15. Which statement demonstrates one of the three principles of economy-wide int

Question

15. Which statement demonstrates one of the three principles of economy-wide interactions? Your roommate offers to pay for the movie tickets if you drive to the theater. A city builds a new public park on the grounds of an abandoned warehouse. O In 2008, fearing a recession, Congress approved a White House proposal to rebate some taxes for 2007. OA student chooses to rent a movie with friends, rather than study for an economics quiz 16. I know when I shop at the local grocery store, I am helping my community. Which economic principle does this statement BEST represent? Overall spending sometimes gets out of line with the economy's productive capacity One person's spending is another person's income People usually respond to incentives, exploiting opportunities to make themselves better off. There are gains from trade. 17. Using marginal analysis to decide whether to consume an additional slice of pizza requires making a comparison of the benefits and costs associated with the consumption of an additional slice of pizza. False O True 18. Trade theoretically allows people to get more of what they want. False O True 19. Handicapped-designated parking spaces are an example of the market economy achieving efficiency O False O True

Explanation / Answer

15) The correct choice is :- A student chooses to rent a movie with friends, rather than study for an economics quiz

Explanation : - The above statement represents opportunity cost. The real cost of an item is its opportunity cost what you must give up in order to get it. By renting movie with friends the student is giving up the time to study for an economics quiz.

16) The correct answer is :- There are gains from trade

Explanation:- By shopping at the local grocery store a transaction takes place where goods and sevices are exchanged for money. The person who shops gains the goods or service and the local grocery shop gains by receiving money.

17) The correct answer is True

Explanation : - Marginal analysis involves comparing the additional benefits gained from consuming a good with the additional cost of consuming the good .

18) The correct answer is True

Explanation : -  Trade allows people to have more products than they are able to make on their own.

Related Questions

Navigate

• Browse (All)
• Browse 1
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.