Read the statement below carefully, and decide whether it is true or false. And then explain your answer (whether “true “ or “false”).
a) Tim, a high school senior, decided to sign up with a professional baseball team, instead of going to college. This implies that, to Tim, the benefit of going to college is more than the opportunity cost of doing so.Explain
b) Read the statement below carefully, and decide whether it is true or false. And then explain your answer (whether “true “ or “false”).
As a manager, if you want to discourage your staff-members from doing a certain thing, then you’d arrange it so that -- from their perspective -- the cost of doing that thing would be greater than the benefit of doing it. Explain
c) Read the statement below carefully, and decide whether it is true or false. And then explain your answer (whether “true “ or “false”).
In a command-system farm economy, the head of each household decides what crop to produce in the family farm. Explain.
d) Read the statement below carefully, and decide whether it is true or false. And then explain your answer (whether “true “ or “false”).
In the Circular Flow model of the market system, households are the ones who demand resources in the resource markets. Explain.
e) Read the statement below carefully, and decide whether it is true or false. And then explain your answer (whether “true “ or “false”).
The Law of Demand states that if gold becomes more expensive, then the demand for gold will increase and the D curve shifts to the right. Explain.