EBK ECONOMICS: PRINCIPLES AND POLICY
13th Edition
ISBN: 9780100605930
Author: Blinder
Publisher: YUZU
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Chapter 3, Problem 5DQ
To determine
The
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The United States is one of the world's wealthiest countries. Think of a recent case in which the decisions of the U.S. government were severely constrained by scarcity. Describe the trade-offs that were involved. What were the opportunity costs of the decisions that were actually made?
describe an important trade-off that you recently faced and give an example of some action that has either monetary or non monetary opportunity cost
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EBK ECONOMICS: PRINCIPLES AND POLICY
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- Economics affects nearly everything we do in some way. Someone else has produced most items we consume, or use, in our daily lives, from food to clothes to music to gas for our cars. Chances are, when we purchase these daily items, we don't question the price with the producer. But in the United States, the interactions between the consumers and producers determine quite a lot in terms of business and economics. Think about the items and services that you and your family buy or consume. What causes you to pay the prices that you do for these goods and services? What determines the price that's on the price tag? What goes into determining, or setting, that price? Consider all the possible elements that could influence the prices you pay.arrow_forwardtrue or false Economic models must mirror reality or they are of no value. When economists make normative statements, they are more likely to be acting as scientists. If a country's worker can produce 5 hamburgers per hour and 10 bags of fries per hour, then absent trade with other countries,the price for 1 bag of fries is 2 hamburgers. If trade benefits one country, it's trading partner must be worse off due to the price of trade. If an advanced country has an absolute advantage in the production of everything(relative to certain less developed countries), the advanced country will benefit if it eliminates trade with less developed countries and becomes self sufficient.arrow_forwardThree economic questions must be determined in all societies. What are they? What goods will be produced? How will goods be produced? For whom will goods be produced? What is the opportunity cost of production? Does the society have a comparative advantage in production? Will consumers desire the goods being produced? What will the price of each good be? Who will produce each good? Who will consume each good? How much will be produced? When will it be produced? How much will it cost?arrow_forward
- Examine the different economic systems in a country, using examples.arrow_forwardThe core of most economics debates comes back to the three core questions that we are trying to answer (what to produce, how to produce and for whom to produce). Do you favor a laissez faire approach or government intervention? Why? How does the government approach impact economic growth in the long run?arrow_forwardReading Comprehension : Read the text and answer the questions below. Producers and consumers Once people could only trade what they could produce with their hands or find in nature for things that other people had made. Then money became a medium of exchange and economic systems were created. Today, developments in industry and technology have enabled vast quantities of goods to be manufactured, transported, and traded, and a range of services like insurance, banking and retail have also appeared. In the digital age, services such as online shopping have made selling goods even easier and trade is now more global than ever. Have these transformations made our lives better? The most obvious benefits of trade relate to consumer choice. There are so many goods and services to choose from that shopping has now become a leisure activity for many people. The internet has also allowed shoppers to compare prices and choose the best deal. However, there are winners and losers; not all…arrow_forward
- Suppose there are only two people in the world. Each person’s production possibilities frontier also represents his or her consumption possibilities when neither person faces trade-offs. the frontiers are straight lines. the frontiers are bowed out. they choose not to trade with one another.arrow_forwardReading Comprehension : Read the text and answer the questions below. Producers and consumers Once people could only trade what they could produce with their hands or find in nature for things that other people had made. Then money became a medium of exchange and economic systems were created. Today, developments in industry and technology have enabled vast quantities of goods to be manufactured, transported, and traded, and a range of services like insurance, banking and retail have also appeared. In the digital age, services such as online shopping have made selling goods even easier and trade is now more global than ever. Have these transformations made our lives better? The most obvious benefits of trade relate to consumer choice. There are so many goods and services to choose from that shopping has now become a leisure activity for many people. The internet has also allowed shoppers to compare prices and choose the best deal. However, there are winners and losers; not all…arrow_forwardReading Comprehension : Read the text and answer the questions below. Producers and consumers Once people could only trade what they could produce with their hands or find in nature for things that other people had made. Then money became a medium of exchange and economic systems were created. Today, developments in industry and technology have enabled vast quantities of goods to be manufactured, transported, and traded, and a range of services like insurance, banking and retail have also appeared. In the digital age, services such as online shopping have made selling goods even easier and trade is now more global than ever. Have these transformations made our lives better? The most obvious benefits of trade relate to consumer choice. There are so many goods and services to choose from that shopping has now become a leisure activity for many people. The internet has also allowed shoppers to compare prices and choose the best deal. However, there are winners and losers; not all…arrow_forward
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