10 pts)a. Is the study of GDP part of macroeconomics or microeconomics? b. Is the choice...
- 10 pts)a. Is the study of GDP part of macroeconomics or microeconomics?
b. Is the choice that has a zero opportunity cost the best choice or the worst choice?
c. A certain change has a marginal benefit of $ 400 and a marginal cost of $ 300, Should this change be undertaken or not?
d. Is economics best defined as the study of scarcity or the study of abundance?
Homework Answers
10.
a. Macroeconomics is the study of performance of an economy in terms of inflation, changes in GDP, national income and changes in unemployment.
b. Opportunity cost is the value of the next possible alternative given up for selecting a good. So, when an opportunity cost is zero, it would be difficult to compare the available options or alternatives and make the best decision.
c. Yes, as the marginal benefit is higher than the marginal cost, it needs to be undertaken.
d. Economic concepts are best studied when the available resources are scarce, so that the resources can be used efficiently. When resources are abundant, it would not be wise to decide on best allocation of resources.
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