Macroeconomics: Private and Public Choice
15th Edition
ISBN: 9781285453545
Author: Russell Sobel; Richard Stroup; James Gwartney; David Macpherson
Publisher: South-Western College Pub
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Chapter 3, Problem 7CQ
To determine
The market
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Chapter 3 Solutions
Macroeconomics: Private and Public Choice
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- Why is economics often described as the science of constrained choice?arrow_forwardGoods which can be used on place of each other are called __________ goodsarrow_forward“Owen saw that the price of peaches had gone down, and so he decided to buy more peaches.” Based on this information, what does Owen's reaction reflect? Explain.arrow_forward
- In an eight-hour day, Andy can produce either 8 loaves of bread or 24 kilograms of butter. In an eight-hour day, Rolfe can produce either 8 loaves of bread or 8 kilograms of butter. At what price will trade happen?arrow_forwardIf a producer is producing at point z and wants to move to point X, then what is the trade-off? How do you find trade-off? 20 gallons of milk 3 lbs of cheese 7 lbs of cheese 10 gallons of milkarrow_forwardSuppose 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_forward
- What is market equilibrium and does market equilibrium matter?arrow_forwardWhat is opportunity cost and how can this concept be applied in real life?arrow_forwardWhich of the following choices correctly illustrates how changes in opportunity costs affect supply? Choice 1 of 4:A farmer produces corn and wheat. The price of wheat rises; so he shifts his resources towards wheat and the supply of wheat rises.Choice 2 of 4:Milk and cereal are complementary goods; so when the price of cereal falls, the quantity supplied of milk rises.Choice 3 of 4:A fisherman fishes for lobsters and oysters. The price of lobsters rises; so he decides to spend more of his time fishing for oysters because he can make the same amount of money with fewer lobsters.Choice 4 of 4:A textbook for economics becomes cheaper; so more students opt to buy that particular textbook.arrow_forward
- What is the term for the economic principle that individuals try to get the greatest benefit from a given resource? A) Opportunity Cost B) Marginal Utility C) Supply and Demand D) Rational Choice Theoryarrow_forwardThink of an economic decision you made recently wherein the benefit outweighed the cost (or the cost outweighed the benefit).arrow_forwardIn his landmark book on economics, Human Action, Economist Ludwig von Mises describes the consumer as the “captain of the ship.” Write a short essay addressing Mises’s claim. Is he correct? Why or why not? How does what Mises claim correspond to what we know about the laws of supply and demand?arrow_forward
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