College-age athletes who drop out of college to play professional sports

College age athletes who drop out of college to play professional sports Are not rational decision makers Are well aware that their opportunity cost of attending college is very high Are concerned more about present circumstances than their future Underestimate the value of college education A marginal change is a Long-term trend Large, significant adjustment Change for the worse, and so is usually short-term Small incremental adjustment People make decisions at the margin by Following tradition Experience Calculating dollar costs Comparing costs and benefits Economists understand that people respond to Laws Incentives Threats more than rewards Positives, but not negatives A rational decision maker takes an action only if the Marginal benefit is greater than the marginal cost Marginal benefit is less than the marginal cost Average benefit is greater than the average cost Marginal benefit is greater than both the average cost and the marginal cost Which is the most accurate statement about trade? Trading for a good can make a nation better off only if the nation cannot produce that good itself Trade makes some nations better off and others worse off Trade helps rich nations and hurts poor nations Trade con make every nation better off which of the following is the best statement about markets? Because people usually exploit gains from trade, markets usually lead to efficiency Markets are usually Inferior to central planning as a way to organize economic activity Markets fail and therefore not an acceptable way to organize economic activity Markets are a good way to organize economic activity in developed nations, but not in less developed nations Economists use models in order to Learn how the economy works Make their profession appear more precise Make economics difficult for students Make sure that all the details of the economy are included in their analysis 17. A model is A theoretical abstraction with very little value Useful to only the ones who constructed it A simplification of real life None of the above University age professional athletes who fall far from institution to test out expert tasks are not rational option makers are really aware that their particular chance cost of gonna institution is very large come to mind more info on existing situations than their particular future Underestimate the well worth of institution education a limited customization is a lasting trend huge, considerable customization replace the a whole lot worse, therefore is generally temporary small progressive customization people make alternatives at margin by After custom knowledge determining dollar expenditures Comparing expenditures and benefits Economists realize people answer rules rewards Threats over advantages Positives, but downsides a rational option maker takes an activity only once the Marginal benefit exceeds the limited expenditure Marginal benefit is in limited expenditure typical benefit exceeds the normal expenditure Marginal benefit exceeds both regular expenditure and limited expenditure which is the most precise statement about trade? Trading for a great is likely to make a nation most readily useful off only once society cannot produce that great itself Trade tends to make some nations most useful down while others a whole lot worse off Trade helps wealthy nations and hurts bad nations Trade con make every nation most useful down which from the following is the foremost statement about places? Because people usually make use of gains from trade, places usually result effectiveness places tend to be inferior to top planning to organize monetary task places fail for that reason not an appropriate choice to organize monetary task places are a good solution to organize monetary task in evolved nations, yet less evolved nations Economists use designs to discover what sort of economic climate works Make their particular job appear much more precise create business economics difficult for students make sure every little thing from the economic climate tend to be found in their particular evaluation 17. A model is A theoretical abstraction with little to no price useful to simply the folks who built it A simplification of accurate nothing from the overhead
Q9 is answered the following.
from education. Indicating chance expenditure from discovering tend to be
consider that internet benefits from tasks far surpasses the massive advantages
over chance cost of playing. For that reason they choose playing
For institution professional athletes who choose going to play specialist
tasks in the place of discovering tend to be rational decission makers and are usually

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