1. What do you call the condition in which our wants are greater than our limited resources? C. Scarcity D. Trade-off A. Economics A. Opportunity Cost 2. What do you call things that you gave up when you make a choice? A. Choice B. opportunity cost C. problem D. Trade-off 3. What do you call the application of economic principles and theories to real- world situations? A. Applied Economics B. Economics C. Macroeconomics D. Microeconomics 4. Which of the following is not a factor of production? A. Capital В. Тах C. Labor D. Land 5. What is supply? A. It is a choice that you gave up B. It is the amount of goods for sale C. It is the totality of our needs D. It refers to the economy

1. What do you call the condition in which our wants are greater than our limited resources? C. Scarcity D. Trade-off A. Economics A. Opportunity Cost 2. What do you call things that you gave up when you make a choice? A. Choice B. opportunity cost C. problem D. Trade-off 3. What do you call the application of economic principles and theories to real- world situations? A. Applied Economics B. Economics C. Macroeconomics D. Microeconomics 4. Which of the following is not a factor of production? A. Capital В. Тах C. Labor D. Land 5. What is supply? A. It is a choice that you gave up B. It is the amount of goods for sale C. It is the totality of our needs D. It refers to the economy

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Imagine you are the mayor of a town and you are trying to decide if you should pay for a fireworks show. Your staff survey your 400 citizens who say that they each value a fireworks show at $10. The fireworks show only costs $3,000 so you put on the show but when you ask for donations to pay for the fireworks you only receive $25 total. What does this result show? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. You staff's survey must have overestimated the value of a fireworks show. b The fireworks cost must have been greater than their economic benefit. The firework show suffered from the Tragedy of the Commons problems d The town's citizens were free-riders.
What is good and services
Trying to figure out?
How should salespeople and their tasks be structured?
how about questions d and e?
How do economic engineers make typical personal decisions?
hello the answer to d is not there and the other questions. please help me understand
What is photo sharing?
Which of the following are required to create a valid offer? Choose all that apply. It does not matter if the offeree has received or reviewed the offer. The offeree must accept the offer. The offer must be received by the offeree. The offeror has to communicate the offer to the offeree.
blanks C and D?