By Robin Bade (Author) Michael Parkin (Author)
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Extra info for Microeconomics: Canada in the Global Environment
7 billion upgrading Sochi area infrastructure. 6 billion on hotels and facilities hoping to turn Sochi into a year-round tourist magnet. 4, or $51 billion? Explain your answer. 4) 6. Which of the following statements is positive, which is normative, and which can be tested? a. Canada should cut its imports. b. China is Canada’s largest trading partner. c. The federal government should increase the production of biofuels. ADDITIONAL PROBLEMS AND APPLICATIONS MyEconLab You can work these problems in MyEconLab if assigned by your instructor.
We’ve asked questions but not answered them because we’ve not yet explained the economic principles needed to do so. We answer these questions in future chapters. S. banks were in trouble. They had made loans that borrowers couldn’t repay and they were holding securities the values of which had crashed. Banks’ choices to take deposits and make loans are made in self-interest, but does this lending and borrowing serve the social interest? Do banks lend too much in the pursuit of profit? S. S. Federal Reserve (the Fed) bailed them out with big loans backed by taxpayer dollars.
Working Problem 1 will give you a better understanding of the definition of economics. ■ ■ ■ Working Problems 4 and 5 will give you a better understanding of the economic way of thinking. Economics as Social Science and Policy Tool (p. 11) Two Big Economic Questions (pp. 3–8) ■ ■ Every choice is a tradeoff—exchanging more of something for less of something else. People make rational choices by comparing benefit and cost. Cost—opportunity cost—is what you must give up to get something. Most choices are “how much” choices made at the margin by comparing marginal benefit and marginal cost.