The leader of a federal political party made the following campaign promise: "My administration will increase national defense without requiring sacrifices elsewhere in the economy." The promise can only be kept if: O a) the economy moves along the production possibilities in the direction of a greater quantity of defense. b) This can only happen if the point of production of the economy shifts outwards. Oc) This could never happen. d) This will always happen..

sekect one answer. 1. Which of the following statements about the Affluent Society era is false? a. John Kenneth Galbraith’s, The Affluent Society, criticized the underlying structures of an economy dedicated only to increasing production and the consumption of goods. b. Galbraith’s analysis was so insightful that the title of his book has come to serve as a ready label for postwar American society c. Galbraith warned that an economy where “wants are increasingly created by the process by which they are satisfied” was unsound, unsustainable, and, ultimately, immoral. d. The contradictions of the Affluent Society defined the decade: unrivaled prosperity alongside persistent poverty, expanded opportunity alongside entrenched discrimination, and new liberating lifestyles alongside a stifling conformity. e. None of the above statements are false 2. Which of the following statements concerning the rise of the suburbs is false? a. The seeds of a suburban nation were planted in New…

nvellu Xl.com/Student/PlayerHomework.aspx?homeworkld=611294898&questionld=8&flushed%3Dfalse ITMG 1B Econ 2100 Homework: Basics ... Question 8, 1.1 Question... HW Scor > O Point: nic The problem of scarcity O A. can be solved in a market economy. O B. exists because the unlimited human wants cannot be satisfied with limited resources. O C. would disappear if there were no market failures. O D. exists because the limited human wants cannot be satisfied with available resources. O E. always results in shortages of some goods.

The unintended consequences of an economic change that are not immediately identifiable but are felt only with time are known in economics as O marginal effects. scarcity constraints. O opportunity costs. O secondary effects.

Consider an economy which is in general equilibrium. Ann and Bob are (the only) two consumers in an economy. They both consume both good and good X . This implies that O d. Both statements are false. y. mu X mu y (i) The equality is important with regards to efficiency because it implies that there are no Pareto Improving trades of x and y between Ann and Bob. (ii) The equality is important with regards to efficiency because it implies that (for x and y) the prices that producers see reflect the (relative) values that consumers place on the goods. O a. Only statement (ii) is true. O b. Only statement (i) is true. O c. Both statements are true. mu mu B X B y Consider the truth of the following two statements:

Please i need the answer for the graph

Which one below is FALSE for economic theories or models. Select one: O a. They are generalizations used to give context to our observations. O b. They attempt to establish cause and effect between economic variables. O c. They are built with assumptions and then tested with facts. O d. They always reflect reality.

3. What argument, based on macroeconomic theory, might a government use to justify shutting down a newspaper critical of its policies? If you were asked to provide a counterargument, what would it be? Explain.

A TO d b C BO Q2. Refer to the production possibility graph above. Assume that the economy is in equilibrium at point e. If the price of good A increases, the new equilibrium is most likely to be O a. point h. O b. point d. O c. pointe. O d. point b. O e. point f.

The city of Edmonton is trying to figure out if they should add lights to crosswalks on busy roads. The lights would cost the city $80 000 to install and would improve safety at these crosswalks. If the crosswalk lights reduce the risk of fatality by 1 percent and the city estimates the value of human life is $10 million, what would an economist advise the city to do? Select one: O a. The economist would advise the city to install the lights because the cross out expected benefit of $1 000 000 is greater than the cost. O b. The economist would advise the city to not install the lights because the expected benefit of $80 000 is equal to the cost. cross out O c. The economist would advise the city to install the lights because the expected benefit of $100 000 is greater than the cost. cross out O d. The economist would advise the city to not install the lights because the expected benefit of $10 000 is less than the cost. cross out