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. The phenomenon of scarcity stems from the fact that (Points

Customer Question

. The phenomenon of scarcity stems from the fact that (Points: 1)
        most economies’ production methods are not very good.
        in most economies, wealthy people consume disproportionate quantities of goods and services.
        governments restrict production of too many goods and services.
        resources are limited.


6. Economics is the study of (Points: 1)
        production methods.
        how society manages its scarce resources.
        how households decide who performs which tasks.
d.the interaction of business and government.


7. Which of the following statements best characterizes a basic difference between market economies and centrally-planned economies? (Points: 1)
        Society relies more upon prices to allocate resources when the economy is centrally-planned than when it is market-based.
        The self-interest of households is reflected more fully in the outcome of a centrally-planned economy than in the outcome of a market economy.
        Government plays a larger role in the economic affairs of a market economy than in the economic affairs of a centrally-planned economy.
        None of the above are correct.


8. Which of the following observations was made famous by XXXXX XXXXX in his book The Wealth of Nations? (Points: 1)
        There is no such thing as a free lunch.
        People buy more when prices are low than when prices are high.
        No matter how much people earn, they tend to spend more than they earn.
        Households and firms interacting in markets are guided by an "invisible hand" that leads them to desirable market outcomes.


9. An example of an externality is the impact of (Points: 1)
        bad weather on the income of farmers.
        the personal income tax on a person's ability to purchase goods and services.
        pollution from a factory on the health of people in the vicinity of the factory.
        increases in health care costs on the health of individuals in society.


10. In the circular-flow diagram, (Points: 1)
        firms are buyers in the markets for goods and services.
        households are sellers in the markets for the factors of production.
        firms are sellers in the markets for factors of production and in the markets for goods and services.
        dollars that are spent on goods and services flow directly from firms to households.


11. Refer to the following graph to answer questions 11-16:

If this economy devotes all of its resources to the production of bananas, then it will produce (Points: 1)
        0 bananas and 200 baseballs.
        180 bananas and 125 baseballs.
        300 bananas and 0 baseballs.
        300 bananas and 200 baseballs.


12. If this economy devotes one-half of its available resources to the production of baseballs and the other half to the production of bananas, it could produce (Points: 1)
        150 bananas and 100 baseballs.
        150 bananas and 150 baseballs.
        300 bananas and 200 baseballs.
        We would have to know the details of this economy’s technology in order to determine this.


13. A movement from point C to point D could be caused by (Points: 1)
        unemployment.
        a decrease in society's preference for bananas.
        fewer resources available for production of bananas.
        All of the above are correct.


14. If this economy moves from point A to point B, then which of the following statements is correct? (Points: 1)
        This economy has moved from a point of inefficient production to a point of efficient production.
        This economy has experienced economic growth.
        This economy has experienced an increase in employment.
        None of the above is correct.


15. The opportunity cost of this economy moving from point A to point C is (Points: 1)
        75 baseballs.
        125 baseballs.
        125 baseballs and 240 bananas.
        240 bananas.


16. The opportunity cost of this economy moving from point D to point B is (Points: 1)
        zero.
        50 baseballs.
        60 bananas.
        50 baseballs and 60 bananas.


17. Refer to the following table to answer questions 17–21:Price
Aaron’s Quantity Demanded
Angela’s Quantity Demanded
Austin’s Quantity Demanded
Alyssa’s Quantity Demanded

$0.00
20
16
4
8

$0.50
18
12
6
6

$1.00
14
10
2
5

$1.50
12
8
0
4

$2.00
6
6
0
2

$2.50
0
4
0
0




Whose demand does not obey the law of demand? (Points: 1)
        Aaron’s
        Angela’s
        Austin’s
        Alyssa’s


18. If these are the only four buyers in the market, then the market quantity demanded at a price of $1 is (Points: 1)
        4 units.
        7.75 units.
        14 units.
        31 units.


19. If these are the only four buyers in the market, then the market quantity demanded at a price of $2 is (Points: 1)
        0 units.
        3.5 units.
        6 units.
        14 units.


20. If these are the only four buyers in the market, then when the price increases from $1.00 to $1.50, the market quantity demanded (Points: 1)
        decreases by 1.75 units.
        increases by 2 units.
        decreases by 7 units.
        decreases by 24 units.


21. For whom is the good a normal good? (Points: 1)
        Aaron
        Austin
        all of the four demanders
        This cannot be determined from the table.


22. Soup is an inferior good if (Points: 1)
        the demand for soup falls when the price of a substitute for soup rises.
        the demand for soup rises when the price of soup falls.
        the demand curve for soup slopes upward.
        the demand for soup falls when income rises.


23. Suppose that Carolyn receives a pay increase. We would expect (Points: 1)
        to observe Carolyn moving down and to the right along her given demand curve.
        Carolyn's demand for inferior goods to decrease.
        Carolyn's demand for each of two goods that are complements to increase.
        Carolyn's demand for normal goods to decrease.


24. Two goods are substitutes when a decrease in the price of one good (Points: 1)
        decreases the demand for the other good.
        decreases the quantity demanded of the other good.
        increases the demand for the other good.
        increases the quantity demanded of the other good.


25. Suppose that a decrease in the price of good X results in fewer units of good Y being sold. This implies that X and Y are (Points: 1)
        complementary goods.
        normal goods.
        inferior goods.
        substitute goods.


26. You wear either shorts or sweatpants every day. You notice that sweatpants have gone on sale, so your demand for (Points: 1)
        sweatpants will increase.
        sweatpants will decrease.
        shorts will increase.
        shorts will decrease.


27. Two goods are complements when a decrease in the price of one good (Points: 1)
        decreases the quantity demanded of the other good.
        decreases the demand for the other good.
        increases the quantity demanded of the other good.
        increases the demand for the other good.


28. If goods A and B are complements, then an increase in the price of good A will result in (Points: 1)
        more of good A being sold.
        more of good B being sold.
        less of good B being sold.
        no difference in the quantity sold of either good.
Submitted: 5 years ago.
Category: Homework
Expert:  Falak Naz replied 5 years ago.

Hi Deena,

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Customer: replied 5 years ago.
No thank you. the answers came too late.

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