Questions For Review

1. Give three examples of important trade-offs 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 glass of water large or small?

4. Why should policymaking think abivut incentives?

5. Why isn't trade among countries like a game with some winners and some losers?

6. What does the "invisible haixT of the market-place do?

7. F.xplain the two main causes of market failure and give an example of each.

8. Why is productivity important?

9. What is inflation and what causes il?

10. How are inflation and unemployment related in the short run?

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