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What does the "invisible hand" refers to?

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How the decisions of...

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Scenario 1-6 It costs a company $30,000 to produce 600 heart rate monitors.The company's cost will be $30,070 if it produces an additional heart rate monitor.The company is currently producing 600 heart rate monitors. -Refer to Scenario 1-6.What is the company's average cost?

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Scenario 1-5 Suppose that you have a choice between going to the movies with a friend for three hours or working at your job.If you go to the movies,you will spend $12 on a ticket and $6 on popcorn.If you choose to work,you will earn $10 an hour. -Refer to Scenario 1-5.What is your opportunity cost of going to the movies?

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What are the two reasons for the government to intervene in a market?

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To promote...

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What does the term "marginal change" mean?

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A small incremental ...

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The term ------ refers to a small incremental adjustment to an existing plan of action.

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Scenario 1-3 It costs a company $35,000 to produce 700 graphing calculators.The company's cost will be $35,070 if it produces an additional graphing calculator.The company is currently producing 700 graphing calculators. -Refer to Scenario 1-3.What is the company's average cost?

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Give an example of government intervention that is intended to improve equality.

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The income...

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Rational people make decisions "at the margin" by comparing ------.

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marginal costs and marginal benefits

Scenario 1-4 You have the afternoon free.You have a choice between going to the movies with a friend or studying economics for three hours.If you go to the movies,you will spend $12.00 on a ticket and $4.75 on popcorn.If you choose to study economics for three hours,you will raise your exam grade by 15 points. -Refer to Scenario 1-4.What is your opportunity cost of studying economics?

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The enjoyment you wo...

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Scenario 1-1 You have the afternoon free.You have a choice between going to the movies with a friend or studying economics for three hours.If you go to the movies,you will spend $8.00 on a ticket and $4.50 on popcorn.If you choose to study economics for three hours,you will raise your exam grade by 10 points. -Refer to Scenario 1-1.What is your opportunity cost of going to the movies?

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$12.50 and...

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Zack quits his job at a consulting firm,which pays $40,000 a year,to enroll in a two-year graduate program.His annual school expenses are $30,000 for tuition,$2,000 for books,and $600 for food.What is his opportunity cost of attending the two-year graduate program?

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How does the study of economics depend upon the phenomenon of scarcity?

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Because economics is the study of how so...

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Consider two countries,Muria and Zenya.In Muria total annual output is worth $800 million and people work 40 million hours.In Zenya total annual output is worth $900 million and people work 50 million hours.In which country is productivity higher?

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Explain how government policies that redistribute income from the rich to the poor might reduce efficiency.

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They reduce the reward for wor...

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Explain how trade with other countries is beneficial.

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Trade allows countri...

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Tracy quits her job,which pays $25,000 a year,to finish her college degree.Her annual college expenses are $12,000 for tuition and fees and $1,000 for books.What is her opportunity cost of attending college for the year?

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$38,000

Scenario 1-6 It costs a company $30,000 to produce 600 heart rate monitors.The company's cost will be $30,070 if it produces an additional heart rate monitor.The company is currently producing 600 heart rate monitors. -Refer to Scenario 1-6.What is the company's marginal cost?

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$70

Economists use the term ------ to refer to fluctuations in economic activity,such as employment and production.

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Melinda quits her job at a bank,which pays $30,000 a year,to enroll in a two-year graduate program.Her annual school expenses are $22,000 for tuition and fees and $2,000 for books.What is her opportunity cost of attending the two-year graduate program?

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Showing 1 - 20 of 53

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