Homework Answers
Ans 1 (D)
Wants of individuals is unlimited, but we have scarce resources available.
So, economics is basically the study of how individuals, institutions and society uses scarce resources while they have alternative uses to satisfy the unlimited wants.
Ans 2.
MICROECONOMICS deals with firms and individuals
MACROECONOMICS focus on Highly aggregate markets for the entire economy
Ans 3 (b)
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Practice exercises 1. (1 point) Which one of the following statements best describes economics: Economics studies...
1. Economics can best be defined as the study of how a. Society decides to use...
1. Economics can best be defined as the study of how a. Society decides to use its scarce resources in an attempt to satisfy unlimited wants b. The government should deal with the problems of unemployment and inflation C. To make money in the stock market d. The government should eliminate the problem of scarce resources 2. What you give up to obtain an item is called your a. True cost b. explicit cost c. opportunity cost d. direct cost...
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Which of the following statements best describes the study of economics? Economics studies how to organize production so that scarcity does not occur. businesses reach decisions. firms make profits. we make choices in the face of scarcity. 2 points QUESTION 2 Which of the following is a positive statement? Parking tickets on campus impose an excessive fee. University bookstore prices are too high. A recession leads to higher enrollments at universities. An increase in college tuition is not fair to...
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1. Which of the following describes the reason why scarcity exists? A. Governments make bad economic...
1. Which of the following describes the reason why scarcity exists? A. Governments make bad economic decisions. B. The gap between the rich and the poor is too wide. C. Wants exceed the resources available to satisfy them. D. There is too much unemployment. 2. Which of the following defines economics? Economics is the social science that studies ________. A. the best way of eliminating scarcity B. the choices made to cope with scarcity, how incentives influence those choices, and...
(14)Which of the following statements is true? Scarcity exists in every society because of the: (a)Finite...
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Philosophers draw a distinction between positive statements, which describe the world as it is, and s,...
Philosophers draw a distinction between positive statements, which describe the world as it is, and s, which describe how the world should be. O A. normative statement O B. budget constraint O c. Trade-off O D. opportunity cost The economic concept of scarcity means that wants are greater than theresources available to satis those wants: 0 A. Hard to find O B. Expensive O C. Bountiful ○ D· Limited 1 poi 1 point The basic difference between macroeconomics and microeconomics...
What does Economics primarily study? Select one: a. how prices are set in the marketplace b....
What does Economics primarily study? Select one: a. how prices are set in the marketplace b. how limited resources are allocated to satisfy unlimited wants c. how we deal with unemployed resources d. how firms compete for profits in the marketplace Which of the following statements best describes scarcity? Select one: a. Even in the wealthiest of countries, the desire for material goods is greater than productive capabilities. b. Scarcity and poverty are basically the same thing. c. The absence...
Economics is a social science concerned with: The best use of scarce resources to achieve the...
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ECON Assignment 1 Name: 1) Economics is best defined as the study of A) Financial decision-making....
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QUESTION 1 Which of the following institutions plays no role in allocating resources in a modern...
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1. Economics can best be defined as the study of how a. Society decides to use its scarce resources in an attempt to satisfy unlimited wants b. The government should deal with the problems of unemployment and inflation C. To make money in the stock market d. The government should eliminate the problem of scarce resources 2. What you give up to obtain an item is called your a. True cost b. explicit cost c. opportunity cost d. direct cost...
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Philosophers draw a distinction between positive statements, which describe the world as it is, and s, which describe how the world should be. O A. normative statement O B. budget constraint O c. Trade-off O D. opportunity cost The economic concept of scarcity means that wants are greater than theresources available to satis those wants: 0 A. Hard to find O B. Expensive O C. Bountiful ○ D· Limited 1 poi 1 point The basic difference between macroeconomics and microeconomics...
What does Economics primarily study? Select one: a. how prices are set in the marketplace b. how limited resources are allocated to satisfy unlimited wants c. how we deal with unemployed resources d. how firms compete for profits in the marketplace Which of the following statements best describes scarcity? Select one: a. Even in the wealthiest of countries, the desire for material goods is greater than productive capabilities. b. Scarcity and poverty are basically the same thing. c. The absence...
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