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1. Incentives matter a. only when people are greedy and selfish. b. only in a free market system. c. only in the private sector. d. to all human beings regardless of environment.
2. Which of the following is often referred to as the basic postulate of economics? a. Individuals act only out of selfish motives. b. Incentives matter-individuals respond in predictable ways to changes in personal costs and benefits. c. The accuracy of the assumptions is the best test of an economic theory. d. The value of a good is objective; it is equal to the cost of producing the good.
3. The expression, "There's no such thing as a free lunch," implies that a. everyone has to pay for his own lunch. b. the person consuming a good must always pay for it. c. opportunity costs are incurred when resources are used to produce goods and services. d. no one has time for a good lunch anymore.
After graduating from HS, Ron plans to go to college. The college tuition is 15,000 a yr. But instead of going to college Ron can take a full time job that pays 20,000. If Ron decides to go to college, what is his opportunity cost for attending colle..
Presently most British imports come from other European countries. How does this fit in with the changing types of goods that make up world trade.
Auger busy in a promotional campaign costing $60 million this year, its annual after-tax cash flow over the next five years will be.
Assignment Instructions
Explain how would you respond to this question. Explain how might the bank tie in the concept of utility maximization into the campaign.
Suppose a developed nation’s economy historically had an economic growth rate of 3% but over the last 10 years, that rate hovered around 2%. In the last two years, assume it appears to have fallen further
Illustrate what are monthly fixed costs, quasi-fixed costs, and variable cost for Exquisite Portraits Inc.
A study sponsored by the American Medical Association suggests that the absolute value of the own price elasticity for surgical procedures is smaller than that for the own price elasticity for office visits. Explain why this would be expected
Prepare a memo to the managing director that explains the different vehicles available that can be used for each of the Minimize income tax
Utilize a various example from homes and cars. Be creative. We make these kinds of choices everyday.
Some believe that the federal government has much influence on the country's economy when implementing fiscal and monetary policies. Do you agree that this is true? Why?
exercise 1consider the problem of the book assuming that the utility is cobb-douglas u c l calphalbeta. first formally
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