Parents offer to buy their son a new videogame if the kid gets an A in all his classes. Which economic principle are the parents trying to apply?   Group of answer choices People respond to incentives Trade can make everyone better off The real cost of something is what you give up to get it People face trade-offs

Q: The opportunity cost of a decision is the sum of all the foregone benefits that you'd receive from…

A: Every choice needs a trade-off because resources are limited. Opportunity cost arises when there is…

Q: Ed spends an hour studying instead of watching Netflix with his friends. The opportunity cost to him…

A: Opportunity cost is a fundamental concept in economics, representing the value of the next best…

Q: You go to the movieplex where movies ordinarily cost $9. You are intending to see a movie for which…

A: The objective of this question is to determine the opportunity cost of choosing to see the new…

Q: Of the persuasion principles, which one explains why people got off work early to purchase Lysol…

A: Scarcity: Scarcity refers to the limited availability of resources, goods, or services in relation…

Q: Craig Palsson, an assistant professor at Utah State University in the school of business, attempted…

A: Craig Palsson try to see Avengers: Endgame five times but he failed which means that seeing movie…

Q: Use economics to explain why people smoke even though they know smoking is not good to their health?

A: Utility is a term referring to the overall satisfaction obtained from consuming a good or service.

Q: How does cost-benefit analysis differ from cost-effectiveness analysis?

A: Definitions: Cost-benefit analysis:  A cost-benefit analysis assesses the profitability of…

Q: What is a trade-off? Give two examples of trade-offs that you face in your life.

A: Because individuals have limited resources at their disposal, the problem of scarcity requires them…

Q: What type of economists believe that markets naturally self-correct, and will reward good strategies…

A: Laissez fair economics theory advocates non-government intervention in the economic activity.  They…

Q: Describe what economic incentives are

A: Economic incentives are financial motivations that influence the behavior of individuals,…

Q: Base on your understanding illustrate what is economics

A: Similar, to other social branches of social studies, such as politics, geography, and history,…

Q: Economists describe a choice as: Group of answer choices A. a tradeoff B. human C. limited resource…

A: Resources are limited in every economy but the wants of humans are unlimited and never ending. To…

Q: How does subjective value make “gains from trade” possible?

A: Subjective value is the importance an individual gives to a good, this value which he places is not…

Q: Attempts Average / 1 6. Scarcity, opportunity cost, and marginal analysis Darnell is training for a…

A: In economics, people face a tradeoff when selecting an alternative. This means when they have one…

Q: Is the opportunity cost of an action a subjective evaluation?

A: Subjective evaluation refers to the judgment based on personal beliefs and opinions. According to…

Q: When individuals face viable alternatives, a) there is choice b) there is always cost c) A and B…

A: A choice or possible solution that might work is referred to as a viable alternative.

Q: Dina is training for a triathlon, a timed race that combines swimming, biking, and running. Consider…

A: In the above example, Dina needs to trade-off between swimming and work. If she works, she gets $9…

Q: Explain how people respond to incentives and how markets turn self-interested behavior to the…

A: Harnessing Greed: Can self-interest drive positive outcomes? Incentives aligning with social goals…

Q: Write the definition of the Benefit-Cost Ratio?

A: The benefit- cost ratio is used in cost benefit analysis and to summarize the complete relationship…

Q: in the text, the author describes an experiment in which a group of children were told a…

A: the correct answer is b. reinforcement