Microeconomics (MindTap Course List)
10th Edition
ISBN: 9781285859484
Author: William Boyes, Michael Melvin
Publisher: Cengage Learning
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Question
Chapter 2, Problem 3E
To determine
Economics is the study between unlimited wants verses resources, which are scarce.
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Students have asked these similar questions
Economics is concerned with
A. All the given answers
B. the effects of changes in opurtunity cost on decisions
C. the competition that scarcity makes necessary
D. the choices people must make because resources are scarce
1. Scarcity means that resources are:
a. Unlimited
b. Under severe restrictions
c. Fewer people want them
d. Less able to be fulfills
2. Yoko can buy a chocolate bar, a can of drink and a packet of crisps. She buys the chocolate bar as she wants it more than the drink and the crisps. The opportunity cost of buying the chocolate bar is
a. Can of drink
b. Can of drink and packet of crisps
c. Packet of crisps
d. Chocolate bar
3. For future development of the economy, sustainable growth is important
a. True
b. False
4. Scarcity is in relation to people’s
a. Wants and demands
b. Wants
c. Money
d. Demands
5. Economics assumes that people, businesses and governments make good decisions
a. True
b. False
6. Goods and services have a price because
a. Resources are scarce in relation to people’s demands
b. Resources are scarce in relation to people’s wants
c. Nothing is free
d. Customers demand products
7. The basic Economic problem is
a. Reduce the rate of inflation
b. Control…
match each term with the correct definition
;economics
opportunity cost
marginal analysis utility
a. the next best thing that must be forgone in order to produce one more unit of a given product
b. the pleasure happiness or satisfction obtained from consuming a good or service.
c the social science concerned with how individuals institutions and society make optimal choices under conditions of scarcity
d. making choices based on comparing marginal benefits with marginal cost
Chapter 2 Solutions
Microeconomics (MindTap Course List)
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Similar questions
- Economics is the science that studies human behavior as a relationship between ends and scarce means which have alternative uses. How do you apply this statement in actual economic situations in our economy?arrow_forwarda. According to economic theory, society makes an important tradeoff between scarcity, choice and opportunity costs. Carefully discuss this tradeoff with relevance to health economics. b. A reputable doctor quits his job, which pays $77,000 a year, to open a non-governmental organization (NGO) to serve the needs of orphans. His annual expenses for the NGO amounts to $62,700 for food and daily supplies $9,400 for maintenance, and $1,800 for books. i. What is his opportunity cost of opening the NGO? (Show working) ii. What core economic principles are considered in the doctor’s decision making?arrow_forward4 According to Leonel Robbins, economics is the science of __________. a. Growth b. Scarcity c. Wealth d. Welfare Clear my choicearrow_forward
- Draw a production possibilities model with 4 points labelled A, B, C, D, one inside, two on, and one outside the production possibilities curve. Explain the 4 points in terms of scarcity, choice and efficiency.arrow_forwarddescribe.2.countries or societies with 2 different types of economics and compare how the type of economy affects the answers to the question of what,how and for whom to produce in each countryarrow_forwardThe idea of _________ in economics is that we have unlimited wants but limited resources. (A) Opportunity costs. (B) Scarcity (C) Marginal analysis (D) Specialization (E) Normative economicsarrow_forward
- Analyze the role of scarcity in daily life. Explain why prices are flexible and can always change. Analyze if you were an owner of a store, how would you deal with a shortage/surplus.arrow_forwarda. Would the study of economics be necessary if resources were unlimited? b. "Wants are not limitless. This can be proven. I get all the breakfast I want every morning." Explain. c. You are invited to go to the movies this weekend as a gift for your birthday. Explain whether or not this gift is free. d. List two opportunity costs a law student may incur in order attend law school. Do you think two different students will incur the same opportunity costs? Explain.arrow_forward1. It is primarily the basis of economic activity a. economics b. scarcity c. social science d. abundance 2. What happen to the demand for tilapia if the price of bangus will go down? a. prices of tilapia remains b. price of bangus remains c. shift to the right d. shift to the left If cruz family lessens their demand expenditures for rice because they want pandesal for their breakfast, this is a. time efficient b. taste and preference c. decrease in income d. saving for cooking gasarrow_forward
- The questions below deals with economics. Provide the answer to the statements below. It's only 3 questions so only answer if you can provide the answers. 1.An assembly line worker and a store clerk are examples of. 2. A potato farm is an example of. 3. What can be used to produce goods and services.arrow_forwardWhich of the following a branch of economics that deals with how the economic problem facing the society should be solved? A, Normative economics B, Macroeconomics C, Microeconomics D, Positive economicsarrow_forwardEconomics deals with the efficient use of resources. Why?arrow_forward
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