principles of economics potx

... pounds of potatoes. If you give me 1 of those 4 pounds, I’ll give you 3 pounds of meat in return. In the end, you’ll get to eat 3 pounds of potatoes and 3 pounds of meat every week, instead of the 2 ... ac- tivities of millions of people with varying tastes and abilities. As a starting point for this analysis, here we consider the reasons for economic interdependence. One of...

Ngày tải lên: 28/06/2014, 18:20

... amount of income— $100,000 in our example—were fixed. But, in fact, it is not. Utilitarians reject com- plete equalization of incomes because they accept one of the Ten Principles of Economics ... veil of ignorance would be to maximize the average utility of members of society, and the resulting notion of justice would be more utilitarian than Rawlsian. LIBERTARIANISM A th...

Ngày tải lên: 18/10/2013, 00:15

... effect on labor supply of winning such a large prize is substantial. Similar results were found in a study, published in the May 1993 issue of the Quarterly Journal of Economics, of how receiving a ... cutting back on the luxury of meat and buying more of the staple food of potatoes. Thus, it is argued that a higher price of potatoes actually raised the quantity of potatoes...

Ngày tải lên: 24/10/2013, 18:15

... the health of our children, the quality of their education, or the joy of their play. It does not include the beauty of our poetry or the strength of our marriages, the intelligence of our public debate ... Americans. 506 PART EIGHT THE DATA OF MACROECONOMICS CASE STUDY INTERNATIONAL DIFFERENCES IN GDP AND THE QUALITY OF LIFE One way to gauge the usefulness of GDP as a measu...

Ngày tải lên: 29/10/2013, 01:15

... Bureau of Labor Statistics did revise the basket of goods B EHIND EVERY MACROECONOMIC STATISTIC are thousands of individual pieces of data on the economy. This article fol- lows some of the people ... a higher or lower standard of liv- ing than today’s players. MEASURING THE COST OF LIVING 508 PART EIGHT THE DATA OF MACROECONOMICS maternal mortality, higher rates of child ma...

Ngày tải lên: 29/10/2013, 01:15

... ideas. In the rest of this chapter, we look at Ten Principles of Economics. These principles recur throughout this book and are introduced here to give you an overview of what economics is all ... changes small incremental adjustments to a plan of action CHAPTER 1 TEN PRINCIPLES OF ECONOMICS 7 thinking at the margin. Imagine that a plane is about to take off with ten emp...

Ngày tải lên: 08/11/2013, 00:15

... task. The field of economics is based on a few basic ideas that can be applied in many dif- ferent situations. Throughout this book we will refer back to the Ten Principles of Economics highlighted ... three examples of important tradeoffs that you face in your life. 2. What is the opportunity cost of seeing a movie? 3. Water is necessary for life. Is the marginal benefit of a...

Ngày tải lên: 08/11/2013, 00:15

... source of the inefficiency were eliminated, the economy could move from point B to point A, increasing production of both cars (to 700) and computers (to 2,000). One of the Ten Principles of Economics ... less of the other. When the economy moves from point A to point C, for instance, society produces more computers but at the ex- pense of producing fewer cars. Another of th...

Ngày tải lên: 08/11/2013, 00:15

... well-being of others? Explain. 2. Suppose that the residents of Vegopia spend all of their income on cauliflower, broccoli, and carrots. In 2001 they buy 100 heads of cauliflower for $200, 50 bunches of ... overall level of prices. The consumer price index compares the price of a fixed basket of goods and services to the price of the basket in the base year. Only occasionall...

Ngày tải lên: 08/11/2013, 00:15