Which of the following is a question answered with normative economic reasoning? O If the college offers free textbooks for students, will more students read their textbooks? O If the college provided less financial aid for out-of-state students, would more in-state students benefit? O If the college increased its enrollment requirements, would class size decline? O Should the college increase tuition to fund its athletic programs?
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- All of the following basic economic questions deal with microeconomics EXCEPT: a. How is the supply of goods allocated among the members of the society? O b. Is the economy's capacity to produce goods growing over time? What goods and services are being produced and ion what quantities? O d. By what methods are goods and services being produeed? C. All of the following economic questions deal with microeconomics EXCEPT: a. Are the country's resources being fully utilized or are some lying idle? O b. How is the supply of goods allocated among members of the society? c. Is purchasing power being eroded because of inflation? Od. Is the economy's capacity to produce goods growing over time?Assume that a business firm finds that its profit is greatest when it produces $40 worth of product A. Suppose also that each of the three techniques shown in the following table will produce the desired output. a. With the resource prices shown, which technique will the firm choose? Why? Will production using that technique entail profit or loss? What will be the amount of that profit or loss? Will the industry expand or contract? When will that expansion or contraction end? b. Assume now that a new technique, technique 4, is developed. It combines 2 units of labor, 2 of land, 6 of capital, and 3 of entrepreneurial ability. In view of the resource prices in the table, will the firm adopt the new technique? Explain your answer. c. Suppose that an increase in the labor supply causes the price of labor to fall to $1.50 per unit, all other resource prices remaining unchanged. Which technique will the producer now choose? Explain. d. “The market system causes the economy to conserve most…You decide to join the football team, but this means you can't join the basketball team, as the practices for the two teams occur at the same time. Which economic principle does this statement BEST represent? O a. The true cost of something is its opportunity cost. b.People usually respond to incentives, exploiting opportunities to make themselves better off. O. How much" is a decision at the margin. Od. There are gains from trade.
- (1). Which of the following is the best definition of economics? A) the study of how individuals and societies choose to use the scarce resources that nature and previous generations have provided B) the study of how consumers spend their income C) the study of how business firms decide what inputs to hire and what outputs to produce D) the study of how the federal government allocates tax dollarsWhich of the following examples does not illustrate the principle represented by the adage, "There is no such thing as a free lunch"? O a. Joe needs to pay his rent and his electric bill. O b. Lisa can spend her money on a new sweater or a pair of jeans. Oc. Pete must choose between buying a new flat screen television and buying his textbooks for this semester. O d. Kevin must decide between studying for his economics exam and working at his part- time job.1) What's the opportunity cost of a typical college education? What's your personal opportunity cost? 2) Compare earning potentials between high school and college graduates through lifetime active careers. 3) What's your opinion about staying or dropping out from college? Will the possible forgiveness of student loans affect your decision on staying in college? 4) Since the future will be highly technology-oriented, will higher education be very necessary? Because the robot with artificial intelligence can replace many jobs of human labor in the future. 5) On the other hand, suppose you are a brilliant, successful value investor of young Warren Buffett who is a founder of Birkshire Hathaway(BRK.A). You think that a college education is unnecessary because the opportunity cost of staying at a college is too expensive. The reason is that the financial gain of investing in one company with your college tuition will be far greater than the earning potential with a college degree for the…
- Which of the following describes the difference between "scarcity" and "shortage"? O There is no difference; either word can be used to describe the situation that exists when there is less of a good or service available than people want. O In the economic sense, almost everything is scarce. A shortage of a good or service occurs when the quantity demanded is greater than the quantity supplied at the current market price. O There is a shortage of almost everything. Scarcity occurs only if the quantity demanded of a good or service is greater than the quantity supplied at the current market price. O In the economic sense, almost everything is scarce. A shortage of a good or service occurs when the quantity demanded is greater than the quantity supplied at the equilibrium price.Sprawl is an example of market failure when: A. The elasticity of urban land growth with respect to population is greater than one. B. It can be shown that the extent of the city is associated with a specific cause or causes of market failure, such as externalities. O C. It can be shown that the growth of the city is associated with less dense development. D. The elasticity of urban land growth with respect to commuting cost is zero.Provision of higher education is costly. At the tertiary level, specialised knowledge is required toprepare students for different careers. Higher education institutions have to compete with industryto employ suitable teaching and research personnel, and staff salaries constitute a large part oftheir total expense accounts."When institutions are deciding on how to finance all their academic activities, they are effectively…a) dealing with the problem of scarcity.b) dealing with opportunity cost.c) dealing with shortages.d) dealing with limited wants.
- The possible combinations of two goods that can be produced in a certain period of time under certain conditions of technology and fully employed resources: O a. Scarcity O b. Central problem O C. Opportunity Cost O d. Production possibilityAssume that a business firm finds that its profit is greatest when it produces $40 worth of product A. Suppose also that each of the three techniques shown in the table below will produce the desired output:a. With the resource prices shown, which technique will the firm choose? Why? Will production using that technique entail profifit or loss? What will be the amount of that profifit or loss? Will the industry expand or contract? When will that expansion or contraction end?b. Assume now that a new technique, technique 4, is developed. It combines 2 units of labor, 2 of land, 6 of capital, and 3 of entrepreneurial ability. In view of the resource prices in the table, will the fifi rm adopt the new technique? Explain your answer.c. Suppose that an increase in the labor supply causes the price of labor to fall to $1.50 per unit, all other resource prices remaining unchanged. Which technique will the producer now choose? Explain.d. “The market system causes the economy to conserve most in…Why do you think that college enrollments have flattened from 2010 to 2019 and are projected to be flat up to 2030? What was happening in 2010? How have the "marginal benefits" of going to college changed recently? How have the "marginal costs" of going to college changed recently? You might have some ideas of how "marginal benefits" or "marginal costs" have changed recently--state those. Or try to find a news article that suggests a particular change in people's perceptions of the net benefit of college. College Enrollment: Public & Private, 2019 (millions) (Source: statista.com) 16.00 14.00 12.00 10.00 8.00 6.00 4.00 2.00 0.00 1980 1990 2000 2010 2020 2030 -Public-Private 1960 1970 2040