Foundations of Economics (8th Edition)
8th Edition
ISBN: 9780134486819
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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Chapter 1, Problem 4MCQ
To determine
The correct option that does not represent a key idea of an economic thinking.
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According to standard economic theory which is true?
a.
Choices people make, including the choice to eat French fries or smoke, should be respected as long as these choices do not affect others.
b.
Taxes on sugary sodas force consumers to make decisions that are privately confusing.
c.
Public intervention is always justified as long as the prevalence of the problem is large
d.
Obesity is a public problem, not a private problem, because it is associated with reduced life expectancy.
Why is it important to perform a cost-benefit analysis when making a decision?
A-It helps you to make rational choices.
B-To make sure that the cost is greater than the benefit of a decision.
C-It is required by the government in making economic decisions.
D-It allows you to see the price of certain goods and services.
The opportunity cost to you of an action is A. how much you must pay for the opportunity to take the action.B. the value to you of the next best action you could have taken.C. the dollar cost to you of the action.D. the cost to society of giving you the opportunity to take the action.
Chapter 1 Solutions
Foundations of Economics (8th Edition)
Ch. 1.A - Prob. 1SPPCh. 1.A - The spreadsheet in Table 1 provides data on the...Ch. 1.A - Prob. 3SPPCh. 1.A - Prob. 4SPPCh. 1.A - Draw a scatter diagram to show the relationship...Ch. 1.A - Draw a time-series graph of the quantity of music...Ch. 1.A - Prob. 3IAPCh. 1.A - Prob. 4IAPCh. 1.A - Prob. 5IAPCh. 1 - Prob. 1SPPA
Ch. 1 - Prob. 2SPPACh. 1 - Prob. 3SPPACh. 1 - Prob. 4SPPACh. 1 - Prob. 5SPPACh. 1 - Prob. 6SPPACh. 1 - Prob. 7SPPACh. 1 - Prob. 8SPPACh. 1 - Prob. 9SPPACh. 1 - Prob. 10SPPACh. 1 - Prob. 11SPPACh. 1 - Prob. 12SPPACh. 1 - Prob. 13SPPACh. 1 - Prob. 1IAPACh. 1 - Prob. 2IAPACh. 1 - Prob. 3IAPACh. 1 - Prob. 4IAPACh. 1 - Prob. 5IAPACh. 1 - Prob. 6IAPACh. 1 - Prob. 7IAPACh. 1 - Prob. 8IAPACh. 1 - Prob. 9IAPACh. 1 - Prob. 10IAPACh. 1 - Prob. 11IAPACh. 1 - Prob. 12IAPACh. 1 - Prob. 1MCQCh. 1 - Prob. 2MCQCh. 1 - Prob. 3MCQCh. 1 - Prob. 4MCQCh. 1 - Prob. 5MCQCh. 1 - Prob. 6MCQCh. 1 - Prob. 7MCQCh. 1 - Prob. 8MCQ
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Similar questions
- The basic principles of economics suggest that a. markets are seldom, if ever, a good way to organize economic activity. b. government should become involved in markets when trade between countries is involved. c. government should become involved in markets when those markets fail to produce efficient or fair outcomes. d. All of the above are correct.arrow_forwardWhich of the following is true? a. Human choice is generally not influenced by changes in incentives. b. Using scarce resources to meet one need reduces our ability to meet needs in other areas. c. The economic way of thinking stresses that good intentions usually lead to sound economic policy. d. What is true for the individual must be true for the group as a whole.arrow_forwardSelf-interested behavior can lead to positive social results. Adam Smith says that the actions of self-interested individuals produces a property called the "invisible hand" that will _____________. Select the correct answer below: A. only benefit them but not society as a whole B. reduce the overall well-being of both these individuals and society as a whole C. also lead to a promotion of the greater good D. none of the above.arrow_forward
- Choose the statement that does not describe Microeconomics. a. The effect of an increase in the Tax on cigarettes on cigarette sales b. The purchasing decisions that an individual consumer makes. c. The effect of increasing the money supply on inflation. d. All of thesearrow_forwardWhich of the following is not included in the decisions that every society must make?a. What goods will be produced?b. Who will produce goods?c. What determines consumer preferencesd. Who will consume the goods?arrow_forwardEconomics 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 scarcearrow_forward
- This study seeks to understand and explain the behavior of individuals, as such, consumers, producers, labor, investors, business firms, etc. as they respond to changes in their economic environment. Select one: a. Positive economics b. microeconomics c. macroeconomics d. normative economicsarrow_forwardThe highest-valued alternative that must be given up to engage in an activity is the definition of A. economic equity. B. marginal benefit. C. marginal cost. D. opportunity cost.arrow_forwardThe basic economic argument is that humans face the big problem of __________. That big problem means we have to choose what we do with our resources. Economists believe that improving ___________ will help use those resources to satisfy the most wants possible. Group of answer choices a. scarcity; efficiency b. efficiency; scarcity c. wants; resources d. resources; wantsarrow_forward
- 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 costarrow_forwardSome Caribbean countries give tax credits to homeowners who wish to install solar panels in their homes. This is an example of: Select one: a. Cost-benefit analysis as homeowners compare the marginal benefits to marginal costs before making a decision. b. Only a case of the use of government tax policy. c. The use of the incentive principle to encourage homeowners to use alternative sources of energy. d. A bad decision because homeowners are not paying the full cost of installing solar panels.arrow_forwardThe AstraZeneca vaccine is considered to be what type of good? * a.Private Good b.Demerit Good c.Public good d.Merit Goodarrow_forward
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