MACROECONOMICS FOR TODAY
10th Edition
ISBN: 9781337613057
Author: Tucker
Publisher: CENGAGE L
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Chapter 2, Problem 5SQ
To determine
What is illustrated by the
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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.
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…
describe.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 country
Chapter 2 Solutions
MACROECONOMICS FOR TODAY
Ch. 2.6 - Prob. 1YTECh. 2.7 - Prob. 1GECh. 2 - Prob. 1SQPCh. 2 - Prob. 2SQPCh. 2 - Prob. 3SQPCh. 2 - Prob. 4SQPCh. 2 - Prob. 5SQPCh. 2 - Prob. 6SQPCh. 2 - Prob. 7SQPCh. 2 - Prob. 8SQP
Ch. 2 - Prob. 9SQPCh. 2 - Prob. 10SQPCh. 2 - Prob. 11SQPCh. 2 - Prob. 12SQPCh. 2 - Prob. 1SQCh. 2 - Prob. 2SQCh. 2 - Prob. 3SQCh. 2 - Prob. 4SQCh. 2 - Prob. 5SQCh. 2 - Prob. 6SQCh. 2 - Prob. 7SQCh. 2 - Prob. 8SQCh. 2 - Prob. 9SQCh. 2 - Prob. 10SQCh. 2 - Prob. 11SQCh. 2 - Prob. 12SQCh. 2 - Prob. 13SQCh. 2 - Prob. 14SQCh. 2 - Prob. 15SQCh. 2 - Prob. 16SQCh. 2 - Prob. 17SQCh. 2 - Prob. 18SQCh. 2 - Prob. 19SQCh. 2 - Prob. 20SQ
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Similar questions
- 4 According to Leonel Robbins, economics is the science of __________. a. Growth b. Scarcity c. Wealth d. Welfare Clear my choicearrow_forwardA production possibilities curve: a. Eliminates the need to make choices regarding the use of resouces b. Can be drawn for an economy but not for an individual c. Shows the different combinations of goods that can be produced d. Shows the different combinations of inputs that can be used to produce a goodarrow_forwardExplain, how does the economy as a whole works? And which economic agents are of the greatest importance in determining what goods and services are produced?arrow_forward
- During the American Civil War, the South’s factories and farm land were decimated. It also suffered many human casualties, both soldiers and civilians. How did the war affect the South’s production possibilities curve (draw the diagram)? How did the war affect the North’s production possibilities curve (draw the diagram and explain)?arrow_forwardEconomics 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 scarcearrow_forwardWhich of the following is not included in the decisions that every society must make?a. What goods will be produced?b. Who will produce goods?c. What determines consumer preferencesd. Who will consume the goods?arrow_forward
- 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.arrow_forwardGraph 1: 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. Graph 2: Draw a production possibilities model which illustrates economic growth.arrow_forwardExplain the link between scarcity and each of the following: (a) choice, (b) opportunity cost, (c) the need for a rationing device, (d) competition. please give individual example. Thank you sir.arrow_forward
- The 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_forwardDraw a production possibilities curve for food and clothing. If you are operating on the curve, what is the opportunity cost of producing more clothing? If you are on the curve, is it possible to increase production of one good without decreasing the production of the other?arrow_forward
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