The economic problem means that, both individually and socially, we must make choices and that all choices have costs. Economists understand that costs are not only those that we pay in money (“explicit costs”), but also the costs of the things that we give up to get what we want (“implicit costs”). Let’s say that you have the choice of going to a movie for three hours with your friends (which costs a total of $15 for the ticket and snacks) OR you can babysit for the same time for $10 an hour. You choose to babysit. What are the TOTAL costs of this decision to you (don’t forget, costs are more than money, they are what you give up)? (Name and describe at least four.)

1. all other things equal, according to the law of demand, when the price of a good falls, the demand for the good falls the demand for the good rises the quantity demanded of the good falls the quantity demanded of the good rises 2. when a market is in equilibrium, the quantity of the good that buyers are willing and able to buy exactly equals the quantity that sellers are willing and able to sell cannot be determined is less than the quantity that sellers are willing and able to sell is greater than the quantity that sellers are willing and able to sell 3. which of the following factors does not influence the demand for a good or service? consumer (buyer) income the price of related goods the number of sellers buyer expectations 4. when the number of sellers in a market increases, demand rises supply rises the price rises, all else equal the number of buyers falls

Which of the following services will be provided by a full-service broker but not by a discount broker? i. research of potential investment opportunities ii. purchase and sale of stock at your request iii. recommendation of investments a. i and iii b. ii only c. iii only d. i, ii, and ii

Russell's study compared gpa of those students who volunteered for academic study skills training and those who did not elect to take the training. he found that those who had the training also had higher gpa. with which validity threat should russell be most concerned?