Question

San Jose City College Division of Social Science Dr. Ilder Andres Betancourt Lopez, Dean Name: Econ 0102 Dr. Hung Problem Set #1 (Chapters 1, 2, 1. 1. A country's standard of living is closely correlated with its A. physical size. B. population density C. mineral resources D. cultural diversity. (E. labor force productivity. 2. Economic analysis is C. A. widely understood by all in our society. B. important for solving problems in developing and socialist societie capitalist systems. a set of mathematical rules to ensure a society's happiness and pros a framework for understanding issues that arise because societies ne decisions. E. a natural science concerned with biological growth and change of the 3. Economics is best defined as the study of how A. to classify resources used to produce final goods and services. (B.) resources are apportioned to satisfy human wants. C. modern businesses have grown and prospered.

Answer 1

Labor force productivity is the real gross domestic product (GDP) produced by an hour of labor.
A country's standard of living is closely related to its labor force productivity.
1) E. labor force productivity.
2) All options for the answer cannot be seen for question 2.
Economics is the study of scarcity. In other words, Economics is a study of how human
beings allocate resources to satisfy human wants.
3) B. resources are apportioned to satisfy human wants.