Question 1 a. Oceano is a country where recourses are unlimited. Do you agree with the statement that “The study of economics is not necessary”? Explain. [3 marks] b. What is the importance of the circular-flow diagram? (2 marks) c. You are given tickets to an Usher concert next month as a graduation gift. Explain whether or not this gift is free. [3 marks] d. Providetwoopportunitycostsaneconomicsstudentmayincurinorderattend the Global Campus. Do you believe two different students will incur the same opportunity costs? Explain. [3 marks]
Question 1 a. Oceano is a country where recourses are unlimited. Do you agree with the statement that “The study of economics is not necessary”? Explain. [3 marks] b. What is the importance of the circular-flow diagram? (2 marks) c. You are given tickets to an Usher concert next month as a graduation gift. Explain whether or not this gift is free. [3 marks] d. Providetwoopportunitycostsaneconomicsstudentmayincurinorderattend the Global Campus. Do you believe two different students will incur the same opportunity costs? Explain. [3 marks]
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question 1
a. Oceano is a country where recourses are unlimited. Do you agree with the statement that “The study of economics is not necessary”? Explain. [3 marks]
b. What is the importance of the circular-flow diagram? (2 marks)
c. You are given tickets to an Usher concert next month as a graduation gift.
Explain whether or not this gift is free. [3 marks]
d. Providetwoopportunitycostsaneconomicsstudentmayincurinorderattend
the Global Campus. Do you believe two different students will incur the same opportunity costs? Explain. [3 marks]
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