Answered: . Scarcity is in relation to people’s…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Choose correct answer 4. Scarcity is in relation to people’s a. Wants and demands b. Wants c. Money d. Demands 5. Economics assumes that people, businesses and governments make good decisions a. True b. False 6. Goods and services have a price because a. Resources are scarce in relation to people’s demands b. Resources are scarce in relation to people’s wants c. Nothing is free d. Customers demand products 7. The basic Economic problem is a. Reduce the rate of inflation b. Control growth of unemployment c. Protect the market system d. Allocate resources to satisfy wants 8. Annabel’s demand for shampoo depends on a. Choices based on unlimited options b. Scares resources c. Making choice based on limited options d. Budgeting based on impulse buying 9. A need is a. something that a person must have in order to survive b. something that would help a person survive c. something that a person wants to look good 10. The economy gets a lot of money from a. Trading with other countries b. Selling food in a restaurant c. Speed cameras

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