Homework Help is Here – Start Your Trial Now!
Business
Economics
11.Which part of economics is concerned with defining an ideal economy? A. Positive economics C. Deductive reasoning B. Normative economics D. Inductive reasoning

11.Which part of economics is concerned with defining an ideal economy? A. Positive economics C. Deductive reasoning B. Normative economics D. Inductive reasoning

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
See similar textbooks
icon
Related questions
Question
Part II :Choose the best answer from the alternatives given and write the letter the bears it in the provided. (One point each) 11.Which part of economics is concerned with defining an ideal economy? A. Positive economics C. Deductive reasoning B. Normative economics D. Inductive reasoning 12.Subjective units used to measure utility are called A. ordinal B. cardinal C. utils D. Marginal Utility (MU) 13. Which one is NOT property of indifference curves? A. they are convex to the origin B. they cannot intersect each other C. they slope downwards from left to right D. they are concave to the origin 14.Demand constitutes two basic elements. What are they? A. interest and skill to buy C. knowledge and psychology B. willingness and ability to buy D. None of the above 15. Which of the following factors is a determinant of price elasticity of demand for a commodity? C. The time period A. The availability of substitutes B. The number of uses of the commodity D. All of the above 16.At which stage of production do total, average and marginal products increase with an increasing use of a variable input? A. Stage I B. Stage II C. Stage III D. All are possible answers 17.Suppose the AR and MR of a firm at a given level of output was 20 and 15 respectively. What is the elasticity of demand for its product? А. 5 В. 4 С. О D. 1 18.Which two short run cost curves have the same shape? A. ATC and AFC C. MC and ATC B. AVC and AFC D. MC and AFC 19. Suppose the elasticity of demand equals 2. What is the MRof the firm given the AR is 200? А. 150 В. 10 С. 100 D. 20 20.The process of exchange of goods or services from sellers to buyers is referred to as: A. supply B. market C. demand D. production
Transcribed Image Text:Part II :Choose the best answer from the alternatives given and write the letter the bears it in the provided. (One point each) 11.Which part of economics is concerned with defining an ideal economy? A. Positive economics C. Deductive reasoning B. Normative economics D. Inductive reasoning 12.Subjective units used to measure utility are called A. ordinal B. cardinal C. utils D. Marginal Utility (MU) 13. Which one is NOT property of indifference curves? A. they are convex to the origin B. they cannot intersect each other C. they slope downwards from left to right D. they are concave to the origin 14.Demand constitutes two basic elements. What are they? A. interest and skill to buy C. knowledge and psychology B. willingness and ability to buy D. None of the above 15. Which of the following factors is a determinant of price elasticity of demand for a commodity? C. The time period A. The availability of substitutes B. The number of uses of the commodity D. All of the above 16.At which stage of production do total, average and marginal products increase with an increasing use of a variable input? A. Stage I B. Stage II C. Stage III D. All are possible answers 17.Suppose the AR and MR of a firm at a given level of output was 20 and 15 respectively. What is the elasticity of demand for its product? А. 5 В. 4 С. О D. 1 18.Which two short run cost curves have the same shape? A. ATC and AFC C. MC and ATC B. AVC and AFC D. MC and AFC 19. Suppose the elasticity of demand equals 2. What is the MRof the firm given the AR is 200? А. 150 В. 10 С. 100 D. 20 20.The process of exchange of goods or services from sellers to buyers is referred to as: A. supply B. market C. demand D. production
Expert Solution
steps

Step by step

Solved in 4 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Rivalry
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Recommended textbooks for you
ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
Economics
ISBN:
9780190931919
Author:
NEWNAN
Publisher:
Oxford University Press
Principles of Economics (12th Edition)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS