Liberty ECON 213 InQuizitive Ch. 1 Answers Complete Solutions
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Which of the items listed fit the definition of a market?
Arrange the circumstances chronologically to illustrate how opportunity costs for the fan described below drive down the numbers of emergency room visits during Boston Red Sox baseball playoff games.
Place the events in order to describe the unintended consequences of a government-created incentive.
1.
Adam prefers activities and goods in the following descending order: 1. Hanging out with friends. 2. Having milkshakes with his mom. 3. Playing video games. 4. Eating fried chicken. Adam’s mom has several chores she wants him to finish. Place the incentives in order, from most effective to least effective, that will encourage Adam to finish his chores. -promising to go with Adam to get milkshakes when he finishes the chores -promising Adam a fried chicken dinner after he gets done with chores -Taking away Adam’s video game until he finishes chores -not letting Adam leave home or have visitors until he finishes the chores
2.
Caroline has several options for how to spend her Saturday night, listed in order of descending preference: Go to a folk music concert with a friend. Get dinner with several of her sorority sisters. Go shopping with her mom. Caroline can only do one activity. -dinner with sorority sisters -shopping with mom -folk music concert
3.
The coach is weighing a slightly ____ risk of losing against a slightly decreased risk of injury to the star quarterback. This weighing of ____ is an example of _____, because the star quarterback was in for most of the game, and the coach’s decision concerns ____ shifts in probabilities with the game nearly over. -incentives -trade-offs -large -decreased -marginal thinking -increased -small
4.
Identify each item as an example of a direct or an indirect incentive. -high corporate income tax rates -frequents flier points awarded by airlines -government-funded debt relief for college graduates -car alarms to discourage break-ins
STATUS
5.
The increased hourly wage acts as ____ to work _____ hours. The wage increase causes the opportunity cost of reading at home to _____. -fewer -decrease -a trade-off -increase -a direct incentive -more -a negative incentive -an indirect incentive
6.
Looking to invest in his first pair of leather dress shoes, Sean is deciding between some Alden slip-ons and some Allen Edmonds wingtips. The Aldens are more expensive. What is included in the opportunity cost of buying the Aldens? – the classic, snazzy look that comes with wearing wingtips -the pride that comes with wearing a pair of Alden shoes -the money that would be spent to buy wingtips -the savings that would come from buying the wingtips -the no-lace convenience of slip-ons
11.
On one hand, _____ are almost always limited, while on the other hand, _____ are practically unlimited. We describe this situation by saying that a condition of _____ exists, which leads to a resource _____ problem.
