ECON 1000 Midterm: ECON 1000 Kennesaw State ECON1000 Summer2018 Exam1BB Key
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A. c. and zack produce surfboards and hair gel. A. c. "s opportunity cost of producing a surfboard is lower than zack"s opportunity cost of producing a surfboard. The _________________ suggests that they can increase their total output of these two goods if a. c. focuses his production on surfboards while zack focuses his production on hair gel. In 2006 the u. s. government paid a million reward to informants who provided information which led to the successful killing of terrorist khadaffy janjalani in the philippines. In this example the u. s. government used _______________ to obtain the desired information. a material incentive. Normative statements attempt to assess the desirability of how the world is or functions, often with suggestions of things that could be done to improve outcomes. Markets for goods and services and markets for factors of production. The essay ________________ illustrates the importance of spontaneous order in a market system. Economic man (aka, homo economicus) is both rational and self-interested.
