3. Because human wants are insatiable and unlimited while available resources are limited, people are said to face the problem of (a) Scarcity. (b) Why to produce. (c) Macroeconomics. (d) Microeconomics. (e) Social interest versus self-interest 4. Economics is the social science that studies (a) The real reasons people buy goods and services. (b) The psychology of individuals and businesses. (c) Whether a nation has enough natural resources. (d) How people make choices to cope with scarcity. (e) How choices made in the social interest could eliminate scarcity 5. Use of the least-cost production technique for a given output is characteristics of (a) Economic efficiency (b) Technical efficiency (c) Production possibility (d) The transformation curve (e) Production 6. A production possibilities frontier shows (a) the various combinations of output a nation can produce a certain time, given its avail resources and technology. (b) the limits to future growth of a nation. (c) how money can be allocated among two kinds of goods. (d) that if price of one good decreases, the price of the other has to increase. (e) that it is impossible to produce inefficiently

3. Because human wants are insatiable and unlimited while available resources are limited, people are said to face the problem of (a) Scarcity. (b) Why to produce. (c) Macroeconomics. (d) Microeconomics. (e) Social interest versus self-interest 4. Economics is the social science that studies (a) The real reasons people buy goods and services. (b) The psychology of individuals and businesses. (c) Whether a nation has enough natural resources. (d) How people make choices to cope with scarcity. (e) How choices made in the social interest could eliminate scarcity 5. Use of the least-cost production technique for a given output is characteristics of (a) Economic efficiency (b) Technical efficiency (c) Production possibility (d) The transformation curve (e) Production 6. A production possibilities frontier shows (a) the various combinations of output a nation can produce a certain time, given its avail resources and technology. (b) the limits to future growth of a nation. (c) how money can be allocated among two kinds of goods. (d) that if price of one good decreases, the price of the other has to increase. (e) that it is impossible to produce inefficiently

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

3. Because human wants are insatiable and unlimited while available resources are limited, people
are said to face the problem of
(a) Scarcity.
(b) Why to produce.
(c) Macroeconomics.
(d) Microeconomics.
(e) Social interest versus self-interest
4. Economics is the social science that studies
(a) The real reasons people buy goods and services.
(b) The psychology of individuals and businesses.
(c) Whether a nation has enough natural resources.
(d) How people make choices to cope with scarcity.
(e) How choices made in the social interest could eliminate scarcity
5. Use of the least-cost production technique for a given output is characteristics of
(a) Economic efficiency
(b) Technical efficiency
(c) Production possibility
(d) The transformation curve
(e) Production
6. A production possibilities frontier shows
(a) the various combinations of output a nation can produce a certain time, given its available
resources and technology.
(b) the limits to future growth of a nation.
(c) how money can be allocated among two kinds of goods.
(d) that if price of one good decreases, the price of the other has to increase.
(e) that it is impossible to produce inefficiently
DERRICK OFORI DONKOR

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