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Suppose that in Germany total annual output is worth $600 million and people work 40 million hours.In France total annual output is worth $700 million and people work 50 million hours.In which country do people enjoy a higher standard of living?

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In Germany. Almost all variati...

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Scenario 1-6 It costs a company $30,000 to produce 600 heart rate monitors.The company's cost will be $30,070 if it produces an additional heart rate monitor.The company is currently producing 600 heart rate monitors. -Refer to Scenario 1-6.A customer is willing to pay $60 for the 601st heart rate monitor.Should the company produce and sell it? Explain.

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No, because the marg...

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Give an example of government intervention that is intended to reduce an externality.

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Laws that restrict t...

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Give an example of a trade-off faced by society.

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Efficiency and equality; a cle...

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What are the two possible causes of market failure?

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Externalit...

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Economists use the term ------ to refer to a situation in which the market on its own fails to produce an efficient allocation of resources.

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In a centrally-planned economy,economic activity is guided by ------.

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Scenario 1-5 Suppose that you have a choice between going to the movies with a friend for three hours or working at your job.If you go to the movies,you will spend $12 on a ticket and $6 on popcorn.If you choose to work,you will earn $10 an hour. -Refer to Scenario 1-5.What is your opportunity cost of working?

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The enjoyment you wo...

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Scenario 1-2 Suppose that you have a choice between going to the movies with a friend for two hours or working at your job.If you go to the movies,you will spend $7 on a ticket and $5 on popcorn.If you choose to work,you will earn $10 an hour. -Refer to Scenario 1-2.What is your opportunity cost of going to the movies?

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Scenario 1-6 It costs a company $30,000 to produce 600 heart rate monitors.The company's cost will be $30,070 if it produces an additional heart rate monitor.The company is currently producing 600 heart rate monitors. -Refer to Scenario 1-6.What is the minimum price that would induce this company to produce the 601st heart rate monitor?

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Scenario 1-4 You have the afternoon free.You have a choice between going to the movies with a friend or studying economics for three hours.If you go to the movies,you will spend $12.00 on a ticket and $4.75 on popcorn.If you choose to study economics for three hours,you will raise your exam grade by 15 points. -Refer to Scenario 1-4.What is your opportunity cost of going to the movies?

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$16.75 and...

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What are the two short-run effects of increasing the quantity of nation's money?

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Higher inf...

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Explain how an attempt by the government to lower inflation could cause unemployment to increase in the short-run.

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To lower inflation, the government may c...

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Scenario 1-3 It costs a company $35,000 to produce 700 graphing calculators.The company's cost will be $35,070 if it produces an additional graphing calculator.The company is currently producing 700 graphing calculators. -Refer to Scenario 1-3.A customer is willing to pay $60 for the 701th calculator.Should the company produce and sell it? Explain.

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No, because the marg...

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What is the main difference between a centrally planned economy and a market economy?

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In a market economy, decisions...

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What are the two basic types of economies?

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Centrally ...

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Scenario 1-1 You have the afternoon free.You have a choice between going to the movies with a friend or studying economics for three hours.If you go to the movies,you will spend $8.00 on a ticket and $4.50 on popcorn.If you choose to study economics for three hours,you will raise your exam grade by 10 points. -Refer to Scenario 1-1.What is your opportunity cost of studying economics?

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The enjoyment you wo...

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Invisible hand is a term used by the economist ------ to describe how the decisions of households and firms lead to desirable market outcomes.

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Under what conditions might government intervention in a market economy improve the economy's performance?

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If there is a market failure, such as an...

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What is another word for "marginal"?

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incrementa...

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