Q: Why should policymakers think about incentives?
Why should policymakers think about incentives?
See AnswerQ: You were planning to spend Saturday working at your part-time
You were planning to spend Saturday working at your part-time job, but a friend asks you to go skiing. What is the true cost of going skiing? Now suppose you had been planning to spend the day studyin...
See AnswerQ: You are trying to decide whether to take a vacation. Most
You are trying to decide whether to take a vacation. Most of the costs of the vacation (airfare, hotel, and forgone wages) are measured in dollars, but the benefits of the vacation are psychological....
See AnswerQ: Describe some of the trade-offs faced by each of the
Describe some of the trade-offs faced by each of the following: a. a family deciding whether to buy a new car b. a member of Congress deciding how much to spend on national parks c. a company presiden...
See AnswerQ: Draw an example of a production possibilities frontier for Robinson Crusoe,
Draw an example of a production possibilities frontier for Robinson Crusoe, a shipwrecked sailor who spends his time gathering coconuts and catching fish. Does this frontier limit Crusoe’s consumption...
See AnswerQ: Suppose that a skilled brain surgeon also happens to be the world’s
Suppose that a skilled brain surgeon also happens to be the world’s fastest typist. Should she do her own typing or hire a secretary? Explain.
See AnswerQ: Robinson Crusoe can gather 10 coconuts or catch 1 fish per hour
Robinson Crusoe can gather 10 coconuts or catch 1 fish per hour. His friend Friday can gather 30 coconuts or catch 2 fish per hour. What is Crusoe’s opportunity cost of catching 1 fish? What is Friday...
See AnswerQ: Suppose that there are 10million workers in Canada and that each of
Suppose that there are 10million workers in Canada and that each of these workers can produce either 2 cars or 30 bushels of wheat in a year. a. What is the opportunity cost of producing a car in Cana...
See AnswerQ: Pat and Kris are roommates. They spend most of their time
Pat and Kris are roommates. They spend most of their time studying (of course), but they leave some time for their favorite activities: making pizza and brewing root beer. Pat takes 4 hours to brew a...
See AnswerQ: American and Japanese workers can each produce 4 cars a year.
American and Japanese workers can each produce 4 cars a year. An American worker can produce 10 tons of grain a year, whereas a Japanese worker can produce 5 tons of grain a year. To keep things simpl...
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