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Principles of Macroeconomics

Robert Frank, Ben Bernanke

Chapter 1

Thinking Like an Economist - all with Video Answers

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Chapter Questions

Problem 1

A friend of yours on the tennis team says, "Private tennis lessons are definitely better than group lessons." Explain what you think he means by this statement. Then use the Cost-Benefit Principle to explain why private lessons are not necessarily the best choice for everyone.

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04:05

Problem 2

True or false: Your willingness to drive downtown to save $$\$ 30$$ on a new appliance should depend on what fraction of the total selling price $$\$ 30$$ is.

Khoobchandra Agrawal
Khoobchandra Agrawal
Numerade Educator

Problem 3

Why might someone who is trying to decide whether to see a movie be more likely to focus on the $$\$ 10$$ ticket price than on the $$\$ 20$$ she would fail to earn by not babysitting?

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Problem 4

Many people think of their air travel as being free when they use frequent-flyer coupons. Explain why these people are likely to make wasteful travel decisions.

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Problem 5

Is the nonrefundable tuition payment you made to your university this semester a sunk cost? How would your answer differ if your university were to offer a full tuition refund to any student who dropped out of school during the first two months of the semester?

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