Answer each question using the drop box. The explanation should also be from the drop box Timothy received $100 for his birthday. He wants to buy either a new skateboard or anew mp3 player to listen to music while working out but he can buy only one.Which core principle isrepresented in this scenario(if any)?ExplanationChoose...Choose...variable factorChoose...Choose...Cost-benefit analysisScarcity, choice and opportunity costDiminishing returnsCompare the cost versus benefit in making decisionScarce resource so choice has to be made.The situation does not represent a core principle.Adding more variable factor to a given fixed factorIncentive principlePeople are responding to an incentive Classify the following as microeconomics or macroeconomics and provide a justificationfor your choice.The decision by McDonald's to hirefewer workers because of an increase in Choose...the minimum wage.The effect of government regulationson car emissions.The impact of a decrease in nationalsavings on a country's economicgrowth.Choose...Choose...The central bank announces that it isincreasing the discount rate in an effort Choose...to slow the rate of inflation."OOChoose...Choose...Micro, examining one sector of economyMacro, examining one firm in economyMicro, examining one specific firmMacro, examining entire economyMacro, examining one sector in economyMicro, examining one individual

Scarcity means that the resources available are less than the resources required. Resources here can…

Timothy received $100 for his birthday. He wants to buy either a new skateboard or a new mp3 player to listen to music while working out but he can buy only one. Which core principle is represented in this scenario (if any)? Explanation Choose... Choose... : # Choose... Choose... Cost-benefit analysis Scarcity, choice and opportunity cost Diminishing returns Compare the cost versus benefit in making decision Scarce resource so choice has to be made. The situation does not represent a core principle. Adding more variable factor to a given fixed factor Incentive principle People are responding to an incentive

Timothy received $100 for his birthday. He wants to buy either a new skateboard or a new mp3 player to listen to music while working out but he can buy only one. Which core principle is represented in this scenario (if any)? Explanation Choose... Choose... : # Choose... Choose... Cost-benefit analysis Scarcity, choice and opportunity cost Diminishing returns Compare the cost versus benefit in making decision Scarce resource so choice has to be made. The situation does not represent a core principle. Adding more variable factor to a given fixed factor Incentive principle People are responding to 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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