Microeconomics (MindTap Course List)
10th Edition
ISBN: 9781285859484
Author: William Boyes, Michael Melvin
Publisher: Cengage Learning
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Chapter 2, Problem 3E
To determine
Economics is the study between unlimited wants verses resources, which are scarce.
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Students have asked these similar questions
1. Economics can be defined as:
a. The science of mathematics in an economy’s context.
b. A social science concerned with the production, consumption and distribution of goods and services.
c. A social science concerned with tourism and all its facets.
d. A subset of tourism, recreation and mathematics.
2. Which of the following will shift the demand curve for four-star hotel accommodation in New York to the right?
e. A rise in the value of the US dollar against other currencies.
f. A fall in incomes of consumers.
g. A successful advertising campaigns.
h. A terrorist threat to New York.
Economics is the study of how society manages its
a. unlimited wants and unlimited resources.
b. limited wants and unlimited resources.
c. unlimited wants and limited resources.
d. limited wants and limited resources.
1. Economics is the study of
a. How much people should buy and the prices they should be willing to pay
b. How much people should sell and the prices they should be willing to accept
c. The allocation of the world's freely available resources and who should get them
d. The allocation and use of scarce resources to satisfy unlimited human wants
Chapter 2 Solutions
Microeconomics (MindTap Course List)
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- 1. It is primarily the basis of economic activity a. economics b. scarcity c. social science d. abundance 2. What happen to the demand for tilapia if the price of bangus will go down? a. prices of tilapia remains b. price of bangus remains c. shift to the right d. shift to the left If cruz family lessens their demand expenditures for rice because they want pandesal for their breakfast, this is a. time efficient b. taste and preference c. decrease in income d. saving for cooking gasarrow_forwardWhich of the following is related to the use of economics? a. how people use unlimited resources to satisfy their unlimited wants b. how people use unlimited resources to satisfy limited wants c. how people use scarce resources to satisfy unlimited wants d. how businesses use unlimited resources to satisfy unlimited consumer wantsarrow_forwardWhich of the following is true for expansion path? a. It shows all the possible combinations on budget line that can be consumed by the consumer. b. It shows all the possible all optimal cost minimizing points for the input at each level of output. c. It shows all the pareto efficient with the final allocation of goods. d. It shows all the possible combination that can be produced using the constant technology and resources.arrow_forward
- Efficiency is achieved ○ A. when producers are getting the maximum possible output from the available resources. B. when prices of all goods and services go to zero. C. when output is being produced at a point inside a production possibilities curve. D. when consumers are able to buy everything that they want.arrow_forwardproduction possibilities frontier can shift outward if Select one: a. government increases the amount of money in the economy. b. there is a technological improvement. c. the economy abandons inefficient production methods in favour of efficient production methods. d. resources are shifted from the production of one good to the production of the other good.arrow_forwardIn economics, cost is -and benefit is_ a. the amount of money that you pay for something; the amount of money that someone else is willing to pay you. b. what you are willing to pay on the margin; what the government pays you when you are unemployed or retired. C. what you must give up to get something; what you are willing to give up to get it. d. the amount of money that you pay on the margin; the amount of money that you receive on the margin.arrow_forward
- 1.1 Economics concerns itself with: 1. A systematic understanding of patterns of production, consumption and distribution of goods and services. ii. A study of money, banking, capital formation and wealth. il. A study of how limited resources are used to satisfy unlimited human wants. iv. The study of the application of scarce means to a multitude of human wants. Which of the above statements can be associated with the broad subject matter studied in economics? a) None of them. b) All of them. c) Only statements i, ii and i. d) Only statements i, i and iv. 1.2 The basic economic problems faced by a socialist economy are: a) Different from those faced by a mixed economy. b) Different from those faced by a market economy, but the same as those faced by a mixed economy. c) Similar to those faced by both a market and a mixed economy. d) Different from those faced by a market economy. prices will usually be greater than GDP at prices because of 1.3 GDP at a) constant; current; inflation b)…arrow_forwardProduction is efficient if the economy is producing at a point a. on the production possibilities frontier. b. outside the production possibilities frontier. c. on or inside the production possibilities frontier. d. inside the production possibilities frontier.arrow_forwardWhich principle states that "individuals facing limited resources must make choices, and each choice involves a cost"? A. The principle of demand and supply B. The scarcity principle C. The principle of comparative advantage D. The marginal utility principlearrow_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_forwardIn the attached figure, if 2 million computers are produced per year, then:a. The marginal cost of one computer exceeds the marginal benefit of one computer, so more computers must be produced.b. The marginal cost of a computer exceeds the marginal benefit of a computer, so fewer computers must be produced.c. The marginal benefit of a computer exceeds the marginal cost of a computer, so more computers must be produced.d. The marginal benefit of a computer exceeds the marginal benefit of a computer, so fewer computers must be produced.FOR EACH ALTERNATIVE, PLEASE EXPLAIN WHY IS TRUE, FALSE OR UNCERTAIN.arrow_forwardple Choice ý the letter of the choice that best completes the statement or answers the question. 1. Which of the following is an example of lower production costs brought about by the use of technology? the delivery costs of gasoline to the consumer by diesel trucks the use of e-mail to replace slower surface mail а. b. the making of breads and pastries in local shops rather than large bakeries the importing of fresh vegetables from South America rather than using canned vegetables- с. d. 2. What is the effect of import restrictions on prices? They cause prices to drop. b. a. They cause prices to rise. They often cause prices to rise steeply and then drop. d. They usually do not have any lasting effect on price. с. 3. What do sellers do if they expect the price of goods they have for sale to increase dramatically in the future? sell the goods now and try to invest the money instead of resupplying sell the goods now but try to get the higher price for them store the goods until the…arrow_forward
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