. In weighing the costs versus the benefits of the decision we make we realize: Group of answer choices A. people face trade-offs B. goods are scarce C. households hate to make decisions D. we all must earn income to eat
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2. In weighing the costs versus the benefits of the decision we make we realize:
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- 8. What is economic?5. Can i get help with this practice question i am working on.Using marginal thinking, if you were deciding whether to purchase a second television set, you would compare Select one: a. the additional benefits of the second television with the cost of the second television. O b. the dollar cost of the two televisions with the time you will lose watching the two televisions. C. the total benefits expected from the two televisions with the cost of both televisions. O d. the additional benefits expected from a second television with the cost of the two televisions. O e. the dollar cost of the second television with the dollar cost of the first television.
- . What is the benefit of something measured by what you are willing to give up?K Tory and Patty produce skis and snowboards. The tables show their production possibilities. Each week, Tony produces 4 snowboards and 8 skis and Patty produces 15 snowboards and 30 skis. Tony and Patty decide to specialize and trade. If Tony and Patty specialize and trade, what are the gains from trade? specializes in snowboards and produces OA Tony, 20 snowboards OB Tony, 4 snowboards OC. Patty; 15 snowboards OD. Patty: 30 snowboards OE Tony; 60 snowboards specializes in skis and produces CETTE OA. Patty; 60 skis OB. Patty, 30 skis OC. Tony: 8 skis OD. Tony, 10 skis OE. Patty: 20 skis By specializing and trading, total output Tony's Production Possibilities Snowboards (per week) Patty's Production Possibilities 20 16 12 B 4 0 Snowboards (per week) 30 15 0 and and and and and and and and and Skis (per week) 0 2 4 6 8 10 Skis (per week) 0 30 60Carefully define the following terms and explain their importance to the study of economics. a. resources b. rational decision c. scarcity d. opportunity cost
- Give three examples of important trade-offs that you fqcevin your lifeHow does economic course differ from energy economics?a. Energy is relatively scarce unlikely resources studied in other courses.b. Economists focus on the inevitable depletion of fossil fuel resources.c. Energy efficiency is equivalent to economic efficiency.d. Energy prices fluctuate more than prices of most goods and services.According to the big tradeoff in economics, sharing the pie more equally ________.a. makes it smallerb. makes it biggerc. is the right thing to do regardless of the size of the pied. has no influence on its size
- 2. Study Questions and Problems #2 Lorenzo can paint either 5 walls or 2 window frames in one hour. In the same time, Neha can paint either 10 walls or 1 window frames. To minimize the time spent painting, should specialize in painting walls, and should specialize in painting window frames. Grade It Now Save & ContinueEmmanuel likes gardening. He grows zucchini that he sells at the local farmers' market. The table below describes the benefits and costs Emmanuel faces as he decides how many hours to dedicate to his garden each week. a. Complete the "Marginal Benefit" and "Marginal Cost" columns in the table below. Emmanuel's Gardening Benefits and Costs Hours Spent Gardening Total Benefit (dollars) Marginal Benefit (dollars) Total Cost (dollars) Marginal Cost (dollars) 1 $21 $ $3 $ 2 39 9 3 54 18 4 66 30 5 75 45 6 81 63 7 84 843 2. A decision at the margin Jake is a hard-working college sophomore. One Tuesday, he decides to work nonstop until he has answered 110 practice problems for his economics course. He starts work at 8:00 AM and uses a table to keep track of his progress throughout the day. He notices that as he gets tired, it takes him longer to solve each problem. Time Total Problems Answered 8:00 AM 0 9:00 AM 50 10:00 AM 80 11:00 AM 100 Noon 110 Use the table to answer the following questions. The marginal, or additional, gain from Jake’s first hour of work, from 8:00 AM to 9:00 AM, is problems. The marginal gain from Jake’s third hour of work, from 10:00 AM to 11:00 AM, is problems. Later, the teaching assistant for Jake’s economics course gives him some advice. “Based on past experience,” the teaching assistant says, “working on 25 problems raises a student’s exam score by about the same amount as reading the textbook for 1 hour.” For…