All of the following basic economic questions deal with microeconomics EXCEPT:a. How is the supply of goods allocated among the members of the society?O b.Is the economy's capacity to produce goods growing over time?What goods and services are being produced and ion what quantities?O d. By what methods are goods and services being produeed?C.All of the following economic questions deal with microeconomics EXCEPT:a.Are the country's resources being fully utilized or are some lying idle?O b. How is the supply of goods allocated among members of the society?c. Is purchasing power being eroded because of inflation?Od.Is the economy's capacity to produce goods growing over time?

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All of the following basic economic questions deal with microeconomics EXCEPT: O a. How is the supply of goods allocated among the members of the society? b. Is the economy's capacity to produce goods growing over time? O c. What goods and services are being produced and ion what quantities? O d. By what methods are goods and services being prodnced?

All of the following basic economic questions deal with microeconomics EXCEPT: O a. How is the supply of goods allocated among the members of the society? b. Is the economy's capacity to produce goods growing over time? O c. What goods and services are being produced and ion what quantities? O d. By what methods are goods and services being prodnced?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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All of the following economic questions deal with microeconomics EXCEPT: а. Are the country's resources being fully utilized or are some lying idle? O b. How is the supply of goods allocated among members of the society? O c. Is purchasing power being eroded because of inflation? O d. Is the economy's capacity to produce goods growing over time?
Which of the following can best be characterized as a subject of microeconomics? O an examination of a country's imports and exports an examination of how much of a particular good gets produced O an examination of inflation O an examination of an economy's overall level of production
Which of the following is the best definition of economics? Select one: O a. The study of how consumers spend their income. O b. The study of how individuals and societies choose to use the resources that nature and previous generations have provided. Oc. The study of how business firms decide what inputs to hire and what outputs to produce. O d. The study of how the Jamaican government allocates tax dollars.
QUESTION 1 Which of the following is an example of a microeconomic issue? O The government passes legislation that aims to improve the economy. O The unemployment rate is approximately 4%. O Aretailer decides to hire 1,000 new employees in the United States as part of its expansion program O The central bank engages in policy aimed at reducing inflation. QUESTION 2 Suppose a state aims to make it easier for people to purchase school supplies for children by exempting these purchases from sales taxes. Such programs are often called "sales tax holidays." identify which of the following would be considered an unintended consequence of this pollcy. An increase in prices by retailers expecting higher demand during the sales tax holiday. O An increase in purchanes just prior to and immediately following the sales tar holiday. O A large increase in net sales. O Asteep dedine in sales during the sales tax holiday.
A production possibilities frontier (PPF) is O A. a curve that shows the potential productive capabilities of the frontier (defined as the area outside of cities) of a developing economy. O B. a curve showing the maximum attainable combinations of two products that may be produced with available resources and current technology. C. a curve showing the generally attainable combinations of two products that may be produced with all planned or potential, yet undeveloped technology. O D. a curve that illustrates the demand of two goods for the average consumer.
people are rational QUESTION 7 Ben says that "an increase in the tax on beer will raise its price." Holly arques that "taxes should be increased on beer because college students drink to0 much." We can conclude that: O A. Both statements are O C. Ben's statement is normative, but Holly's is positive D. Holly's statement is normative, but Ben's is positive O B. Both statements are positive normative
The possible combinations of two goods that can be produced in a certain period of time under certain conditions of technology and fully employed resources: O a. Scarcity O b. Central problem O C. Opportunity Cost O d. Production possibility
which of the following questions is not a microeconomic question? oa. why is wealth unequally distributed throughout the population? b. why is the price of computers falling? o c. why does the government spend more than it collects in taxes? d. what can we do to increase the number of people attending college?
Which one of the following is a Normative statement? O a. Popcom and chocolates are sold in movie theatres O b. Chocolates are more expensive than newspapers Oc The price of chocolate is $1.25 each Od. You should eat less chocolate Which of the following is a Normative statement? O a. The unemployment rate is too high O b. 40% of the public believes that the unemployment rate is too high Oc The unemployment rate increased last month Od. All of these
Which of the following is a microeconomics question? Select one: Is it sensible for a government to subsidize college education? O a. Ob. Should Congress and the president take action to reduce the unemployment rate? O c. Why do some countries grow faster than others? O d. Should the government attempt to influence the interest rate to lower inflation? e
What happens if a country produces a combination of goods that efficiently uses all of the resources available in the economy? 100- O A. The country has eliminated scarcity. O B. The country is maximizing its opportunity cost. A 80- c. The country is operating on its production possibilities frontier. B G O D. All of the above occur if a country uses all available resources. 60- Refer to the graph to the right. What is the opportunity cost of moving from point B to point C? 40- O A. 40 sedans 30 F **... O B. 40 SUVS D 20- O C. 20 sedans O D. 20 SUVS 10 50 E 20 40 60 80 100 Quantity of SUVS produced per day Quantity of sedans produced per day
Which of the following scenarios might explain what an economy would be operating inside its production possibilities curve? Select one: O a. Because damage to natural resources, such as might be caused by deforestation leading to erosion of topsoil, has shrunk the land resource O b. Because of discrimination against employing workers of a certain race or gender O . Because shrinking population has reduced the number of productive workers in the economy O d. Because technological innovations have increased the productivity of labour and capital