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Q1. What is an opportunity cost? How does the idea relate to the definition of economics? Which of the following decisions would entail the greater opportunity cost: Allocating a square block in the heart of New York City for a surface parking lot or allocating a square block at the edge of a typical suburb for such a lot? Explain.

Q3.KEY QUESTION Cite three examples of recent decisions that you made in which you, at least implicitly, weighed marginal cost and marginal benefit.

Q5KEY QUESTION Indicate whether each of the following statements applies to microeconomics or macroeconomics

Macroeconomics Chapter 2
Q1Contrast how a market system and a command economy try to cope with economic scarcity.

Q3 Why is private property, and the protection of property rights, so critical to the success of the market system?

Chapter 3
Q3KEY QUESTION What effect will each of the following have on the demand for small automobiles such as the Mini Cooper and Smart car?

Q6 KEY QUESTION What effect will each of the following have on the supply of auto tires?