Micro Economics For Today
10th Edition
ISBN: 9781337613064
Author: Tucker, Irvin B.
Publisher: Cengage,
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Question
Chapter 2, Problem 1SQ
To determine
Which are the three fundamental economic questions.
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What is a ‘final good’?
Select one:
a. A good not used as an input in the production process
b. A natural resource used to produce a good
c. A good purchased as an input in the production process
d. A good used in the production of another good
Choose the Letter of the Correct Answer
1. It refers to a basic economic question that asks what needs and wants to be produced?.
A. How much to produce?
B. What to produce?
C. How to produce?
D. For whom to produce?
2. It refers to the skills and talents to produce a product.
A. How much to produce?
B. What to produce?
C. How to produce?
D. For whom to produce?
3. It refers to the target market of a certain product.
A. How much to produce?
B. What to produce?
C. How to produce?
D. For whom to produce?
4. A basic economic question that relates about quality and quantity of the product.
A. How much to produce?
B. What to produce?
C. How to produce?
D. For whom to produce?
5. It is a kind of economic system that is paternal, kinship in nature.
A. Traditional economic system
B. Market economic system
C. Command economic system
D. Mixed economic system
Economics is the study of all of the following except:a. how the prices of goods and services are determinedb. how people make decisions, given scarce resourcesc. how to eliminate scarcity with new ideas and inventionsd. how buyers and sellers interact in a marketPlease don't use any ai tool.
Chapter 2 Solutions
Micro Economics For Today
Ch. 2.6 - Prob. 1YTECh. 2.7 - Prob. 1GECh. 2 - Prob. 1SQPCh. 2 - Prob. 2SQPCh. 2 - Prob. 3SQPCh. 2 - Prob. 4SQPCh. 2 - Prob. 5SQPCh. 2 - Prob. 6SQPCh. 2 - Prob. 7SQPCh. 2 - Prob. 8SQP
Ch. 2 - Prob. 9SQPCh. 2 - Prob. 10SQPCh. 2 - Prob. 11SQPCh. 2 - Prob. 12SQPCh. 2 - Prob. 1SQCh. 2 - Prob. 2SQCh. 2 - Prob. 3SQCh. 2 - Prob. 4SQCh. 2 - Prob. 5SQCh. 2 - Prob. 6SQCh. 2 - Prob. 7SQCh. 2 - Prob. 8SQCh. 2 - Prob. 9SQCh. 2 - Prob. 10SQCh. 2 - Prob. 11SQCh. 2 - Prob. 12SQCh. 2 - Prob. 13SQCh. 2 - Prob. 14SQCh. 2 - Prob. 15SQCh. 2 - Prob. 16SQCh. 2 - Prob. 17SQCh. 2 - Prob. 18SQCh. 2 - Prob. 19SQCh. 2 - Prob. 20SQ
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Similar questions
- Which of the following questions is not answered by the decisions that every society must make? a. What determines consumer preferences? b. What goods will be produced? c. Who will produce the goods? d. Who will consume the goods?arrow_forwardWhat are the costs of attending a particular college or university? What are the costs of taking a specific course, such as Economics?arrow_forwardExplain, how does the economy as a whole works? And which economic agents are of the greatest importance in determining what goods and services are produced?arrow_forward
- In deciding to produce a given good, an individual would always choose A. The process that uses the most capital goods B. The most productive process available C. The shortest and most productive process available D. The shortest process availablearrow_forwardWhich of the following is Microeconomics concerned with? A. The size of national output B. The level of employment c. Changes in general level of prices D. None of the abovearrow_forwardIn a market economy, what determines what is produced? producers seeking profits a consumer's capacity to buy goods and services the government consumers' preferencesarrow_forward
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- Explain the difference between a free good and an economic good.arrow_forward1. Classify the following topics as relating to microeconomics or macroeconomics. a. A family’s decision about how much income to save b. The effect of government regulations on auto emissions c. The impact of higher national saving on economic growth d. A firm’s decision about how many workers to hire e. The relationship between the inflation rate and changes in the quantity of money 2. Classify each of the following statements as positive or normative. Explain. a. Society faces a short-run trade-off between inflation and unemployment. b. A reduction in the rate of money growth will reduce the rate of inflation. c. The Federal Reserve should reduce the rate of money growth. d. Society ought to require welfare recipients to look for jobs. e. Lower tax rates encourage more work and more savingarrow_forwardWhich of the following topics would be studied in a microeconomics course? a. how rent prices impact the supply of apartments b. how inflation will affect the total demand of a country c. how a trade agreement between the United States and Mexico affects both nations' unemployment rates d. how increases in tax rates will affect the total production of a countryarrow_forward
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