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.Whether to attend college full time or enter the workforce full timeWhether to buy a new textbook or a used oneWhether to attend a local college or an out-of-town college________________________________________________________________________________________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 cant 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:Raising taxes always increases government revenues.Whenever there is a recession, imports decrease. Therefore, to stop a recession, we should increase imports.Raising the tariff on imported steel helps the U.S. steel industry. Therefore, the entire economy is helped.Gold sells for about $1,200 per ounce. Therefore, the U.S. government could sell all the gold in Fort Knox at $1,200 per ounce to reduce the national debt.________________________________________________________________________________________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. Whats 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. Whats your opportunity cost of going to Florida?________________________________________________________________________________________6. (Shifting Production Possibilities) Determine whether each of the following would cause the economys PPF to shift inward, outward, or not at all:An increase in average length of annual vacationsAn increase in immigrationA decrease in the average retirement ageThe migration of skilled workers to other countries________________________________________________________________________________________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.Higher levels of education for womenHigher unemployment rates for womenHigher average pay levels for womenLower demand for labor in industries that traditionally employ women________________________________________________________________________________________8. (Government) Complete each of the following sentences:Goods that are nonrival and nonexcludable are known as __________________.________________ are cash or in-kind benefits given to individuals as outright grants from the government.A(n) ________________ confers an external benefit on third parties that are not directly involved in a market transaction.________________ refers to the governments pursuit of full employment and price stability through variations in taxes and government spending.
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