A total of 8 Discussion Questions.
Very simple, easy, and straightforward.
Please respond thoroughly and in depth with complete paragraphs
________________________________________________________________________________________
1. Please respond to the following question. Make sure to elaborate as much as you can. In your response you can include prompts (questions) for your classmates.
(Rational Self-Interest) Discuss the impact of rational self-interest on each of the following decisions.
________________________________________________________________________________________
2. Theory is one of the key component of scientific reasoning. Please respond to the following question.
(Role of Theory) What good is economic theory if it can’t predict the behavior of a specific individual?
________________________________________________________________________________________
3. (Pitfalls of Economic Analysis) Review the discussion of the pitfalls of economic thinking. Then identify the fallacy, or mistake in thinking, in each of the following statements:
________________________________________________________________________________________
4. (Sunk Cost and Choices) Suppose you go to a restaurant and buy an expensive meal. Halfway through, despite feeling 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?
________________________________________________________________________________________
5. (Opportunity Cost) You can either spend spring break either working at home for $80 per day for five days or go to Florida for the week. If you stay home, your 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 of going to Florida?
________________________________________________________________________________________
6. (Shifting Production Possibilities) Determine whether each of the following would cause the economy’s PPF to shift inward, outward, or not at all:
________________________________________________________________________________________
7. (Evolution of the Household) Determine whether each of the following would increase or decrease the opportunity costs for mothers who decide not to work outside the home. Explain your answers.
________________________________________________________________________________________
8. (Government) Complete each of the following sentences:
Hi there! Click one of our representatives below and we will get back to you as soon as possible.