1. Economics is the study of a. Production methods. E How society manages its scarce resources. c. How housecholds decide who performs which tasks. d. The interaction of business and government. 2. The opportunity cost of going to university is a. The total amount of money spent on food, clothing, books, transportation, tuition, lodging. and other expenses. b. The value of the best opportunity a student gives up attending university. c. Zero for students who are fortunate enough to have all of their university expenses paid by someone else. d. Zero, since a university education will allow a student to carn a larger income after graduation. Figure 1-Use figure 1 to answer question 3. 3. Refer to Figure 1. The movement from point A to point B on the graph would be caused by: An increase in price > A decrease in price C. A decrease in the price of a substitute commodity d. An increase in income 4. Pizza is a normal good if: a The demand for pizza rises when income rises. The demand for pizza rises when the price of pizra falls. The demand curve for pizza slopes downward. d. The demand curve for pizza shifts to the right when the price of falafels falls, assuming pizza and falafel are substitutes. the own price elasticity of demand for a good is4.0. then a 10 per cent increase in price results in a: a 0.4 percent decrease in the quantity demanded 2.5 percent decrease in the quantity demanded 4.0 percent decrease in the quantity demanded 40 percent decrease in the quantity demanded 5.
1. Economics is the study of a. Production methods. E How society manages its scarce resources. c. How housecholds decide who performs which tasks. d. The interaction of business and government. 2. The opportunity cost of going to university is a. The total amount of money spent on food, clothing, books, transportation, tuition, lodging. and other expenses. b. The value of the best opportunity a student gives up attending university. c. Zero for students who are fortunate enough to have all of their university expenses paid by someone else. d. Zero, since a university education will allow a student to carn a larger income after graduation. Figure 1-Use figure 1 to answer question 3. 3. Refer to Figure 1. The movement from point A to point B on the graph would be caused by: An increase in price > A decrease in price C. A decrease in the price of a substitute commodity d. An increase in income 4. Pizza is a normal good if: a The demand for pizza rises when income rises. The demand for pizza rises when the price of pizra falls. The demand curve for pizza slopes downward. d. The demand curve for pizza shifts to the right when the price of falafels falls, assuming pizza and falafel are substitutes. the own price elasticity of demand for a good is4.0. then a 10 per cent increase in price results in a: a 0.4 percent decrease in the quantity demanded 2.5 percent decrease in the quantity demanded 4.0 percent decrease in the quantity demanded 40 percent decrease in the quantity demanded 5.
Chapter3: Scarcity, Trade-offs, And Production Possibilities
Section: Chapter Questions
Problem 6P
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Transcribed Image Text:1. Economics is the study of
a. Production methods.
E How society manages its scarce resources.
c. How housecholds decide who performs which tasks.
d. The interaction of business and government.
2. The opportunity cost of going to university is
a. The total amount of money spent on food, clothing, books, transportation,
tuition, lodging. and other expenses.
b. The value of the best opportunity a student gives up attending university.
c. Zero for students who are fortunate enough to have all of their university
expenses paid by someone else.
d. Zero, since a university education will allow a student to carn a larger income
after graduation.
Figure 1-Use figure 1 to answer question 3.
3. Refer to Figure 1. The movement from point A to point B on the graph would be
caused by:
An increase in price
> A decrease in price
C. A decrease in the price of a substitute commodity
d. An increase in income
4. Pizza is a normal good if:
a The demand for pizza rises when income rises.
The demand for pizza rises when the price of pizra falls.
The demand curve for pizza slopes downward.
d. The demand curve for pizza shifts to the right when the price of falafels falls,
assuming pizza and falafel are substitutes.
the own price elasticity of demand for a good is4.0. then a 10 per cent increase in
price results in a:
a 0.4 percent decrease in the quantity demanded
2.5 percent decrease in the quantity demanded
4.0 percent decrease in the quantity demanded
40 percent decrease in the quantity demanded
5.
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