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l T-Mobile Wi-Fi 12:38 PM 69% くBack Homework 1.pdfa で Name and Dot Number Multiple Choice Questions 1. Which of the following is not considered an economic resource? A. Real estate B. A personal relationship C. Cash D. These are all examples of a resource. 2. Which of the following economic decisions would most likely be studied by a macroeconomist? A. Domino's Pizza decides to provide quantity discounts in order to increase revenue B. A local entrepreneur decides to open a Wafle House in the local Walmart parking lot C. The govermment of Estonia implements a flat rate personal income tax for all citizens. D. Prices for train fares rise as labor unions negotiate higher wage rates 3. When we assume that consumers want to pay the lowest price possible, we assume that consumers are A. cheap. B. deceitful. C. rational. D. informed 4. Scarcity requires that we: A. make sure we only want things that we are capable of consuming and producing. B. change our fiscal policy until the situation of scarcity is eliminated C. make docisions in order to arrange our resources rationally D. adopt economic policies that will lead to unlimited resources 5. People choose to do something A. when they believe the benefits outweigh the costs of the decision. B when they believe the costs outweigh the bencfits of the decision. C when they belicve their decision cannot be questioned by anyone else D. when they believe it won't harm anyone and will better themselves 6. The Federal Drug Administration slows the pace at which helpful medications reach the marketplace The alhernative of having the medication available to consumers earlier is an example of A. the opportunity cost of the Federal Drag Administration's regulation B how easy it is to identify and evaluate sunk costs. C. the marginal benefit of the Federal Drug Administration's regulation D. promoting consumer health in the population. Dashboard Calendar To Do Notifications Inbox

Answer 1

1. Correct answer : b.Economic resources is anything that has economic value. Personal relation may not have economic value. Rest all options have it.

2. Correct answer : c. Income tax is macroeconomic as it impacts overall economy. Rest all options are concerned with one kind of company or product type which is studied under microeconomics.

3. Correct answer : d. Informed customer will only will be concerned for low prices. Rational behavior may not involve receiving the highest price benefit, because the satisfaction received could be purely emotional.

4. Correct answer : c. As any decision taken will have opportunity cost and hence resources should be arranged rationally.