Macroeconomics
13th Edition
ISBN: 9781337617390
Author: Roger A. Arnold
Publisher: Cengage Learning
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Question
Chapter 1, Problem 24QP
To determine
Acceptability of the statement.
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Chapter 1 Solutions
Macroeconomics
Ch. 1.2 - Prob. 1STCh. 1.2 - Prob. 2STCh. 1.2 - Prob. 3STCh. 1.3 - Prob. 1STCh. 1.3 - Prob. 2STCh. 1.3 - Prob. 3STCh. 1.4 - Prob. 1STCh. 1.4 - Prob. 2STCh. 1.4 - Prob. 3STCh. 1.4 - Prob. 4ST
Ch. 1 - Prob. 1QPCh. 1 - Prob. 2QPCh. 1 - Prob. 3QPCh. 1 - Prob. 4QPCh. 1 - Prob. 5QPCh. 1 - Prob. 6QPCh. 1 - Prob. 7QPCh. 1 - Prob. 8QPCh. 1 - Prob. 9QPCh. 1 - Prob. 10QPCh. 1 - Prob. 11QPCh. 1 - Prob. 12QPCh. 1 - Prob. 13QPCh. 1 - Prob. 14QPCh. 1 - Prob. 15QPCh. 1 - Prob. 16QPCh. 1 - Prob. 17QPCh. 1 - Prob. 18QPCh. 1 - Prob. 19QPCh. 1 - Prob. 20QPCh. 1 - Prob. 21QPCh. 1 - Prob. 22QPCh. 1 - Prob. 23QPCh. 1 - Prob. 24QPCh. 1 - Prob. 25QPCh. 1 - Prob. 26QPCh. 1 - Prob. 1WNGCh. 1 - Prob. 2WNGCh. 1 - Prob. 3WNG
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- Environmentalists and economists often find themselves at odds with each other. The conflict between the romantics and the rationalists surfaced again in the debate over air-quality standards set under the Clean Air Act of 1990. Under the law, the Environmental Protection Agency (EPA) must establish standards that promote public health. The EPA’s cost-benefit analysis assigns a value for each life saved of $4.8 million. Is $4.8 million a reasonable value to place on a life? What questions would economists consider relevant in determining the value of a life? How would environmentalists react to the questions economists ask?arrow_forwardThink of an economic decision you made recently wherein the benefit outweighed the cost (or the cost outweighed the benefit).arrow_forwardWhat things do you consider when choosing whether to use communication or observation in your research?arrow_forward
- When looking for which university you want to get admitted to you must have looked for information and then came to a decision. Explain this process using the rational decision-making processarrow_forwardWhy is it important to perform a cost-benefit analysis when making a decision? A-It helps you to make rational choices. B-To make sure that the cost is greater than the benefit of a decision. C-It is required by the government in making economic decisions. D-It allows you to see the price of certain goods and services.arrow_forward1. You are the coordinator of a nonprofit that distributes donated items to three local homeless shelters and want to figure out a way of distributing the donated items to the shelters who need it the most. Which of the following would most likely achieve your goal? Select the correct answer a. Send all the donations to the shelter that has the least. b. Divide the donations evenly among the three shelters. c. Ask shelters to submit their requests, and decide what to send where based on their answers. d. Offer each shelter a virtual "budget" and have them bid on different items. 1.1 Which of these best represent a planned approach and which best represent a market approach? Divide the answer into two groups (planned and Market approach) a. send all the donations to the sheller that has the least b. ask sellers to submit their request and decide what to send where based on their answers c. divide the donations evenly among the three shellers d. offer each sheller a…arrow_forward
- a. You are the coordinator of a nonprofit that distributes donated items to three local homeless shelters and want to figure out a way of distributing the donated items to the shelters who need it the most. Which of the following would most likely achieve your goal? Offer each shelter a virtual "budget" and have them bid on different items. Ask shelters to submit their requests, and decide what to send where based on their answers. Send all the donations to the shelter that has the least. Divide the donations evenly among the three shelters.arrow_forwardHow can we simplify the decision-making process?arrow_forwardCost-benefit analysis is an effective approach to making decisions. The world would be better if more people practiced cost-benefit analysis more consistently. Are their moral duties that transcend cost-benefit analysis? If so, how do we identify those duties?arrow_forward
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