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Macroeconomics Critical Analysis Questions Chapters 1 & 2 Answer and submit using APA format the following Critical Analysis Questions: Chapter 1...

Critical Analysis Questions Chapters 1 & 2

Answer and submit using APA format the following Critical Analysis Questions:

Chapter 1 – 3 & 7

Chapter 2 – 6, 7, 13

Macroeconomics Critical Analysis Questions Chapters 1 & 2 Answer and submit using APA format the following Critical Analysis Questions: Chapter 1 – 3 & 7 Chapter 2 – 6, 7, 13 Chapter 1 7-A restaurant offers an “all you can eat” lunch buffet for $10. Shawn has already eaten three servings, and is trying to decide whether to go back for a fourth. Describe how Shawn can use marginal analysis to make his decision 3- a. What method is used to ration goods in a market economy? How does this rationing method influence the incentive of individuals to supply goods, services, and resources to others? b. How are grades rationed in your economics class? How does this rationing method influence student behavior? Suppose the highest grades were rationed to those whom the teacher liked best. How would this method of rationing influence student behavior? Chapter 2 6. If you have a private-ownership right to something, what does this mean? Does private ownership give you the right to do anything you want with the things that you own? Explain. How does private ownership influence the incentive of individuals to (a) take care of things, (b) conserve resources for the future, and (c) develop and modify things in ways that are beneficial to others? Explain. 7. What is the law of comparative advantage? According to the law of comparative advantage, what should be the distinguishing characteristics of the goods a nation produces? What should be the distinguishing characteristics of the goods a nation imports? How will international trade influence people’s production levels and living standards? Explain 13. Two centuries ago, there were more buffalo than cattle in the United States. Even though millions of cattle are killed for beef consumption each year, the cattle population continues to grow while the buffalo are virtually extinct. Why?
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W1 Macroeconomics Q.docx

Answer 7) Law of diminishing marginal utility states that the first unit of consumption
of a good or service will yields more utility than the second and subsequent units of
same commodity. Since,...

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