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Macro Economics Question and Answer_A+_Very Well Explained

Macro Economics Question and Answer_A+_Very Well Explained

Macro Economics Question and Answer_A+_Very Well Explained

Macro Economics Question and Answer_A+_Very Well Explained

Macro Economics Question and Answer_A+_Very Well Explained

3. Indicate how each of the following changes would influence the incentive of a decision maker to undertake the action described.

A.) a reduction in the temperature from 80 degrees to 50 degrees on ones’s decision to go swimming.

B.) a change in the meeting time of the introductory economics course from 11:00am to 7:30 am on one’s decision to attend lectures.

C.) a reduction in the number of exam questions that relate directly to the text on the students decision to read the text.

D.) an increase in the price of beef on one’s decision to buy steak.

E.) an increase in the rental rates of apartments on one’s decision to build additional rental housing units.

7. A restaurant offers an “all you can eat” lunch buffet for $10. Shawn has already eaten three servings, and is trying to decide whether to go back for a fourth. Describe how Shawn can use marginal analysis to make his decision.

6. If you have a private-ownership right to something, what does this mean? Does private ownership give you the right to do anything you want with the things that you own? Explain. How does private ownership Influence the incentive of individuals to (a) take care of things, (b) conserve resources for the future, and (c) develop and modify things in ways that are beneficial to others? Explain.

7. What is the law of comparative advantage? According to the law of comparative advantage, what should be the distinguishing characteristics of the goods a nation produces? What should be the distinguishing characteristics of the goods a nation imports? How will international trade influence people’s production levels and living standards? Explain.

13. Two centuries ago, there were more buffalo than cattle in the United States. Even though millions of cattle are killed for beef consumption each year, the cattle population continues to grow while the buffalo are virtually extinct. Why?

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