Macroeconomics
Chapter 2
2-1 Describe the relationship between choice and opportunity cost.
Question # 1. (sunk cost and choice) suppose you go to a restaurant and buy an expensive meal. Halfway through despite feeling quite full, you decide to clean your plate. After all, you think you paid for the meal. So you are going to eat all of it. What’s wrong with this thinking?.
The answer should be at least 200 words and all resources used must have accompanying citation. All references and citations use must be in APA format.
Question # 2.(Opportunity cost) you can spend spring break either at home working for $80 per day for five days or go to Florida for the week. If you stay home you expenses will total about $100. If you go to Florida, the airfare, hotel, food, and miscellaneous expenses will total about $700. What’s your opportunity cost for going to Florida?.
The answer should be at least 200 words and all resources used must have accompanying citation. All references and citations use must be in APA format.
2-2 Explain how comparative advantage, specialization, and exchange affect economic outcomes (output)
Question # 3 (specialization) provide some examples of specialized markers or retail outlets. What makes the web so conducive to specialization?.
The answer should be at least 200 words and all resources used must have accompanying citation. All references and citations use must be in APA format.
The course textbook is: McEachern. W. A (2015). RCON macroeconomics (4thed.) Stamford, CT, Cengage Learning