Economics: Principles, Problems, & Policies (McGraw-Hill Series in Economics) - Standalone book
20th Edition
ISBN: 9780078021756
Author: McConnell, Campbell R.; Brue, Stanley L.; Flynn Dr., Sean Masaki
Publisher: McGraw-Hill Education
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Chapter 1, Problem 1RQ
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Last Word) Behavioral economics incorporates culture and the studies of
Multiple Choice
sociology and economics.
psychology and economics.
mathematics and economics.
finance and economics.
None of these choices are correct.
1. Improvements in technology.
2. Increases in the supply (stock) of capital goods
3. Purchases of expanding output.
4. Obtaining the optimal combination of goods, each at least-cost production.
5. Increases in the quantity and quality of natural resources.
6. Increases in the quantity and quality of human resources.
Multiple Choice
Which set of items in the accompanying list would move an economy from a point inside its production possibilities curve to a point on its
production possibilities curve?
O
12.5, and 6 only
Help
3 and 4 only
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Assume that Robyn wants to buy socks and once she finds out that the price per pair is $5. she decides to buy 4 pairs of socks. Which of the following is true?
O a) The marginal benefit (or marginal utility) of the 5th pair is higher than the marginal cost of the Sth pair
O b) The marginal benefit (or marginal utility) of the 4th pair must be equal to $20
O O The marginal benefit (or marginal utility) of the Sth pair must be lower than $5
O d) The marginal benefit (or marginal utility) of the first pair must be lower than 55
Chapter 1 Solutions
Economics: Principles, Problems, & Policies (McGraw-Hill Series in Economics) - Standalone book
Ch. 1.2 - Prob. 1QQCh. 1.2 - Prob. 2QQCh. 1.2 - Prob. 3QQCh. 1.2 - Prob. 4QQCh. 1.A - Prob. 1ADQCh. 1.A - Prob. 2ADQCh. 1.A - Prob. 3ADQCh. 1.A - Prob. 1ARQCh. 1.A - Prob. 2ARQCh. 1.A - Prob. 1AP
Ch. 1.A - Prob. 2APCh. 1.A - Prob. 3APCh. 1.A - Prob. 4APCh. 1.A - Prob. 5APCh. 1.A - Prob. 6APCh. 1.A - Prob. 7APCh. 1.A - Prob. 8APCh. 1 - Prob. 1DQCh. 1 - Prob. 2DQCh. 1 - Prob. 3DQCh. 1 - Prob. 4DQCh. 1 - Prob. 5DQCh. 1 - Prob. 6DQCh. 1 - Prob. 7DQCh. 1 - Prob. 8DQCh. 1 - Prob. 9DQCh. 1 - Prob. 10DQCh. 1 - Prob. 11DQCh. 1 - Prob. 1RQCh. 1 - Prob. 2RQCh. 1 - Prob. 3RQCh. 1 - Prob. 4RQCh. 1 - Prob. 5RQCh. 1 - Prob. 6RQCh. 1 - Prob. 7RQCh. 1 - Prob. 1PCh. 1 - Prob. 2PCh. 1 - Prob. 3PCh. 1 - Prob. 4PCh. 1 - Prob. 5PCh. 1 - Prob. 6PCh. 1 - Prob. 7PCh. 1 - Prob. 8P
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- 11.Explain how (if at all) each of the following events affects the location of a country’s production possibilities curve: LO5 a.The quality of education increases. b.The number of unemployed workers increases. c.A new technique improves the efficiency of extracting copper from ore. d.A devastating earthquake destroys numerous production facilities.arrow_forwardCaci, un he would spend a dollar buying a first cup of coffee? LO7.2 4. Columns 1 through 4 in the following table show the marginal utility, measured in utils, that Ricardo would get by purchasing various amounts of products A, B, C, and D. Column 5 shows the marginal utility Ricardo gets from saving. Assume that the prices of A, B, C, and D are, respectively, $18, $6, $4, and $24 and that Ricardo has an income of $106. LO7.2 a. What quantities of A, B, C, and D will Ricardo purchase in maximizing his utility? b. How many dollars will Ricardo choose to save? c. Check your answers by substituting them into the algebraic statement of the utility-maximizing rule. nuts, coffee, or both. How big would that buuget nave LU DC DCIUIUarrow_forward12 Mk Mc Graw Hill Connect 5. Refer to the following production possibilities table for con. sumer goods (automobiles) and capital goods (forklifts): LO1.6 a. Show these data graphically. Upon what specific assump- tions is this production possibilities curve based? b. If the economy is at point C, what is the cost of one more automobile? Of one more forklift? Which characteristic of the production possibilities curve reflects the law of increas- ing opportunity costs: its shape or its length? c. If the economy characterized by this production possibilities table and curve is producing 3 automobiles and 20 forklifts, what could you conclude about its use of its available resources? d. Is production at a point outside the production possibilities curve currently possible? Could a future advance in technol- ogy allow production beyond the current production possi- bilities curve? Could international trade allow a country to consume beyond its current production possibilities curve?!…arrow_forward
- Q.3 (a) No of Units Consumed 1 2 4 6. Total Utility in Units/Utils 10 25 40 60 75 80 Marginal Utility in Units/Utils 15 20 15 (i) State and explain the law illustrated in the above table. (ii) Outline two assumptions underlying this law. lo 3.arrow_forwardIf the price of an apple is $.50, the marginal utility per dollar spent for the fifth apple is Number of Apples Total Utility 130 180 220 A C E 2 3 4 LO 5 Noi 6 7 40 20 60 250 270 280 morfw escleris con B D 100 30 Larrow_forward1. Customer journey maps help us to? 1. Discover opportunities to reach more customers. 2. Create better user experiences. O 3. Create better products and services for our target market. O 4. Understand how our user feel about our products and services. 5. All of the above.arrow_forward
- Which of the following does not correctly explain about the purposeful behavior that reflects "rational self-interest? 1) Sellers try to make the most profits possible from the sales of their products as many as possible. Consumers spend their incomes to get the maximum benefit or satisfaction O 2) from the goods and services they purchase. Producers allocate their limited resources to minimize their costs to achieve a 3) certain level of production. 4) People care for nothing but his or her own goal since there is a tradeoff problem caused by limited resources. Question 14 Listen Which of the following is NOT the factors of production? 1) money. 2) land. 3) labor. 4) entrepreneur ability.arrow_forwardO O O A. 33 B. 56 C. 29 O D. 35 Units 1 2 E. 59 345W N 6 7 Marginal Utility 10 0053 O 8 Toffee (bars) 1 Total Utility 10 18 23 26 27 27 27 Refer to the table above. If this consumer purchases 3 toffee bars and 5 bags of cashews per week, his/her total utility will be Cashews (bags) Marginal Utility 12 10 7 5 2 1 0 Total Utility 12 22 29 34 36 37 27arrow_forwardApproximately how many African Americans received commissions in the U.S. Army during the First World War? O 1) 10 O 2) 85 O 3) 335 O 4) 650 Listen During World War I, who served as a special assistant to the secretary of war, advising on matters related to African Americans? O 1) Booker T. Washington O 2) w. E. B. Du Bois 3) Emmett J. Scott O 4) Joel Spingarnarrow_forward
- 0 2 O 4 6 08 D Scones 10 1 2 3 4 5 Total Utility 10 18 24 Refer to Table 6.3, which shows the total utility and marginal utility derived from the consumption of scones. The first column of the table represents the number of scones a consumer consumes in a day. The second column of the table presents the total utility derived from that consumption, and the third column shows the marginal utility of each additional scone. The total utility derived from the consumption of one scone is units. 28 30 Marginal Utility 6 2arrow_forwardWhat happens to the budget line if the government applies a specific tax of $1 per gallon of gasoline but does not tax other goods (assuming that the consumer will still buy more than 10 gallons per week)? What happens to the budget line if the tax applies only to purchases of gasoline in excess of 10 gallons per week? 1.) Use the line drawing tool to draw new budget constraint with the gasoline tax on all gallons of gasoline. Label this line 'L²₁ 2.) Use the multipoint curve drawing tool to draw the new budget constraint when the gasoline tax applies only to purchase of gasoline in excess of 10 gallons per week. Label this line 'L³¹. (Note: Be sure to draw the entire budget constraint, starting at a quantity of 0). Carefully follow the instructions above, and only draw the required objects. All other goods, Units per week 10 Gasoline, Gallons per week L¹ Q After plotting the final point of your multipoint curve, press the Esc key on your keyboard to end the line.arrow_forwardAssume that your company produces two goods: laptops and tablets. Assume aslo that your company has limited resources( including time) to devote to producing these items. Now assume that the laptop team does something to improve the efficiency of making laptops, while the tabley holds to old methods. Given the change you can a) only increase your production of laptops b) only increase your production of tablets c) increase production of both items d) not increase your production in either tablets or laptops.arrow_forward
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