A . Give an economics-based explanation for why class attendance is usually higher on the first day of class and on the days before major exams. b. Describe some policies that your instructor could implement to reduce absences and give an economics-based explanation of why they would have the desired effect
a . The opportunity cost of missing class on the first day is relatively high since instructors usually provide useful information on the first day (for instance, information about grading policies and exam
schedules). Similarly, the opportunity cost of missing class on the days before major exams is relatively high because instructors often spend time reviewing or providing useful exam information.
b. Some possible policies to reduce absences are to: assign extra credit or a grade for attendance, penalize students for missing classes, or give pop quizzes. These policies promote attendance by raising the opportunity cost of missing class.
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The gross domestic product of a nation measures:
a. the amount of goods and services exported by the nation. b. the amount of goods and services imported by the nation. c. total expenditures by the nation's government d. the size of the nation's economy.
Game theory is:
A. the study of how people behave strategically under different circumstances. B. used to evaluate the microeconomic choices that involve probabilities of different outcomes. C. used to predict the winners of only certain types of strategic games. D. the study of games of chance like solitaire or betting on horse races.
Specialization and exchange
A. creates benefits for both individuals and nations. B. does NOT particularly benefit either individuals or nations. C. can benefit individuals but not nations. D. can benefit nations but not individuals.
How are producer and consumer surpluses maximized in a competitive market?
What will be an ideal response?