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a good is said to be scarce when
mclec06h ch01-0109m A good is said to be...
What do economists mean when they state that a good is scarce? a. The amount of...
What do economists mean when they state that a good is scarce? a. The amount of the good that people would like exceeds the supply freely available from nature. b. People will want to buy more of the good regardless of the price of the good. c. It is impossible to expand the availability of the good beyond the current amount. d. There is a shortage or insufficient supply of the good at the existing price.
27. If consumers' income increases by one dollar and consumers consume both food and non-food, a....
27. If consumers' income increases by one dollar and consumers consume both food and non-food, a. spending on food consumption will always increase. b. spending on food consumption will increase but by less than one dollar if both food and non- food are normal goods. c. spending on food consumption will increase only if non-food is inferior good. d. spending on food consumption will increase only if non-food is normal good. 28. A reduction in the price of good A...
Economic scarcity exists only when an economy fails to use its resources fully or efficiently. only...
Economic scarcity exists only when an economy fails to use its resources fully or efficiently. only when the price that consumers are willing and able to pay for a good exceeds its cost. when human needs and wants are limited and the economy’s ability to satisfy them is unlimited. when human needs, wants, and desires exceed an economy’s ability to satisfy them given available resources and current technology. only when all goods and resources are physically scarce and current technology...
If the demand for good decreases when income increases, the good is called an ().... If...
If the demand for good decreases when income increases, the good is called an ().... If the demand for good 1 goes up when the price of good 2 goes up, good 1 is (2...or If the demand for good 1 goes down when the price of good 2 goes up, good 1 is a (3 Increases in income m shift the constraint (4).. in a parallel manner, thereby enlarging the set and improving choice Decreases in income m shift...
Question 2 Because resources are scarce, the opportunity cost to an economy of investment in capital...
Question 2 Because resources are scarce, the opportunity cost to an economy of investment in capital assets is zero. forgone future consumption. forgone present consumption. infinite. According to Figure 1 below, as the economy moves from Po A to Point E, the opportunity cost of motorcycles, measured int o ondan Hybrid cars Motorcycles Figure 1 decreases increases remains constant initially increases, then decreases estion 4 Refer to Table 1 below. Table 1 Molly Pete Avatar Design Tattoo Design Which of...
1. The reservation wage likely increases when A. the price of consumption increases. B. the wage...
1. The reservation wage likely increases when A. the price of consumption increases. B. the wage increases. C. the price level (of consumption and wages) increases. D. non-labor income increases. E. one is a discouraged worker. 2. Due to the added worker effect, the labor force participation rate A. increases during a recession. B. decreases during a recession. C. a fairly useless statistic. D. over-counts the number of workers wanting a job. E. over-counts the number of workers with a...
15.Demand tends to be more elastic when A. price is high, and more inelastic when price...
15.Demand tends to be more elastic when A. price is high, and more inelastic when price is low. B. price is low, and more inelastic when price is high. C. the demand curve is very steep. D. the quantity demanded is larger. 16.If increasing the admission charge for National Parks increases the National Park Service’s total revenue, then the demand for National Park visits is A.inelastic. B.elastic, but not perfectly elastic. C.perfectly elastic. D.a perfectly horizontal line. 20. When consumers’...
will have a production possibility In the Heckscher-Ohlin model, the country with the relative abundance of...
will have a production possibility In the Heckscher-Ohlin model, the country with the relative abundance of frontier that is biased toward the production of the good. Select one: O A. land; labor intensive O B. land; capital intensive C. labor; capital intensive O D. labor; labor intensive In the Heckscher-Ohlin, gains from international trade come from Select one: A. the increased wages. O B. the improvement in technology. C. the increasing on the consumption choices available to consumers. D. the...
When the price of good X falls and other things remain the same: 1. The quantity...
When the price of good X falls and other things remain the same: 1. The quantity of good X demanded increases, 2. The quantity of good Y demanded decreases, and 3. The quantity of good Z demanded increases Because a fall in the price of good X brings O A. a decrease in the quantity of good Y, good X and good Y are complements O B. a change in the quantity of both good Y and good Z, all...
9.When price increase from $43 to $49, quantity supplied increases from 220 units to 240 units....
9.When price increase from $43 to $49, quantity supplied increases from 220 units to 240 units. The price elasticity of supply in this price range is (use the Midpoint Formula): Multiple Choice a.0.3 b.0.67 c.1.5 d.3.33 10. When any change in price results in an infinite change in quantity demanded: Multiple Choice a.price elasticity of supply is zero. b.demand is perfectly elastic. c.demand is perfectly inelastic. d.price elasticity of supply is infinite. 12. Over a longer period of time: Multiple...
What do economists mean when they state that a good is scarce? a. The amount of the good that people would like exceeds the supply freely available from nature. b. People will want to buy more of the good regardless of the price of the good. c. It is impossible to expand the availability of the good beyond the current amount. d. There is a shortage or insufficient supply of the good at the existing price.
27. If consumers' income increases by one dollar and consumers consume both food and non-food, a. spending on food consumption will always increase. b. spending on food consumption will increase but by less than one dollar if both food and non- food are normal goods. c. spending on food consumption will increase only if non-food is inferior good. d. spending on food consumption will increase only if non-food is normal good. 28. A reduction in the price of good A...
If the demand for good decreases when income increases, the good is called an ().... If the demand for good 1 goes up when the price of good 2 goes up, good 1 is (2...or If the demand for good 1 goes down when the price of good 2 goes up, good 1 is a (3 Increases in income m shift the constraint (4).. in a parallel manner, thereby enlarging the set and improving choice Decreases in income m shift...
Question 2 Because resources are scarce, the opportunity cost to an economy of investment in capital assets is zero. forgone future consumption. forgone present consumption. infinite. According to Figure 1 below, as the economy moves from Po A to Point E, the opportunity cost of motorcycles, measured int o ondan Hybrid cars Motorcycles Figure 1 decreases increases remains constant initially increases, then decreases estion 4 Refer to Table 1 below. Table 1 Molly Pete Avatar Design Tattoo Design Which of...
will have a production possibility In the Heckscher-Ohlin model, the country with the relative abundance of frontier that is biased toward the production of the good. Select one: O A. land; labor intensive O B. land; capital intensive C. labor; capital intensive O D. labor; labor intensive In the Heckscher-Ohlin, gains from international trade come from Select one: A. the increased wages. O B. the improvement in technology. C. the increasing on the consumption choices available to consumers. D. the...
When the price of good X falls and other things remain the same: 1. The quantity of good X demanded increases, 2. The quantity of good Y demanded decreases, and 3. The quantity of good Z demanded increases Because a fall in the price of good X brings O A. a decrease in the quantity of good Y, good X and good Y are complements O B. a change in the quantity of both good Y and good Z, all...
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