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Q: Give three examples of important trade-offs that you face in

Give three examples of important trade-offs that you face in your life.

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Q: Give an example of a positive statement and an example of a

Give an example of a positive statement and an example of a normative statement that somehow relates to your daily life. Name three parts of government that regularly rely on advice from economists....

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Q: Explain the two main causes of market failure and give an example

Explain the two main causes of market failure and give an example of each.

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Q: Water is necessary for life. Is the marginal benefit of a

Water is necessary for life. Is the marginal benefit of a glass of water large or small?

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Q: What items would you include to figure out the opportunity cost of

What items would you include to figure out the opportunity cost of a vacation to Disneyworld?

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Q: Suppose Americans decide to save more of their incomes. If banks

Suppose Americans decide to save more of their incomes. If banks lend this extra saving to businesses, which use the funds to build new factories, how might this lead to faster growth in productivity?...

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Q: In what ways is your standard of living different from that of

In what ways is your standard of living different from that of your parents or grandparents when they were your age? Why have these changes occurred?

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Q: Discuss each of the following statements from the standpoints of equality and

Discuss each of the following statements from the standpoints of equality and efficiency. a. “Everyone in society should be guaranteed the best healthcare possible.” b. “When workers are laid off, the...

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Q: Explain whether each of the following government activities is motivated by a

Explain whether each of the following government activities is motivated by a concern about equality or a concern about efficiency. In the case of efficiency, discuss the type of market failure involv...

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Q: A 1996 bill reforming the federal government’s antipoverty programs limited many welfare

A 1996 bill reforming the federal government’s antipoverty programs limited many welfare recipients to only two years of benefits. a. How does this change affect the incentives for working? b. How mig...

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