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- Spending four years in college in order to improve your employment opportunities and obtain a higher income in the future is the most comparable to producing relatively more capital goods and relatively fewer consumer goods. Explain why.arrow_forwardThe Principle of Diminishing Marginal Returns means what? the more a good is consumed, the lower the average benefit from consumption. the more of a good that is produced, the greater the benefit of the last good to the supplier. the less of a good that is produced, the greater the average productivity of inputs. The more of a good that is produced, the lower the productivity of the last input to production. the more of a good that is produced, the greater the marginal productivity of the last input.arrow_forwardIn terms of spending, once it is recognized that resources are limited, there is the macro decision regarding how much the state should be spending on healthcare in total. Then there is the micro question of where and how this money should be spent, and this issue essentially concerns factor substitution and opportunity cost. A number of trade-offs are relevant here, and some examples are discussed in the following paragraphs. Beds versus equipment. Treatments are much more capital-intensive than they used to be in past decades, owing to improved technology. This has the effect of reducing hospital-stay times, and 60 per cent of patients are now in and out of hospital in less than a day compared with weeks or months previously. This can reduce the need for beds compared with equipment. Drugs versus hospitals. Health authorities may be under pressure to provide expensive drugs, for example beta interferon for the treatment of multiple sclerosis. This forces unpleasant choices. Morgan,…arrow_forward
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