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Chapter 1: Q 2RQ. (page 9)
Why do indifference curves slope down?
It slopes downward due to diminishing marginal utility.
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A consultant works for $200 per hour. She likes to eat vegetables but is not very good at growing them. Why does it make more economic sense for her to spend her time at the consulting job and shop for her vegetables?
How did John Maynard Keynes define economics?
What is an example of a problem in the world today, not mentioned in the chapter, that has an economic dimension?
Suppose we extend the circular flow model to add imports and exports. Copy the circular flow diagram onto a sheet of paper and then add a foreign country as a third agent. Draw a rough sketch of the flows of imports, exports, and the payments for each on your diagram.
Are firms primarily buyers or sellers in the goods and services market? In the labor market?
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