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1. Macroeconomies approaches the study of economics from the viewpoint of A) the entire economy B)...
Can i have help please 1. What's allocative efficiency? A. An increase in overall market efficiency due to a change in technology B. The allocation of resources in the most fair and equal manner possible C. The production of a particular good in the least costly way D. The particular mix of goods and services most highly valued by society 2.Microeconomics is concerned with A. positive economics, but not normative economics. B. the establishing of an overall view of the...
4. Economics is sometimes broken down into different categories. 1. Define positive and normative economics. 2. Write your own example of a positive economic statement 3. Write your own example of a normative economic statement. Define microeconomics and macroeconomics. 5. Categorize the following as microeconomic or macroeconomic questions and explain why: a. What are the differences between the dairy industry and the airline industry? b. Why are unemployment rates for teenagers rising? c. Why are prices falling in the digital...
Practice exercises 1. (1 point) Which one of the following statements best describes economics: Economics studies how individuals, institutions, and society a. use unlimited resources to satisfy unlimited wants. b. use scarce resources to satisfy scarce wants. c. use limited resources to satisfy limited wants. d. make choices in the face of scarce resources that have alternative uses. 2. (1 point) Fill in the blank -deals with firms and individuals, while focuses on highly aggregated markets for the entire economy....
Economics is a social science concerned with: The best use of scarce resources to achieve the maximum satisfaction of economic wants. Increasing the level of productive resources so there is a minimum level of income. Increasing the level of productive resources so there is maximum output in society. The best use of scarce resources paid for at the minimum level of cost to consumers and businesses. Answer: A person should consume more of something when its marginal: benefit exceeds...
Economic efficiency is the primary guide in answering which of the fundamental questions in a market economy? Multiple Choice O How can the system accommodate change? 0 What will be produced? Who is to receive the output? 0 0 How is the output to be produced? < Prev 15 of 50 !!! Next > Firms are motivated to minimize production costs because Multiple Choice the government provides tax credits and subsidies to low-cost producers. o least-cost production techniques use the...
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...
ECON Assignment 1 Name: 1) Economics is best defined as the study of A) Financial decision-making. B) How consumers make purchasing decisions. C) Choices made by people faced with scarcity D) Inflation, unemployment, and economic growth. 2) Scarcity can best be defined as a situation in which A) There are no buyers willing to purchase what sellers have produced. B) There are not enough goods to satisfy all of the buyers' demand C) The resources we use to produce goods...
As per one of the ten principles of economics, a country’s standard of living depends on its a. ability to produce goods and services. b. quantity of physical capital. c. ability to thrive economically without having to interact with other countries. d. abundance of natural resources. Refer to the information below for the economy of Greenland: Real GDP per person in 2018 = $7,250 Real GDP per Person in 2017 = $7,050 By what percentage the real GDP per person...
The historical evidence shows that: Question 6 options: a) there is no connection between citizens' freedoms and economic prosperity. b) dictatorial governments invest wisely, because they have access to all relevant information. c) economic freedom is detrimental to growth, because market participants tend to make mistakes. d) a country's degree of freedom is related to the level of economic growth. If it will take 10 years for a nation's income to double, then its growth rate must be 7%. Question...
5. Assume that the economy of Fruitland can produce two goods, apples (A) and bananas (B). The production of one apple requires one unit of labor (L) and two units of capital (K). One banana requires two units of labor and one unit of capital. Fruitland is endowed with 600 units of labor and 600 units of capital. a. Draw the production possibilities frontier (curve) for Fruitland. Put apples (A) on the vertical axis. (HINT: For every 20 apples, determine...