Test bank and solution manual of macro economics 5e (2)
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Test bank and solution manual of macro economics 5e (2)
Macro5e_Ch02_SM.pdfMACRO5e_Ch02_IM.pdfMACRO5_McEachern_Ch02.pdfChapter 2ECONOMIC TOOLS AND ECONOMIC SYSTEMSSOLUTIONS TO END OF CHAPTER PROBLEMS1This q Test bank and solution manual of macro economics 5e (2)question highlights the importance of Ignoring sunk costs in marginal decision making. Once you have purchased the meal, you cannot get your money back whether or not you finish the meal. There is no benefit to overeating.2The opportunity cost is the total cost of going to Florida and includes dolla Test bank and solution manual of macro economics 5e (2)r costs incurred as well as the forgone opportunity of working. Assuming you would work for 5 days if you staved home, the opportunity cost of going tTest bank and solution manual of macro economics 5e (2)
o Florida would total $1,000: the $700 cost of going to Florida plus the net value of wliat you could have earned—S300 (S400 in earnings less expensesMacro5e_Ch02_SM.pdfMACRO5e_Ch02_IM.pdfMACRO5_McEachern_Ch02.pdfChapter 2ECONOMIC TOOLS AND ECONOMIC SYSTEMSSOLUTIONS TO END OF CHAPTER PROBLEMS1This q Test bank and solution manual of macro economics 5e (2)s 2 labor hours, the amount of resource that would allow you to produce only 1/3 unit of cloth), bl the United States, the opportunity cost of one unit of wheat is 1/5 unit of cloth (producing one unit of wheat uses 1 labor hour, the amount of resource that would allow you to produce only 1/5 unit o Test bank and solution manual of macro economics 5e (2)f cloth).b.The United States lias an absolute advantage in both goods: it is able to produce both products with fewer resources than the United KingdoTest bank and solution manual of macro economics 5e (2)
m requires.c.The United States lias a comparative advantage ill wheat because it has the lowest opportunity cost of producing (1 /5 unit of cloth versMacro5e_Ch02_SM.pdfMACRO5e_Ch02_IM.pdfMACRO5_McEachern_Ch02.pdfChapter 2ECONOMIC TOOLS AND ECONOMIC SYSTEMSSOLUTIONS TO END OF CHAPTER PROBLEMS1This q Test bank and solution manual of macro economics 5e (2)nited States IS 5 units of wheat. The opportunity cost of cloth in the United Kingdom is 3 units of wheat.)d.The United States should specialize ill wheat, and the United Kingdom should specialize in cloth. The country with the lower opportunity cost of producing a good should specialize in producin Test bank and solution manual of macro economics 5e (2)g that output.4Students’ answers will vary according to their experiences. One specialized market is that for military' weapons. The stock exchange prTest bank and solution manual of macro economics 5e (2)
ovides a specialized market for buying and selling company shares, and there are specialized markets for selling government bonds and foreign currenciMacro5e_Ch02_SM.pdfMACRO5e_Ch02_IM.pdfMACRO5_McEachern_Ch02.pdfChapter 2ECONOMIC TOOLS AND ECONOMIC SYSTEMSSOLUTIONS TO END OF CHAPTER PROBLEMS1This q Test bank and solution manual of macro economics 5e (2)ia such as the Web allow firms in specialized markets to advertise their products at relatively low costs and also permit customers to conduct interactive on-line searches for relatively specialized goods and sendees.5c 2017 Cengaạc Learning. All Rights Reserved. May not be copied, scanned, or dupli Test bank and solution manual of macro economics 5e (2)cated, in whole or in part, except for use aspermitted in a license distributed with a certain predixt or service or otherwise on a password-protectedTest bank and solution manual of macro economics 5e (2)
website tor classroomuse.Chapter 2Economic Tools and Economic Systemsa.The PPF drawn above is composed of two straight-line segments: AB and BC.b.rheMacro5e_Ch02_SM.pdfMACRO5e_Ch02_IM.pdfMACRO5_McEachern_Ch02.pdfChapter 2ECONOMIC TOOLS AND ECONOMIC SYSTEMSSOLUTIONS TO END OF CHAPTER PROBLEMS1This q Test bank and solution manual of macro economics 5e (2)ng machines. Thus, each additional car costs 400'100 - 4 washing machines along segment AB of this PPF.c.The cost of a car when 150 cars are produced IS 6 washing machines, hl segment BC of this 1TF. as you move from 100 to 200 cars, you must forgo 600 washing machines. Thus, each additional car cos Test bank and solution manual of macro economics 5e (2)ts 600.Ì00 = 6 washing machines along segment BC of this PPF.150 cars cost you 6 washing machines.d.The cost of a washing machine when 50 cars are proTest bank and solution manual of macro economics 5e (2)
duced IS one-fourth of a car. In segment AB. as you move from 600 to 1.000 washing machines, you must forgo 100 cars. {[100 (1000 - 600)] i = ’/«, theMacro5e_Ch02_SM.pdfMACRO5e_Ch02_IM.pdfMACRO5_McEachern_Ch02.pdfChapter 2ECONOMIC TOOLS AND ECONOMIC SYSTEMSSOLUTIONS TO END OF CHAPTER PROBLEMS1This q Test bank and solution manual of macro economics 5e (2)tional washing machine when 150 cars are produced is one-sixth of a car. In segment BC. as you move from 0 to 600 washing machines, you must forego 100 cars. (100 600) - 1/6, the slope of segment BC of the PPF. Note: The PPF indicates that when 150 cars are produced, only 300 washing machines are pr Test bank and solution manual of macro economics 5e (2)oduced. Also note that the answers to this question are the inverse of the answers to questions (b > and (c).e.As you increase the production level ofTest bank and solution manual of macro economics 5e (2)
either good, its opportunity cost eventually increases. When you go from 50 cars produced to 150 cars produced, the cost in terms of washing machinesMacro5e_Ch02_SM.pdfMACRO5e_Ch02_IM.pdfMACRO5_McEachern_Ch02.pdfChapter 2ECONOMIC TOOLS AND ECONOMIC SYSTEMSSOLUTIONS TO END OF CHAPTER PROBLEMS1This q Test bank and solution manual of macro economics 5e (2)ortunity cost in leans of cars forgone rises from 1/6 of a car to 1/4 of a car.6. rhe 1TF will shift inward along the axis measuring cloth production and outward along the axis measuring wheat production. This is represented by a shift from CD to AB on the following graph:0 2017 Cengage Learning. AH Test bank and solution manual of macro economics 5e (2) Rights Reserved. May not be copied, scanned, or duplicated, in utiole or in parr, except for use aspermitted m a license distnlxited with a certain pTest bank and solution manual of macro economics 5e (2)
roduct or service or otherwise on a passw'ord.pnxectcd website tor classroom use.Chapter 2Economic Tools and Economic Systemsb.Moving upward and to thMacro5e_Ch02_SM.pdfMACRO5e_Ch02_IM.pdfMACRO5_McEachern_Ch02.pdfChapter 2ECONOMIC TOOLS AND ECONOMIC SYSTEMSSOLUTIONS TO END OF CHAPTER PROBLEMS1This q Test bank and solution manual of macro economics 5e (2)d have to adjust your schedule so that you would frequent places where there weie inducements to study rather than to party. The library, a quiet spot in the cafeteria, or a café playing classical music and offering quiet solitude would be your quest for at least a few more hours of the week.c.The P Test bank and solution manual of macro economics 5e (2)PF drawn assumes tliat you have a fixed amount of tune as well as some capital. The time you have available can’t change; there are only 24 hours in aTest bank and solution manual of macro economics 5e (2)
day. However, your study skills could be enhanced by training or by acquiring a new computer. This increase in skills and capital in the production oMacro5e_Ch02_SM.pdfMACRO5e_Ch02_IM.pdfMACRO5_McEachern_Ch02.pdfChapter 2ECONOMIC TOOLS AND ECONOMIC SYSTEMSSOLUTIONS TO END OF CHAPTER PROBLEMS1This q Test bank and solution manual of macro economics 5e (2) A parallel shift in the PPF could occur if that new computer also allowed you greater satisfaction partying, if. for example, the Internet opened you to new opportunities for parties.8Items a, c. and d all decrease the amount of labor available; thus, the PPF would shift inward. Item b increases th Test bank and solution manual of macro economics 5e (2)e available labor, and thus the PPF would shift outward.Macro5e_Ch02_SM.pdfMACRO5e_Ch02_IM.pdfMACRO5_McEachern_Ch02.pdfChapter 2ECONOMIC TOOLS AND ECONOMIC SYSTEMSSOLUTIONS TO END OF CHAPTER PROBLEMS1This qMacro5e_Ch02_SM.pdfMACRO5e_Ch02_IM.pdfMACRO5_McEachern_Ch02.pdfChapter 2ECONOMIC TOOLS AND ECONOMIC SYSTEMSSOLUTIONS TO END OF CHAPTER PROBLEMS1This qGọi ngay
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