DoneMidterm 1 1. Economists assume that people respond to: other people. social

Question

DoneMidterm 1 1. Economists assume that people respond to: other people. social interest. O incentives. 2. The invisible hand concept is always present as a force in market outcomes never present as a force in market outcomes frequently present as a force in market outcomes. not well understood as it relates to market Bl Gates dropped out of cofege and founded Microsot. His opportunity cost of continuing to attend college was tuition, the cost of books, and room and board tuition, the cost of books, and a low-paying job tuition, the cost of books, and the income from his Microsoft pursuits only the income from his Microsoft pursuts. Deciding whether to study an additional hour for an exam by comparing the additional benefits to the additional costs of an extra hour of study is an excample of the social interest the invisible hand. marginal thinking the power of S. An examplie of a marginal decision is deciding whether to: nvest haf your savings in Google or Microso O buy one more apple or one more banana commit your life to economics or biology study for 5 hours or for 10 hours 6. Economic growth in the moderm era is primanily due to the: in the number of n money 3 4 5 6 8 2

Explanation / Answer

2) The answer is A -) Always present as a force in a market outcome.

because, the invisible hand refers to the market where consumer and producer think for thier own self interest and found their best possible outcome .

3) The answer is C -) tuition, the cost of books, and the income from his Microsoft pursuits.

becuase opportunity cost is defined as the next best alternative.Bill gate opportunity cost of attend college tuition, the cost of books, and the income from his Microsoft pursuits.

4) The answer is C-) Marginal Thinking.

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