Homework Answers
1. C. Scarcity occurs when the wants are unlimited and resources are limited.
2. B. It is the value of the next best alternative that is given up when choices are made.
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(e) All the above. 8. Scarcity is (a) about limited resources (b) about too many needs...
Economic scarcity exists only when an economy fails to use its resources fully or efficiently. only...
Economic scarcity exists only when an economy fails to use its resources fully or efficiently. only when the price that consumers are willing and able to pay for a good exceeds its cost. when human needs and wants are limited and the economy’s ability to satisfy them is unlimited. when human needs, wants, and desires exceed an economy’s ability to satisfy them given available resources and current technology. only when all goods and resources are physically scarce and current technology...
1. Scarcity occurs when: a. people are selfish. b. human wants and needs exceed the resources...
1. Scarcity occurs when: a. people are selfish. b. human wants and needs exceed the resources that are available to meet those wants and needs. c. there is insufficient demand. d. economies are undeveloped, 2. Rational self-interest predicts that: a. people will alter their behavior in response to changing incentives and circumstances. incentives are unimportant in decision making. incentives do not alter behavior, d. the decision-making process is efficient. 3. Which of the following is an example of a microeconomic...
(14)Which of the following statements is true? Scarcity exists in every society because of the: (a)Finite...
(14)Which of the following statements is true? Scarcity exists in every society because of the: (a)Finite wants and needs of people in a society (b)Unlimited resources in a society (c)(a) and (b) above (d)None of the above (15)Is it every possible that a student who does only two (2) activities in a day, namely, studies and works out at her local gym can simultaneously increase the time she allocates to studying and working out at her local gym? (a)Yes (b)No...
Please answer all questions The following are examples of what can more properly be characterized as...
Please answer all questions The following are examples of what can more properly be characterized as Microeconomic type of analysis, EXCEPT:The following statements correctly describe what Economics is about, EXCEPT: Question 1 options: a)Is the study of how individuals make rational choices with limited economic resources. b)Is the study of the efficient allocation of economic resources in the society. c)Is the study of supply, demand and aggregate effects of individual choices. d)Is the study of how to maximize monetary wealth....
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...
(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...
Test 1-4 Part A 1. Scarcity as defined in economics: K. Occurs when there are not...
Test 1-4 Part A 1. Scarcity as defined in economics: K. Occurs when there are not enough resources to produce all that a society desires L. Is a problem only faced by the Less Developed Countries (LDCs). M. Is not an issue for the affluent industrially-advanced nations. N. Refers to situations where the producer of a product is making its profit by creating fear. O. Refers to shortages of goods and services when the price level is too low 2....
2 Economic scarcity implies that people face tradeoffs and when people make choices, other alternatives must...
2 Economic scarcity implies that people face tradeoffs and when people make choices, other alternatives must be forgone. people must compete for scarce resources, goods and services. a rationing mechanism must be used to allocate resources, goods and services. Economic scarcity implies all of the above statements. something must be sacrificed to obtain more of something else. 5 The opportunity cost of going to see a movie at a movie theater is the cost of the movie ticket plus the...
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...
MBA 603- Managerial Economics Chapter 1 Introduction Multiple-Choice Questions ) Which of the following is an...
MBA 603- Managerial Economics Chapter 1 Introduction Multiple-Choice Questions ) Which of the following is an example of how the question of"what goods and services to produce?" is answered by the command process? A) government subsidies for affordable housing B) laws regarding equal opportunity in employment C) government allowance for the deduction of interest payments on private mortgages D) government regulations concerning the dumping of industrial waste 2) Opportunity cost is best defined as A) the amount given up when...
1. Scarcity occurs when: a. people are selfish. b. human wants and needs exceed the resources that are available to meet those wants and needs. c. there is insufficient demand. d. economies are undeveloped, 2. Rational self-interest predicts that: a. people will alter their behavior in response to changing incentives and circumstances. incentives are unimportant in decision making. incentives do not alter behavior, d. the decision-making process is efficient. 3. Which of the following is an example of a microeconomic...
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...
Test 1-4 Part A 1. Scarcity as defined in economics: K. Occurs when there are not enough resources to produce all that a society desires L. Is a problem only faced by the Less Developed Countries (LDCs). M. Is not an issue for the affluent industrially-advanced nations. N. Refers to situations where the producer of a product is making its profit by creating fear. O. Refers to shortages of goods and services when the price level is too low 2....
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...
MBA 603- Managerial Economics Chapter 1 Introduction Multiple-Choice Questions ) Which of the following is an example of how the question of"what goods and services to produce?" is answered by the command process? A) government subsidies for affordable housing B) laws regarding equal opportunity in employment C) government allowance for the deduction of interest payments on private mortgages D) government regulations concerning the dumping of industrial waste 2) Opportunity cost is best defined as A) the amount given up when...
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