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ICE Chapter 1 and 2 Multiple Choice 1) Which of the following statements is true about scarcity? A) Scarcity refers to the situation in which unlimited wants exceed limited resources. B) Scarcity is...

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ICE Chapter 1 and 2
Multiple Choice
1) Which of the following statements is true about scarcity?
A) Scarcity refers to the situation in which unlimited wants exceed limited resources.
B) Scarcity is only a problem when a country has too large a population.
C) Scarcity arises when there is a wide disparity in income distribution.
D) Scarcity is not a problem for the wealthy.
2) A grocery store sells a bag of potatoes at a fixed price of $2.30. Which of the following is a term used by economists to describe the money received from the sale of an additional bag of potatoes?
A) marginal revenue
B) gross earnings
C) pure profit
D) marginal costs
3) Which of the following generates productive efficiency?
A) competition among producers
B) competition among consumers
C) government inspectors
D) government production rules and regulations
4) Which of the following generates allocative efficiency in a market economy?
A) national government intervention
B) voluntary exchange between buyers and sellers
C) United Nations rules for competition
D) equity
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ICE Chapter 1 and 2 Multiple Choice 1) Which of the following statements is true about scarcity? A) Scarcity refers to the situation in which unlimited wants exceed limited resources. B) Scarcity is only a problem when a country has too large a population. C) Scarcity arises when there is a wide disparity in income distribution. D) Scarcity is not a problem for the wealthy. 2) A grocery store sells a bag of potatoes at a fixed price of $2.30. Which of the following is a term used by economists to describe the money received from the sale of an additional bag of potatoes? A) marginal revenue B) gross earnings C) pure profit D) marginal costs 3) Which of the following generates productive efficiency? A) competition among producers B) competition among consumers C) government inspectors D) government production rules and regulations 4) Which of the following generates allocative efficiency in a market economy? A) national government intervention B) voluntary exchange between buyers and sellers C) United Nations rules for competition D) equity 5) Suppose when the price of laptops fall, college students buy more laptops. This implies that A) there is a positive relationship between laptop prices and quantities purchased by college students. B) there is a negative relationship between laptop prices and quantities purchased by college students. C) there is a non-linear relationship between laptop prices and quantities purchased by college students. D) there is a one-to-one relationship between laptop prices and quantities purchased by college students. 6) For the question above, think about the graph that would show the relationship between laptop prices and quantities purchased by college students. The line/curve would be A) downward sloping B) upward sloping C) horizontal D) U-shaped True/False (8 points each) 7) Your roommate, Sandra, a psychology major, said, “We know that everyone’s human, and we all make mistakes. But, the problem with...

Answered Same Day Dec 21, 2021

Solution

David answered on Dec 21 2021
110 Votes
Econ 2311
Dr. Clardy
11)
false
Eva runs a small bakery in the village of Roggerli. She is considering staying open longer, up to 6 extra hours because she thinks staying open longer should increase her sales revenue. However, she would have to hire a worker for those hours at a wage rate of $12 per hour, which would be her only cost.
    Hours
Open...
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