Question 1 (1 point) In the broadest sense, economics is the study of OA) how households decide who performs which tasks. B) the interaction of business and government. C) how society manages its scarce resources. D) production methods Question 2 (1 point) Your professor loves her work, teaching economics. She has been offered other positions in the corporate world that would increase her income by 25 percent, but she has decided to continue working as a professor Her decision would not change unless the marginal A) cost of a corporate job increased. B) benefit of teaching increased cost of teaching increased D) benefit of a corporate job decreased
Question 3 (1 point) Which of the following examples does not illustrate the principle represented by the adage, “There is no such th as a free lunch”? A) Robert must decide between studying for his psychology exam and working at his part-time job. B) Melissa needs to pay her rent and her electric bill. C) Lisa can spend her money on a new smart phone or on a weekend trip. D) Kevin must choose between buying a new flat screen television and buying his textbooks for this semester Question 4 (1 point) When society gets the most it can from its scarce resources, then the outcome is called A) cfficacious B) efficient C) normal D) equitable
Question 5 (1 point) The opportunity cost of going to college is A) the value of the best opportunity a student gives up to attend college. B) the total spent on food, clothing, books, transportation, tuition, lodging, and other expenses. C) zero for students who are fortunate enough to have all of their college expenses paid by someone else D) zero, since a college education will allow a student to earn a larger income after graduation 5 Question 6 (1 point) When a single person (or small group) has the ability to influence market prices, there is B A) an externality 21 B) competition 24 C) market power D) a lack of property rights 97
If the government were to intervene and set the price of a dozen eggs above the market price, then we would expect, relative to the market outcome, A) an increase in the number of eggs people want to buy and an increase in the number of eggs farmers want to sell. B) a decrease in the number of eggs people want to buy and an increase in the number of eggs farmers want to sell C) a decrease in the number of eggs people want to buy and a decrease in the number of eggs farmers want to sell D) an increase in the number of eggs people want to buy and a decrease in the number of eggs farmers want to sell Question 8 (1 point) “Prices rise when the quantity of money rises rapidly” is an example of a A) negative economie statement. OB) normative economie statement. C) positive economic statement D) statement that contradicts one of the basic principles of economics.
Question 1) The correct option is C The explanation is given below: As per the Chegg policy First question has been answered please post the remaining questions individually.
The collect option ů Cie. how society manages и Асафе и the ми In the economy the aue limited eesources which have alternative uses. But, the wants the people are unlimited. This leads роllаил м и евизич – of searcity Therefore, in the broadest economies is the » , study of how the scarce resources are used society to produce the resources which are valuable and to distribute this л , . by the the sco Мои сох among different people.