Table of contents

1. Introduction to Macroeconomics1h 57m
2. Introductory Economic Models59m
3. Supply and Demand3h 43m
4. Elasticity2h 26m
5. Consumer and Producer Surplus; Price Ceilings and Price Floors3h 40m
6. Introduction to Taxes1h 25m
7. Externalities1h 3m
8. The Types of Goods1h 13m
9. International Trade1h 16m
10. Introducing Economic Concepts49m
11. Gross Domestic Product (GDP) and Consumer Price Index (CPI)1h 37m
12. Unemployment and Inflation1h 15m
13. Productivity and Economic Growth1h 17m
14. The Financial System1h 37m
15. Income and Consumption52m
16. Deriving the Aggregate Expenditures Model1h 22m
17. Aggregate Demand and Aggregate Supply Analysis1h 18m
18. The Monetary System1h 1m
19. Monetary Policy1h 32m
20. Fiscal Policy1h 0m
21. Revisiting Inflation, Unemployment, and Policy46m
22. Balance of Payments30m
23. Exchange Rates1h 16m
24. Macroeconomic Schools of Thought40m
25. Dynamic AD/AS Model35m
26. Special Topics11m

1. Introduction to Macroeconomics

Introduction to Economics

Macroeconomics

1. Introduction to Macroeconomics

Introduction to Economics

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Multiple Choice

The opportunity cost of going to a baseball game is

The face value of the ticket

The face value of the ticket plus the cost of snacks at the ballpark

The total cash spent plus the value of your time

Zero, if you enjoyed the baseball game

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Verified step by step guidance

Understand the concept of opportunity cost: Opportunity cost refers to the value of the next best alternative that is foregone when a decision is made. It is not just the monetary cost, but also includes the value of time and other resources sacrificed.

Identify the components of opportunity cost in this scenario: When attending a baseball game, the opportunity cost includes not only the face value of the ticket but also any additional expenses incurred, such as snacks, and importantly, the value of the time spent at the game.

Consider the value of time: The time spent at the baseball game could have been used for other activities, such as working, studying, or engaging in another leisure activity. The value of this time should be included in the opportunity cost.

Evaluate the enjoyment factor: While enjoyment is a subjective benefit, it does not negate the opportunity cost. Even if the game is enjoyable, the opportunity cost still includes the total cash spent and the value of time, as these are resources that could have been used elsewhere.

Conclude with the correct understanding: The opportunity cost of going to the baseball game is the total cash spent (ticket and snacks) plus the value of your time, as these are the resources foregone to attend the game.