5- Which point(s) on the graph represent efficiency in production? Quantity of capital goods A PPF F E D Quantity of consumer goods A and D B and C DO A, B, C, D, E, and F A, B, C, D, and E A, B, C, and D 8.
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- 12- Which of the following is related to the use of economics? a. how people use unlimited resources to satisfy their unlimited wants b. how businesses use unlimited resources to satisfy unlimited consumer wants c. how people use unlimited resources to satisfy limited wants d. how people use scarce resources to satisfy unlimited wants5. Discuss the concept of Economic Goods.?14- Macroeconomics is the branch of economics that studies________. a. the economy as a whole b. prices of individual goods c. none of these d. the way individual markets work
- 1-4 Suppose the price of a sweater is $25. Matthew’s total benefit from purchasing each additional sweater is given in the table below. If Matthew is behaving rationally, how many sweaters will he purchase? Draw a graph of the total benefit and marginal benefit schedule.?4-Identify the scarcity definition of economics from the following. a. the choices we make because of shortage of resources. b. the distribution of surplus goods to those in need. c. None of these d. ways to reduce wants to remove the problem of scarcity.16. Which of the following statements about the use of resources is not one of the key questions in economics? a. How are resources used? b. Location where resources are used? c. For whom are resources used? d. For what are resources used?
- 17 - Assume that a consumer has a given budget or income of $12 and that she can buy only two goods, apples or bananas. The price of an apple is $2.00 and the price of a banana is $1.00. If the consumer spent all of her budget on just apples or just bananas, how many apples or bananas maximum would she be able to buy?4.- What does the economic study consist of?5. Please use the formula provided to answer the problem
- # 10 An example of efficiency in economics is Select one: Satisfying wants with as many resources as possible Simplifying reality in economic models as much as possible Minimising outputs given inputs Maximising outputs given inputs24- In equilibrium, if a consumer gets 4 units of marginal utility from a pear and the price of a pear is 2 TL per kg, if he gets 6 units of marginal benefit from an apple, how much should the kg price of an apple be?a)6 B)2nd NS)5 D)3 TO)4-Economics deals with the efficient use of resources. Why? 3. Marginal analysis produces more optimal outcomes when working with scarce resources. How?