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]

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter1: Ten Principles Of Economics

Section: Chapter Questions

Problem 1QR

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