Question

Can you give me the correct answer for all of them? The question i answer, is it right? If not, what is the correct answer?

Thinking at the margin means that the individual thinks about the additional costs and benefits of doing something. True O False

Answer 1

Answer-1. True

''Thinking at the margin means that the individual thinks about the additional costs and benefit of doing something'', this statement is True. The word 'margin' means 'additional'. If an individual thinks at the margin, he is thinking about what the next or additional action means for him.

Answer-2. Correct option is 'd'

''Markets bring buyers and sellers together'', this statement is True. Market is a place where buyers and sellers can meet to facilitate the exchange or transaction of goods and services, that means markets bring buyers and sellers together.

Answer-3. Correct option is 'b'

The conversion of resources to satisfy wants is described as production. Resources conversion is a development structure and this development structure uses locally produced resources to provide all or most of the fund for sustainable development where the resources produced directly benefit the communities whose labour produced them.

Answer-4 True

''Capital, as a factor of production, includes all manufactured product that are used to produce other goods'', this statement is True. Because capital goods are man-made, durable items businesses use to produced goods and services. They include tools and building, vehicles, machinery and equipments. It increases the productivity capacity of the economy.

Answer-5 Correct option is 'a'

The concept of human capital is important to economist because improvement to human capital leads to higher standard of living. Human capital and economic growth have a strong correlation. Human capital affects economic growth and can help to develop an economy. Knowledgeable work force can lead to increased productivity. The level of productivity is the single most important determinant of a country's standard of living, with faster productivity growth lead to an increase standard of living.

Answer-6 Correct option is 'a'

Opportunity cost means the value of the next-highest-valued alternative use of that resource. If society want to increase the production of HDTVs from 2000 units to 3000 units. It has to be sacrifies 1500 ipads (3500 - 2000). Opportunity cost is the sacrificing cost of alternative good.

Answer-7 True

''The decision made by the individual and firms are covered in microeconomics'', this statement is correct. Microeconomics studies the decision of individuals and firms to allocate resources of production, exchange and consumption.