Economics: Private and Public Choice
16th Edition
ISBN: 9781337642224
Author: James D. Gwartney; Richard L. Stroup; Russell S. Sobel
Publisher: Cengage Learning US
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Question
Chapter 2, Problem 14CQ
(a)
To determine
Influence of work effort when there is a link between personal output and personal reward.
(b)
To determine
Influence of random grading in studies.
(c)
To determine
Impact on study habit when examination conducted on the basis of textbook questions.
(d)
To determine
Check whether the total output of a nation will be influenced when there is a link between productive contribution of individual and their personal reward.
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Chapter 2 Solutions
Economics: Private and Public Choice
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Similar questions
- Based on the topic in the picture, what are the key points there that you think are important to analyze as a decision-maker ?arrow_forwardIdentify some essential elements common to any rational decision-making process?arrow_forwardEvery week, Mary plays the piano for three hours, and her grade on each English test is 80 percent. Last week, after playing for three hours, Mary considered playing for another hour. She decided to play for another hour and cut her study time by one hour But last week, her English grade fell to 60 percent. Did Mary make her decision on the margin? OA Mary's decision was not made at the margin because she could have chosen not to play the piano but didn't OB. Mary's decision was not made at the margin because the marginal cost of a lower grade always exceeds its marginal benefit Oc. Mary's decision was made at the margin because her grade fell by only 20 percentage points OD Mary made her decision at the margin because she considered the benefit and cost of one additional hour of playing the piano OE Mary's decision was not made at the margin because she didn't compare the total benefit and total cost of a third hour of playing the pianoarrow_forward
- Suppose you go to a restaurant and buy an expensive meal. Halfway through, despite feeling quite full, you decide to clean your plate. After all, you think, you paid for the meal, so you are going to eat all of it. What’s wrong with this thinking?arrow_forwardShould grades in an economics class be rationed according to the dollar price instead of how well students do on exams? If they write and prospective employers heard of it, what effect might this have on the value of your college degree?arrow_forwardHow does the concept of opportunity cost apply to personal decisions when you have limited income and time? Provide an example.arrow_forward
- What are factors affecting economic analysis?arrow_forwardShannon has decided to spend less time on social media because she needs to improve her grades. What might be the opportunity cost of her decision?arrow_forwardThe company that you manage has invested $5 million in developing a new product, but the development is not quite finished. At a recent meeting, your salespeople report that the introduction of competing products has reduced the expected sales of your new product to $4.5 million. If it would cost $3 million to finish development and make the product, should you go ahead and do so?The most you should pay to complete development is how many dollars?arrow_forward
- Which of the following is not an example of a quantitative variable? The weight of a box of cereal Your zip code The temperature of a freezer in Fahrenheit Your GPA thanksarrow_forwardOne of the lessons of economics is that “there is no such thing as a free lunch.” This means that businesses, consumers, and whole societies face trade-offs whenever they make a decision. Please draw on your own experiences to discuss the following three items. Make sure you use economic concepts in your main contribution. Explain a decision that you have made at work, or one concerning your career, or any major life decision that you have made. Identify and explain the trade-offs that you faced. List the alternatives you had, identify the highest valued alternative, and explain your final decision to the class.arrow_forwardDescribe the Rational Decision making Process?arrow_forward
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