Brent has been saving up money for months to buy a new gaming console, but he can’t decide which one to buy. He could buy the more expensive and powerful Sony PlayStation 5 along with two games, or choose the less powerful Nintendo Switch and be able to afford six games. He only has $600 saved up and knows that he can only choose one.   Which big idea of economics does this scenario illustrate?

Figure: Housing Elasticities Consider the housing market in Columbia, where the initial demand for housing is represented by the curve D1. Due to a 90% increase in demand for housing, the demand curve shifts outwards to D2. After the shift in demand, the observed market price for housing increases by 46.6%. Based on this information, which of the supply curves represents the supply of housing? If the quantity of housing supplied only increased 10%, what is the elasticity of supply? Based on your answers, does Columbia have an open-access or a closed-access housing market?

Which of the following is an example of thinking at the margin?

According to MyPlate and the 2020-2025 Dietary Guidelines for Americans, when choosing grain-based foods, at least how many selections each day should be whole grain instead of refined grain?

All but one of the following increase the likelihood that excess Calories will be stored as fat in the area of the body that increases the risk of atherosclerotic cardiovascular disease, hypertension, type 2 diabetes, and many cancers? Which one of the following does NOT lead to fat being stored in the area that is harmful to health? 

The BMI range that is associated with the lowest risk of developing type 2 diabetes, hypertension, and many cancers is 30.0 to 35.0 kg/m2.

A person who follows a vegan dietary pattern needs to supplement the diet with vitamin B12 (cobalamin) in fortified foods or a dietary supplement. Vitamin B12 (cobalamin) is in animal foods.

A positive effect on the observer when conducting safety observations is the “observer effect.” What is the observer effect?

By imposing a ban on the use of trans fat in New York City restaurants, the government

Figure 3.4 In Figure 3.4, the reason for the wage differential could be the fact that