Question 11 ) Listen Suppose you have a $20 Amazon gift card with which you can buy (download) songs or videos. Songs cost $1.00 each and videos cost $2.00 each. The opportunity cost of one video: a) is constant and equal to ½ song. b) is constant and equal to 2 songs. c) is $1.00. d) increases as more videos are purchased Question 12 ) Listen Which of the following is NOT true? 1) Economists view the world through the lens of scarcity. 2) The perpetual problem of scarcity forcing people and society to make choices is the basis for the definition of economics. 3) Most of the disagreement among economists involves normative economics. 4) Rationality means that choices must be made generally the same among individuals.<--
Question 11 ) Listen Suppose you have a $20 Amazon gift card with which you can buy (download) songs or videos. Songs cost $1.00 each and videos cost $2.00 each. The opportunity cost of one video: a) is constant and equal to ½ song. b) is constant and equal to 2 songs. c) is $1.00. d) increases as more videos are purchased Question 12 ) Listen Which of the following is NOT true? 1) Economists view the world through the lens of scarcity. 2) The perpetual problem of scarcity forcing people and society to make choices is the basis for the definition of economics. 3) Most of the disagreement among economists involves normative economics. 4) Rationality means that choices must be made generally the same among individuals.<--
Chapter2: Productions Possibilities, Opportunity Costs, And Economic Growth
Section: Chapter Questions
Problem 6SQP
Related questions
Question
Transcribed Image Text:Question 11
) Listen
Suppose you have a $20 Amazon gift card with which you can buy (download) songs or videos. Songs cost
$1.00 each and videos cost $2.00 each. The opportunity cost of one video:
a) is constant and equal to ½ song.
b) is constant and equal to 2 songs.
c) is $1.00.
d) increases as more videos are purchased
Question 12
) Listen
Which of the following is NOT true?
1) Economists view the world through the lens of scarcity.
2)
The perpetual problem of scarcity forcing people and society to make choices
is the basis for the definition of economics.
3) Most of the disagreement among economists involves normative economics.
4) Rationality means that choices must be made generally the same among
individuals.<--
Question 13
) Listen
Which of the following does not correctly explain about the purposeful behavior that reflects "rational self-
interest?
O a) Sellers try to make the most profits possible from the sales of their products as many as possible.
b)
Consumers spend their incomes to get the maximum benefit or satisfaction from the goods and
services they purchase.
Producers allocate their limited resources to minimize their costs to achieve a certain level of
c)
production.
d) People care for nothing but his or her own goal since there is a tradeoff problem caused by limited
resources.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Brief Principles of Macroeconomics (MindTap Cours…
Economics
ISBN:
9781337091985
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Exploring Economics
Economics
ISBN:
9781544336329
Author:
Robert L. Sexton
Publisher:
SAGE Publications, Inc