Economics:
10th Edition
ISBN: 9781285859460
Author: BOYES, William
Publisher: Cengage Learning
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Chapter 2, Problem 8E
To determine
The correct answer from the given options that states the
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Students have asked these similar questions
Law of increasing opportunity cost:
a. Explain it.
b. What does it teach us?
c. How could it be explained graphically?
In the first graph with hats and videos are opportunity costs constant or increase?
How much does it cost him to make the first video in terms of hats? This is a movement from A to B.
How about the last video? This is a movement from D to E.
Economics is best defined as the study ofa. how society manages its scarce resources.b. how to run a business most profitably.c. how to predict inflation, unemployment, andstock prices.d. how the government can stop the harm fromunchecked self-interest.
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- Q1: What is opportunity cost?Q2: Explain with example.arrow_forwardG, 1 michael has spent 100 000 of his personal savings to start up the business. he could have earned a 15 percent return from his savings. what is the opportunity cost for the business?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_forward
- (h) sugar industry is a subject matter of micro economics. Give reason. (i) what do you mean by alternative uses of resources? (k) unemployment in India is a subject matter of microeconomics or macroeconomics, give reason.arrow_forward1. It regulates the engagement between the producer and the consumer. A. Chamber of commerce B. Local community C. Government 2. Economic development is measured by looking at A.Wealth of the community B.Quality of life C.Type of businesses present 3.It is regarded as the engine of the economy. * A.Entrepreneurship B.MSME's C.Education 4.The future belongs to those who can think like a; A. Positive person B.Scientist C.Entrepreneur 5.Which of the following is an entrepreneurial mindset? * A.Vulnerable Mind B.Resilient Mind C.Rigid Mind 6. is more interested in being unique. A.Independent Mind B.Risk Managing Mind C.Designing Mind 7.It is determined to achieve stretch goals. * A.Resilient Mind B.Independent Mind C.Goal oriented and effectuating mind 8. It has the propensity to take calculated risks. * A. A positive mind B.Risk managing mind C. Calculated risk mind 9.It…arrow_forwardIf the cost of tuition is $1,000; books cost $500; supplies cost $100; and you could have earned $20,000 instead of attending college, then the total opportunity cost of attending college is:Question 1 Select one: A. $21,600. B. $1,600. C. $20,000.arrow_forward
- 08. What is the opportunity cost of pizza as production moves from point C to Point D?arrow_forwardA senator announces that states should be allowed to re-open their businesses, despite the risk of Covid-19, in order to help the U.S. economy. This is an example of a Question 8 options: A) factual statement B) normative statement C) positive statement D) trade statementarrow_forwardplase solve all 8 quetions 1. Economics can be defined as the study of how people choose to allocate __________ to satisfy their _____________________. A. Unlimited wants, scarce resources. B. Needs, wants. C. Scarce resources, unlimited wants. D. Wants, needs. 2. ________________ refers to initiative, talent and organisational ability to incorporate and co-ordinate the different factors for profitable and efficient production. A. Capital. B. Entrepreneurship. C. Labour. D. Land. 4. An economic system where tradition and customs determine what, how and for whom to produce is called the ________________________ system. A. Free market. B. Traditional. C. Mixed. D. Command. 6. Which one of the following is not a macroeconomic goal? A. Control inflation. B. Achieve unemployment. C. Promote economic growth. D. Avoid balance of payment difficulties. 7. An economy experiences inflation when __________________________. A. The investments are rising. B. The population is rising. C. The general…arrow_forward
- Explanation and examples about (Principle two of economic): The cost of something is what you give up to get it : a-Opportunity cost B-People face trade-offsarrow_forwardProduction possibilities curve ABCDE is bowed out from the origin because: a. the marginal benefit of pizzas declines as more pizzas are consumed. b. the curve gets steeper as we move from E to A . c. it reflects the law of increasing opportunityarrow_forwardProduction Possibilities Frontier Step 1: Draw the Y and X axes and number the units. Step 2: Label the Y and X axes and title the graph. Step 3: Plot the production combinations. Step 4: Draw the curve. Step 5: Note the opportunity cost of each variable in terms of the other.arrow_forward
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