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- 3. Because human wants are insatiable and unlimited while available resources are limited, people are said to face the problem of (a) Scarcity. (b) Why to produce. (c) Macroeconomics. (d) Microeconomics. (e) Social interest versus self-interest 4. Economics is the social science that studies (a) The real reasons people buy goods and services. (b) The psychology of individuals and businesses. (c) Whether a nation has enough natural resources. (d) How people make choices to cope with scarcity. (e) How choices made in the social interest could eliminate scarcity 5. Use of the least-cost production technique for a given output is characteristics of (a) Economic efficiency (b) Technical efficiency (c) Production possibility (d) The transformation curve (e) Production 6. A production possibilities frontier shows (a) the various combinations of output a nation can produce a certain time, given its available resources and technology. (b) the limits to future growth of a nation. (c) how money…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__________ is the value of the next best alternative that is being given up. a. Production cost b. Real cost c. Opportunity cost d. Money cost
- 12. How are money cost and opportunity cost related to each other? a. Opportunity cost must always exceed money cost. b. They are always identical in any economic system. c. If markets function well, they are closely related. d. In a market economy, they must be equal to each other. e. Money cost is greater than or equal to opportunity cost.Questions for Review 4. Define scarcity . 5. Generally economists divide resources into four broad categories explain . 6. What is competition ? And what form it takes ? 7. What is opportunity cost ? 8. Define marginal costs & Marginal benefits . 9. Compare between Macroeconomics & Macroeconomics 10. Micro economists & macro economists ask different questions . Explain ?1.Economics is considered practical science because: a.the output level of an economy is mathematically derived. b.the consumers are assumed to make rational decisions. c.the allocation of the scarce resources is done through optimization. d.the marketing strategies are determined by statistical techniques. e.the economic models incorporates every detail of a real-life scenario. 2.The demand for salt in a particular region can significantly increase if: a.the gross income level of the people living in that region increases. b.the price of the salt decreases. c.the price of sugar increases. d.he number of residents increases. e.the cost of producing salt declines. 3.An oil company purchases a fleet of fuel carriers for distribution purpose. This is an example of: a.upstream integration. b.downstream integration. c.conglomerate merger. d.business liquidation. e.horizontal integration.
- Match each term with the correct definition. economics opportunity costmarginal analysis utilitya. The next-best thing that must be forgone in order to produce one more unit of a given product.b. The pleasure, happiness, or satisfaction obtained from consuming a good or service.c. The social science concerned with how individuals, institutions, and society make optimal (best) choices under conditions of scarcity.d. Making choices based on comparing marginal benefits with marginal costs.This refers to the cost of a foregone benefit. a. scarcity b. opportunity cost c. microeconomics d. economicsIf 4 hours is the efficient amount of time to exercise for the week, then exercising for 10 minutes more will come with a.net costs. b.net benefits. c.marginal benefits that are greater than marginal costs. d.marginal costs that are greater than marginal benefits. e.a and d
- 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 scarce12. A certain production possibilities frontier shows production possibilities for two goods: pants and shirts. Which of the following concepts cannot be illustrated in this model? a. the flow of dollars between (i) sellers of pants and shirts and (ii) buyers of pants and shirts. b. the tradeoff between production of pants and production of shirts. c. the opportunity cost of shirts in terms of pants. d. the effect of economic growth on production possibilities involving pants and shirts.1. a. Explain the following in not more than half a page - Opportunity cost. - Production possibility frontier. - scarcity b. Using an appropriate diagram, explain how the production possibility frontier becomes a model of scarcity, choice and opportunity cost. c. Explain the stages of production d. Explain 6 relevance of the stages of production to a business operator.