1. You have one scarce hour to spend between studying for an examination or taking classes in a tutorial for Rs. 200 per hour. You choose to study for examination. What is the opportunity cost of studying?
2. Describe the trade-off faced by a member of Congress deciding how much to spend on national parks and a Maths professor deciding whether to prepare for class.
3. While providing poor students with midday meal package, what is the government trying to improve efficiency or equality?
4. Suppose USA has a high average wage level and a high level of output per person, while China has a low average wage level and low level of output per person. Which Country can benefit from trade?
5. You like the movie “Tumbbad” and want to visit the movie as many times as possible. The total satisfaction derived from watching movie is given in the following table.