(9)The eternal state of insufficiency of resources to satisfy people’s unlimited wants and needs in a...
(9)The eternal state of insufficiency of resources to satisfy people’s unlimited wants and needs in a society requires the:
(a)Sub-optimal use of resources
(b)Efficient use of resources
(c)Misuse of resources
(d)Any of the above
(10)Which of the following statements is true?
When constructing a model of a city’s economy, a microeconomist must:
(a)Provide a complete description of the city’s economy
(b)Collect accurate data about the city’s economy
(c)Ignore the realities about the city’s economy
(d)None of the above
(11)Which of the following statements is true?
Assumptions are used by microeconomists to:
(a)Explain all the details of the smaller units in an economy
(b)Simplify an understanding of the smaller units in an economy
(c)Complicate an understanding of a country’s macroeconomy
(d)None of the above
(12)Which of the following statements is true?
Human wants and needs:
(a)Are not fulfilled only in the poorest nations
(b)Can be easily satisfied as technology gets more advanced
(c)Can never be fully satisfied
(d)None of the above
Homework Answers
(9)The eternal state of insufficiency of resources to satisfy people’s unlimited wants and needs in a society requires the:
(b)Efficient use of resources
Since resources are limited and have alternate uses and humans wants are unlimited, they have to be used efficiently to maximise welfare and satisfaction levels.
(10)Which of the following statements is true?
When constructing a model of a city’s economy, a microeconomist must:
(b)Collect accurate data about the city’s economy
To construct a model of the city's economy, the microeconomist must collect accurate relevant data so that the model correctly depicts it.
(11)Which of the following statements is true?
Assumptions are used by microeconomists to:
(b)Simplify an understanding of the smaller units in an economy.
(12)Which of the following statements is true?
Human wants and needs:
(c)Can never be fully satisfied.
Since resources are limited and have alternate uses and humans wants are unlimited, they can never be fully satisfied.
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