Homework Answers
9)
Answer: This is a false statement.
A scarcity problem is found in all forms of the economic system. The scarcity problem is faced in the market economies as well.
10)
Answer: This is a false statement.
Standing in queue has opportunity cost even if ticket is available.
11)
Answer: This is true statement.
under the well functioning economy, all value of alternatives can be expressed in monetary value.
12)
Answer: This is a true statement.
slope of production possibility curve shows the opportunity cost.
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9. Market economies are not constrained by scarcity; only planned economies have that problem. 10. Waiting...
True/False 25% Indicate whether the statement is true or false 1 Unemployment and inflation are important...
True/False 25% Indicate whether the statement is true or false 1 Unemployment and inflation are important determinants of short-run material welfare, whereas productivity growth is an important determinant of long-run material well-being Economists disagree on most economic issues facing an economy. 2. 3. Individuals will have different value judgments about the appropriate rate of unemployment and the appropriate rate of inflation. The slope of a line with rise of five and run of two is positive. 4. 5. Slope will...
1 Which of the following is true? opportunity cost can be measured by the slope of...
1 Which of the following is true? opportunity cost can be measured by the slope of the PPC curve (frontier) productive or technical efficiency occurs anywhere on the production possibilities curve allocative efficiency occurs at a specific point (i.e. a specific mix of production) on the production possibilities curve (frontier) that is valued above all alternatives. all of the answers are correct none of the answers are correct 2 The opportunity cost of a good is the same as its...
1. A production possibilities frontier will have a curved or “bowed out” shape if: opportunity costs...
1.
A production possibilities frontier will have a curved or
“bowed out” shape if:
opportunity costs are increasing.
resources are scarce.
the economy is growing.
opportunity costs are declining.
2.
(Figure: Graph Interpretation) In the graph, _____ is the
dependent variable and the slope of the line is _____.
R; positive
S; positive
S; negative
R; negative
3.
If a price floor is set below the market price, it is:
ineffective.
effective.
efficient.
inefficient
4.
Total surplus is calculated as:...
l. The most fundamental economic problem is a) Scarcity b) Security c) Health ) The fact...
l. The most fundamental economic problem is a) Scarcity b) Security c) Health ) The fact that the United States buys more goods from foreigners than we sell to foreigners 2. Scarcity is a situation in which a) People cannot satisfy all their wants. b) Most people can get only bare necessities c) People can satisfy all their wants. 3. Scarcity requires that people must a) Cooperate c)Trade b) Compete d) Make choices 4. Which of the following are considered...
38. Which of the following is considered by econom a money b. ideas c. needs d....
38. Which of the following is considered by econom a money b. ideas c. needs d. food e. physical resources ists to be the most fundamentally scarce? 39. How does scarcity affect the range of possible choices that decision makers face? a. It narrows the choice to a single option. b. It narrows the range of choices. c. It increases the possible methods for solving problems. d. It clarifies the choices by highlighting the best solutions e. It simplifies the...
No email submissions please, no under my door submissions please, no submissions to the h't have...
No email submissions please, no under my door submissions please, no submissions to the h't have to guess at the answer) Economics office please, eto. Late assignments are subject to penalty provisions as per the course syllabus e or False Questions: ase answer true or false. Each question is worth 4 marks. 1. The supply curve for tomatoes is less elastic in the short run than in the long run 2. Cos 3. All production points on the production possibilities...
Class: (Winter 2020) $ 6000 2. Suppose you have a choice of working full-time tuition and...
Class: (Winter 2020) $ 6000 2. Suppose you have a choice of working full-time tuition and books are $2,200. If you worked, you e of working full-time during the summer or going full-time to summer school. Summer regardless of your choice. If these are the only rele are $2,200. If you worked, you could make $7,000. Your rent is $1,000 for the summer, summer school is: ce. If these are the only relevant costs to consider, the opportunity cost of...
FART I TRUE FALSE QUESTIONS (10 points). Please write True (1) or False (F) on the...
FART I TRUE FALSE QUESTIONS (10 points). Please write True (1) or False (F) on the blank Scarcity is the intimited nature of society's resources given society's limited wants 2. A reward is a type of positive incentive. 3. To remove difficulty of double coincidence of wants we use money. 4. An exogenous factor is a variable that can be controlled for inside the model. 5. The PPF will not have a constant slope. 6. The law of demand states...
LAST 3 only DID NOT MEAN TO POST THE OTHERS D Question 2 2 pts You...
LAST 3 only DID NOT MEAN TO POST THE OTHERS
D Question 2 2 pts You want to sell your old iPad because you no longer use it, and your cousin wants to give you $200 for it. If you decide to sell your iPad to her, you'll have to pay the shipping fee to get the iPad to her. As a rational decision maker, you will sell your old iPad to your cousin when the shipping fee is: $350...
Problem Sets 1: Lectures 1-5 1) What is your Opportunity Costs and Applications What is your...
Problem Sets 1: Lectures 1-5 1) What is your Opportunity Costs and Applications What is your opportunity cost of attending college? What are the benefits you expect to gain lunm college education Estimate their total values. Is your schooling decision rational? If college education is the choice for me e for most young people to thrive in the future, why did Bill ne drop out of Harvard in his second vear? Why did not LeBron James even go to college...
True/False 25% Indicate whether the statement is true or false 1 Unemployment and inflation are important determinants of short-run material welfare, whereas productivity growth is an important determinant of long-run material well-being Economists disagree on most economic issues facing an economy. 2. 3. Individuals will have different value judgments about the appropriate rate of unemployment and the appropriate rate of inflation. The slope of a line with rise of five and run of two is positive. 4. 5. Slope will...
1.
A production possibilities frontier will have a curved or
“bowed out” shape if:
opportunity costs are increasing.
resources are scarce.
the economy is growing.
opportunity costs are declining.
2.
(Figure: Graph Interpretation) In the graph, _____ is the
dependent variable and the slope of the line is _____.
R; positive
S; positive
S; negative
R; negative
3.
If a price floor is set below the market price, it is:
ineffective.
effective.
efficient.
inefficient
4.
Total surplus is calculated as:...
l. The most fundamental economic problem is a) Scarcity b) Security c) Health ) The fact that the United States buys more goods from foreigners than we sell to foreigners 2. Scarcity is a situation in which a) People cannot satisfy all their wants. b) Most people can get only bare necessities c) People can satisfy all their wants. 3. Scarcity requires that people must a) Cooperate c)Trade b) Compete d) Make choices 4. Which of the following are considered...
38. Which of the following is considered by econom a money b. ideas c. needs d. food e. physical resources ists to be the most fundamentally scarce? 39. How does scarcity affect the range of possible choices that decision makers face? a. It narrows the choice to a single option. b. It narrows the range of choices. c. It increases the possible methods for solving problems. d. It clarifies the choices by highlighting the best solutions e. It simplifies the...
No email submissions please, no under my door submissions please, no submissions to the h't have to guess at the answer) Economics office please, eto. Late assignments are subject to penalty provisions as per the course syllabus e or False Questions: ase answer true or false. Each question is worth 4 marks. 1. The supply curve for tomatoes is less elastic in the short run than in the long run 2. Cos 3. All production points on the production possibilities...
Class: (Winter 2020) $ 6000 2. Suppose you have a choice of working full-time tuition and books are $2,200. If you worked, you e of working full-time during the summer or going full-time to summer school. Summer regardless of your choice. If these are the only rele are $2,200. If you worked, you could make $7,000. Your rent is $1,000 for the summer, summer school is: ce. If these are the only relevant costs to consider, the opportunity cost of...
FART I TRUE FALSE QUESTIONS (10 points). Please write True (1) or False (F) on the blank Scarcity is the intimited nature of society's resources given society's limited wants 2. A reward is a type of positive incentive. 3. To remove difficulty of double coincidence of wants we use money. 4. An exogenous factor is a variable that can be controlled for inside the model. 5. The PPF will not have a constant slope. 6. The law of demand states...
LAST 3 only DID NOT MEAN TO POST THE OTHERS
D Question 2 2 pts You want to sell your old iPad because you no longer use it, and your cousin wants to give you $200 for it. If you decide to sell your iPad to her, you'll have to pay the shipping fee to get the iPad to her. As a rational decision maker, you will sell your old iPad to your cousin when the shipping fee is: $350...
Problem Sets 1: Lectures 1-5 1) What is your Opportunity Costs and Applications What is your opportunity cost of attending college? What are the benefits you expect to gain lunm college education Estimate their total values. Is your schooling decision rational? If college education is the choice for me e for most young people to thrive in the future, why did Bill ne drop out of Harvard in his second vear? Why did not LeBron James even go to college...
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