What can a decision-making grid do?
a) tell you the right course of action
b) show you every possible consequences of your decision
c) help you determine some of the opportunity costs for your decision
d) show you every possible benefit of your decisions
Ans: c) help you determine some of the opportunity costs for your decision
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Jerry is studying three nights per week and his grade point average is 3.1. He wants a higher GPA and decides to study an extra night each week. His GPA now rises to 3.5
Had Jerry not decided to study an extra night, he would have spent this night with his friends. What is Jerry's marginal benefit from studying for one additional night a week? What is his marginal cost of increasing the study time by one night per week? Why does Jerry decide to study an extra night?
During the first 6 months of 2008, the United States imported from Africa, Asia, and Latin America more than 1.6 billion pounds of coffee and did not export any coffee. Based on this, we know definitively that
A) Africa, Asia, and Latin America have comparative advantage in coffee production. B) the United States has absolute advantage in coffee production. C) Africa, Asia, and Latin America have absolute advantage in coffee production. D) the United States has comparative advantage in coffee production.
Which of the following happens to the demand for coffee when the price increases?
a. It stays the same.
b. It decreases.
c. It increases
d. It fluctuates.
Answer the following questions true (T) or false (F)
1. If additional units of a good are produced at an increasing opportunity cost, the production possibilities frontier would be bowed outward (concave). 2. On a diagram of a production possibilities frontier, economic decline (negative growth) is represented by the production possibilities frontier shifting inward. 3. If Sanjaya can shuck more oysters in one hour than Tatiana, then Sanjaya has a comparative advantage in shucking oysters.