Question

multiple choice review quetion 1

.. Boost 7:48 PM 18% < Optional-Econ 1... Q Û Û Chapter Multiple Chaise Ouestions: 1. Which of the following is the best definition of economics from the choices provided Economies is the study of how to get rich by playing the stock market the best ways to reduce people's wants, given the scarcity of Tec how goverment officials determine what goods should be peoduced d. money and why it is good to have lots of it how we use our limited resources to try to satisfy unlimited was 2. The opportunity cost of studying cconomic for one more hour is a the value of all the other things you could be doing in the next hour even though you could not possibly do all of them at the same time b. the value of what you would have done instead in the next hour zero since studying c omics is so beneficial d. all of the above. 3. Which of the following could be led using benefit cost analysis? Should we reduce the size of the federal budget deficit? Should we increase taxes on households caming more than $250,000 per year! c. Should you start your own business? d. all of the above. 4. You own a pizza restaurant in Claremont that delivers in Claremont only. If you wanted to decide whether to increase the delivery radius to include Upland, which of the following would be useful in your benefits analysis of this decision All of the following b. The amount you spent 6 months ago repairing your refrigeration unit The amount you paid anatomy last month for winning a court case involving an employee you fired for the who claimed wrongfull termination and sued you. d. The number of other pizza restaurants that already deliver to Upland 5. Alex, the manager of Fresh Fruit and veggie Smoothies, is considering increasing his hours of operation by staying open 3 hours more each day. Alex estimates the additional costs will be $120 per day. He estimates he will generate an additional $140 in revenue each day. What decision should Alex make if he is using benefit cost analysis? a Alex should stay open 3 more hours each day Alex should keep his hour the same for now Alex should go out of business since he is losing money Alex should add sandwiches and salads to his menu c. Alex should go back to college and get his PhD 6. Which of the following is a pie statement! Previous Next Dashboard Calendar To Do Notifications Inbox

Answer 1

Q1) correct option (e) The Definition of Economics is how society puts to use the scarce resources to satisfy their wants.

Q2) correct option (b) Opportunity cost refers to the value that is foregone when a person chooses one alternative over another.

Q3) correct option (d) benefit cost analysis provides valuable insights in decision making process. It helps us in analysing the pros and cons of the decision to be made, whether to proceed with it or terminate it all together. So, the correct answer is option d.

Q4) correct option (d) According to the question we want to expand our delivery radius to include upland. A useful point in our benefit cost analysis for this decision is to assess the number of other pizza restaurants that already deliver to upland because people of upland may or may not want our pizza due to their specific brand choices. So, assessing the number of other restaurants may help us with our decision.

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