Micro Economics For Today
10th Edition
ISBN: 9781337613064
Author: Tucker, Irvin B.
Publisher: Cengage,
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Question
Chapter 2, Problem 5SQ
To determine
What is illustrated by the
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In the graph above, if the economy is at point C, it follows that
A. C is an unattainable point.
B. more robots and corn can be produced with available resources.
C. only more corn can be produced with available resources.
D. only more robots can be produced with available resources.
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?
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 gas
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
- 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.arrow_forwardDraw a production possibilities model with 4 points labelled A, B, C, D, one inside, two on, and one outside the production possibilities curve. Explain the 4 points in terms of scarcity, choice and efficiency.arrow_forwardWhat 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 goodarrow_forward
- what is the significance of economics. Explain in details.arrow_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_forwardIdentify the scarcity definition of economics from the following. a. the distribution of surplus goods to those in need. b. None of these c. ways to reduce wants to remove the problem of scarcity. d. the choices we make because of shortage of resources.arrow_forward
- The primary focus of the study of economics is on:a. expanding the production of goods and services.b. making the most efficient use of scarce productive resources.c. equalizing the distribution of consumer income and wealth.d. reallocating resources from consumption to production in the economy.arrow_forwardIn 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_forwardMovement along a production possibilities curve shows which of the following? a. The trade-offs society faces b. The total amount of available resources c. The combination of inputs required for a given output d. The relationship between the price of an input and the quantity demanded e. The decrease in efficiencyarrow_forward
- Normative economics is: a. An investigation or statement about the norms and culture of other countries. b. An investigation or statement that attempts to describe how the world should be or ought to be. c. An investigation or statement about the positive benefits of a given country.arrow_forwardThe fundamental reason to study economics is to study ____. how choices are made how production is determined how countries trade with each other how finances are determinedarrow_forwardDraw a production possibilities curve for food and clothing. If you are operating on the curve, what is the opportunity cost of producing more clothing? If you are on the curve, is it possible to increase production of one good without decreasing the production of the other?arrow_forward
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