Macroeconomics

Roger A. Arnold

Chapter 1 What Economics is About? - all with Video Answers

Educators

Chapter Questions

Problem 1

The United States is considered a rich country because Americans can choose from an abundance of goods and services. How can there be scarcity in a land of abundance?

Kaylee Mcclellan

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03:41

Problem 2

Give two examples for each of the following: (a) an intangible good, (b) a tangible good, $(\mathrm{c})$ a bad.

Puneet Prajapati

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01:24

Problem 3

Give an example of something that is a good for one person and a bad for someone else.

Kaylee Mcclellan

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02:16

Problem 4

What is the difference between labor as a resource and entrepreneurship as a resource?

Tommy Nguyen

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03:29

Problem 5

Can either scarcity or one of the effects of scarcity be found in a car dealership? Explain your answer.

Manzoor Malik

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09:28

Problem 6

Explain the link between scarcity and each of the following:
(a) choice, (b) opportunity cost, (c) the need for a rationing device, and (d) competition.

Noor Almesad

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01:03

Problem 7

Is it possible for a person to incur an opportunity cost without spending any money? Explain.

Oluwadamilola Ameobi

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01:40

Problem 8

Discuss the opportunity costs of attending college for four years. Is college more or less costly than you thought it was? Explain.

Jingchi Yan

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02:37

Problem 9

Explain the relationship between changes in opportunity cost and changes in behavior.

Ameer Said

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00:41

Problem 10

Smith says that we should eliminate all pollution in $\mathrm{t}$ world. Jones disagrees. Who is more likely to be an econ mist, Smith or Jones? Explain your answer.

Sandile Ndlovu

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03:17

Problem 11

A friend pays for your lunch. Is this an example of a free lunch? Why or why not?

Pragya Ahuja

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01:34

Problem 12

A layperson says that a proposed government project simply costs too much and therefore shouldn't be undertaken. How might an economist's evaluation be different?

Majid Borumand

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00:53

Problem 13

Economists say that individuals make decisions at the mat gin. What does this mean?

Srikar Katta

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01:54

Problem 14

How would an economist define the efficient amount of time spent playing tennis?

Xiaomin Bian

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01:44

Problem 15

Ivan stops studying before the point at which his marginal benefits of studying equals his marginal costs. Is Ivan forfeiting any net benefits? Explain your answer.

Xiaomin Bian

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00:28

Problem 16

What does an economist mean if she says that there are no $\$ 10$ bills on the sidewalk?

Emily Brown

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00:25

Problem 17

A change in $X$ will lead to a change in $Y .$ The predicted change is desirable, so we should change $X .$ Do you agree or disagree? Explain.

Stephanie Gaston

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02:22

Problem 18

Why do people enter into exchanges?

Parvati Devi

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04:12

Problem 19

When two individuals enter into an exchange, you can be sure that one person benefits and the other person loses. Do you agree or disagree with this statement? Explain your answer.

Kanishk Mishra

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02:21

Problem 20

What is the difference between positive economics and normative economics? Between microeconomics and
macroeconomics?

Mihir Nayar

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00:11

Problem 21

Would there be a need for a rationing device if scarcity did not exist? Explain your answer.

Norman Atentar

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02:51

Jackie's alarm clock buzzes. She reaches over to the small table next to her bed and turns it off. As she pulls the covers back up, Jackie thinks about her 8: 30 American history class. Should she go to the class today or sleep a little longer? She worked late last night and really hasn't had enough sleep. Besides, she's fairly sure her professor will be discussing a subject she already knows well. Maybe it would be okay to

Samriddhi Singh

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05:31

Problem 23

If you found $\$ 10$ bills on the sidewalk regularly, we might conclude that individuals don't try to maximize net benefits. Do you agree or disagree with this statement. Explain your answer.

Md.Daniyal Arshad

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03:21

Problem 24

The person who smokes cigarettes cannot possibly be thinking in terms of costs and benefits because it has been proven that cigarette smoking increases one's chances of getting lung cancer. Do you agree or disagree with the part of the statement that reads "the person who smokes cigarettes cannot possibly be thinking in terms of costs and benefits"? Explain your answer.

Christina Sorrentino

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01:51

Problem 25

Janice decides to go out on a date with Kyle instead of Robert. Do you think Janice is using some kind of rationing device to decide whom she dates? If so, what might that rationing device be?

Kaylee Mcclellan

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00:28

Problem 26

A theory is an abstraction from reality. What does this statement mean?

David Collins

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Problem 1

Problem 2

Problem 3

Problem 4

Problem 5

Problem 6

Problem 7

Problem 8

Problem 9

Problem 10

Problem 11

Problem 12

Problem 13

Problem 14

Problem 15

Problem 16

Problem 17

Problem 18

Problem 19

Problem 20

Problem 21

Problem 22

Problem 23

Problem 24

Problem 25

Problem 26