Question: Question # What is meant by term utility and how does it relate to purposeful behavior? Answer: What is an opportunity cost?How does the idea

Question # What is meant by term "utility" and how does it relate to purposeful behavior?

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What is an opportunity cost?How does the idea relate to the definition of economics?

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Which of the following decisions would entail the greatest 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?

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Question # Cite three examples of recent decisions that you made in which you, at least implicitly, weighed marginal costs and marginal benefits. (Number each example and put a blank space between each example.)

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Question # Contrast how a market system and a command economy try to cope with economic scarcity.Provide enough detail so that you clearly described the characteristics of each type of economy.(Justify your answers with detail.)

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