ich of the following is related to the use of economics? a. how people use unlimited resources to satisfy limited wants b. how businesses use unlimited resources to satisfy unlimited consumer wants C. c. how people use scarce resources to satisfy unlimited wants d. how people use unlimited resources to satisfy their unlimited wants

ich of the following is related to the use of economics? a. how people use unlimited resources to satisfy limited wants b. how businesses use unlimited resources to satisfy unlimited consumer wants C. c. how people use scarce resources to satisfy unlimited wants d. how people use unlimited resources to satisfy their unlimited wants

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter3: Scarcity, Trade-offs, And Production Possibilities

Section: Chapter Questions

Problem 7P

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Below is a production possibilities table for consumer goods (automobiles) and capital goods (forklifts): a. Show these data graphically. Upon what specifific assumptions is this production possibilities curve based?b. If the economy is at point C, what is the cost of one more automobile? Of one more forklift? Explain how the production possibilities curve reflfl ects the law of increasing opportunity costs.c. If the economy characterized by this production possibilities table and curve were producing 3 automobiles and 20 fork lifts, what could you conclude about its use of its available resources?d. What would production at a point outside the production possibilities curve indicate? What must occur before the economy can attain such a level of production?
Monica like to spend 30 dollars weekly on movies and burgers.movie tickets costs 6 dollar each and burger cost 3 dollar each. 1. Is she able to watch 3 movies and have 5 burgers in a week given her budget of 30 dollar? 2. What is monica s opportunity cost of watching a movie?
Which of the following is related to the use of economics? a. how people use unlimited resources to satisfy their unlimited wants b. how people use unlimited resources to satisfy limited wants c. how people use scarce resources to satisfy unlimited wants d. how businesses use unlimited resources to satisfy unlimited consumer wants
Q. How would the following events be shown using production possibilities curve [ please draw diagram] for shelter and food? a. The economy is experiencing double digit unemployment? b. Economic growth is increasing at over 5 percent per year. c. Society decides it wants less shelter and more food. d. Society wants more shelter and less food.
2 Which of the following definitions of economics is combining Wealth, Welfare and Problems of Choice? a. Wealth Definition b. Scarcity definition. c. Welfare Definition d. Growth Definition
2. Which of the following is not an assumption that underlies an economy's production possibilities curve? A. fixed income B. fixed resources C. unchanged technology D. fully employed resources
Refer to the following production possibilities table for consumer goods (automobiles) and capital goods (forklifts): a. Show these data graphically. Upon what specific assumptions is this production possibilities curve based? b. If the economy is at point C, what is the cost of one more automobile? Of one more forklift? Which characteristic of the production possibilities curve reflects the law of increasing opportunity costs: its shape or its length? c. If the economy characterized by this production possibilities table and curve were producing 3 automobiles and 20 forklifts, what could you conclude about its use of its available resources? d. Is production at a point outside the production possibilities curve currently possible? Could a future advance in technology allow production beyond the current production possibilities curve? Could international trade allow a country to consume beyond its current production possibilities curve?
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 wants
which of the following questions is not a microeconomic question? oa. why is wealth unequally distributed throughout the population? b. why is the price of computers falling? o c. why does the government spend more than it collects in taxes? d. what can we do to increase the number of people attending college?
4) The United States is one of the world’s wealthiest countries. Think of a recent case inwhich the decisions of the U.S. government were severely constrained by scarcity. Describe the tradeoffs that were involved. What were the opportunity costs of the decisions that were made?
1.Define scarcity? 2.How can opportunity cost affect behavior? 3.Inflation rate should be less than 4% per year in Bangladesh. State whether this is a positive or normative statement and explain briefly why? 4.The UK government has put high restrictions on the number of students it allows to enter the country. However, as a result, more students are entering illegally. State what effect is this an example of 5.Finish the following sentence. A value of price elasticity of demand equal to 2 means that
Which one is false? Explain why that is false. 1. The production possibilities curve is a simple device for summarizing the possible combinations of output that a society can produce if it employs its resources efficiently. 2. One person has a comparative advantage over another in the production of a good if she or he can produce more of that good than the other person. 3. The Cost-Benefit Principle says that a person should take an action if, and only if, the benefit of that action is at least as great as its cost. 4. Market equilibrium occurs when the quantity buyers demand at the market price is exactly the same as the quantity that sellers offer. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure