Question 4Debra and Mike produce sculptures and paintings. Debra is more skillful in producingboth sculptures and paintings compared with Mike. Which of the following statementsis correct?)Debra should definitely not trade with MikeODebra will definitely not gain from trading with Mike, but Mike will definitely gainfrom trading with Debra.ODebra has comparative advantages in both producing sculptures and paintings.ODebra and Mike will gain from trading if Debra and Mike have differingopportunity costs of producing sculptures and paintings.Question 5Which of the following is a normative statement?OWinters in Alaska are too cold.OThe inflation rate this year is 5%.OGetting a college degree can increase your wages.)On average, people save 15 percent when they switch to GEICO.Olt will rain next week. Question 1Students can receive extra credit by participating in class. Thisacts as a direct positive incentive.Cacts as a direct negative incentive.acts as an indirect incentive for encouraging students to participate in class.s not an incentive.Question 2Trade-offs occur in all of the following scenarios EXCEPT:A student has to choose between studying for an exam or watching TV.A job seeker only has one job offer.A shopper wants to buy two equally appealing T-shirts. Yet the shopper only hasenough money to buy one T-shirt.high school graduate needs to decide to start a business or going to a college.Consumers are often forced to make a compromise between quality and price.Question 3The opportunity cost of consuming now rather than saving isthe goods you can buy now.Che interest you can earn from savings.Gero.(ghe wages you can earn now.

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Question 1 Students can receive extra credit by participating in class. This acts as a direct positive incentive. Cacts as a direct negative incentive. cts as an indirect incentive for encouraging students to participate in class. s not an incentive.

Question 1 Students can receive extra credit by participating in class. This acts as a direct positive incentive. Cacts as a direct negative incentive. cts as an indirect incentive for encouraging students to participate in class. s not an incentive.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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