They arise due to the need to make choices as there are scarce resources.
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boom
Lose 50 points!
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rocket
Go to first place!
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fairy
Take points!
5
10
15
20
25
lifesaver
Give 25 points!
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15
Distinguish between Obama and Richard Burr’s views on the role of the government in managing the economy.
Obama = government spending to decrease unemployment, rejected the view that the government has no role; Burr says government spending money does not work!
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15
Outline the key differences between the Keynesian vs. Monetarist views on macroeconomics.
Keynesian = need government spending to stabilize economy and spend out of recession; Monetarist = spending won't work and simply leads to inflation
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10
Using an example, explain the opportunity cost that a private company might face when it comes to its daily operations.
The opportunity cost of funding a new product may be to expand into a new geographical location, assuming it's the best choice forgone.
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10
Using a concrete example, explain why consumers might not always act rationally.
Consumers' satisfaction affected by psychological biases (e.g. prices of wines)
