Foundations of Economics (8th Edition)
8th Edition
ISBN: 9780134486819
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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Question
Chapter 6, Problem
To determine
To find:
The option which correctly shows the allocation of resources.
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Using a practical example, explain some of the reasons why the market fails to allocate resources efficiently
Can you help me with below homework question.
Which of the following economic criteria is concerned with the overall fairness of the distribution and use of scarce resources?
a) Marginal utility of consumption.b) Production efficiency.c) Equity.d) Allocation efficiency.
plase 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…
Chapter 6 Solutions
Foundations of Economics (8th Edition)
Ch. 6 - Prob. 1SPPACh. 6 - Prob. 2SPPACh. 6 - Prob. 3SPPACh. 6 - Prob. 4SPPACh. 6 - Prob. 5SPPACh. 6 - Prob. 6SPPACh. 6 - Prob. 7SPPACh. 6 - Prob. 8SPPACh. 6 - Prob. 9SPPACh. 6 - Prob. 10SPPA
Ch. 6 - Prob. 11SPPACh. 6 - Prob. 12SPPACh. 6 - Prob. 1IAPACh. 6 - Prob. 2IAPACh. 6 - Prob. 3IAPACh. 6 - Prob. 4IAPACh. 6 - Prob. 5IAPACh. 6 - Prob. 6IAPACh. 6 - Prob. 7IAPACh. 6 - Prob. 8IAPACh. 6 - Prob. 9IAPACh. 6 - Prob. 1MCQCh. 6 - Prob. 2MCQCh. 6 - Prob. 3MCQCh. 6 - Prob. 4MCQCh. 6 - Prob. 5MCQCh. 6 - Prob. 6MCQCh. 6 - Prob. 7MCQ
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- 1. 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_forwardThe idea that because of scarcity, producing more of one good or service means producing less of another good or service refers to the economic concept of A. a trade-off. B. equity. C. optimization. D. efficiency.arrow_forward6. 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 growth of unemployment c. Protect the market system d. Allocate resources to satisfy wants 8. Annabel’s demand for shampoo depends on a. Choices based on unlimited options b. Scares resources c. Making choice based on limited options d. Budgeting based on impulse buyingarrow_forward
- What is a market?a. Name five types of markets in which you participate.b. What markets trade economic resources?arrow_forwardIf executives of various firms met in a smoke-filled hotel room to fix prices and to allocate which firms will produce what quantity of the good or service, then what are they doing?arrow_forwardSuppose a nation has a total of 12 units of labor, which can be used to produce either guns orbutter. One gun takes 6 units of labor to produce and 1 butter takes 2 units of labor toproduce.Evaluate the allocation of resources of this country based on the following points.• Reason for the scarcity that exists in this economy. Use the data as evidence of yourreasoning.• Maximum quantity of guns that can be produced.• Maximum quantity of butter than can be produced.• Diagram which represents the nation’s production possibility curve.• Opportunity cost of guns in this nation• Reason why the nation can’t produce both 3 guns and 4 butters.• Reason why the nation shouldn’t produce both 1 gun and 2 butters.arrow_forward
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