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mutiple choice review question 3 homework help ?

il Boost 7:48 PM 1 18% Optional-Econ 1... Chanter I Maltigl Cis Outions . 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 resources b. how govemment officials determine what goods should be peoduced c. d. money and why it is good to have lots of it how we use our limited resources to try to satisfy unlimited wants 2. The opportunity cost of studying cconomic for cne more hour is the vale 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. a the value of what you would have done instead in the next hour. zero since studying economics is so beneficial c. d. all of the above. Which ef the following could be analyzed using benefit cost analysis? 3. Should we reduce the size of the federal budget deficit? b. Should we increase taxes on houscholds caming more than S$250,000 per year? Should you start your own business? all of the above. c. d. 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 benefit cost analysis of this decision? All of the following The amount you spent 6 moeths ago repairing your refrigeration unit The amount you paid an atorney last mondh for winning a court case involving an employee you fired for theft who claimed wnongfal termination and sued you d. c. 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 revene each day. What decision should Alex make if he is using benefit cost analysis? Alex should stay open 3 more hours cach day Alex should keep his hours the same for now. Alex should go out of basiness since he is losing money Alex should add sandwiches and salads to his menu Alex should go back to college and get his PhD c. d. e. 19 6. Which of the following is a posinve macreeconomic statement? Misber ymeestes oken t m retaut Previous Next Dashboard Calendar To Do Notifications Inbox

Answer 1

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