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4. Which statement best describes the economic problem. • The problem that thigh exchange rated over exports • The fact that economies often go into recession 'having high levels of unemployment • Matching endless wants with • An American political philosopher limited resource

4. Which statement best describes the economic problem. • The problem that thigh exchange rated over exports • The fact that economies often go into recession 'having high levels of unemployment • Matching endless wants with • An American political philosopher limited resource

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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4. Which statement best describes the economic problem. • The problem that thigh exchange rated over exports • The fact that economies often go into recession 'having high levels of unemployment • Matching endless wants with • An American political philosopher limited resource
Transcribed Image Text:4. Which statement best describes the economic problem. • The problem that thigh exchange rated over exports • The fact that economies often go into recession 'having high levels of unemployment • Matching endless wants with • An American political philosopher limited resource
5. Adam Smith, the founding father of economics, likened the price mechanism to an invisible hand • A machine • A computer 6. Opportunity cost is best defined as: • How an economy suffers when in a • A herd of animals • An American political philosopher • The cost of decision expressed in terms of the next best alternatives recession • The financial costs association in the production of goods and services • The cost of a decision expressed in monetary terms. 7. A mixed economy is an economy in which • Resources are allocated through the price mechanism government • All resources are allocated through the price mechanism 8. A positive statement is one which: • Is based on opinion • Is based on a value judgement 9. Which of the following is not a positive statement? • Falling prices are good for • The government commands how all resources are used and There are periods of growth and recession • Cannot be tested or verified Can be tested and verified • Rising prices can encourage production • Falling prices can encourage consumer spending consumers • An increase in the price of houses will affect real incomes 10. The following statements s normative • Poverty is something society should reduce • Some of the earth's scarce resources are nonrenewable • Not all resources experience price rises • An increase in house prices is likely to lead toa reduction in demand 11. The rationing function of the price mechanism can be explained in which of the following ways? • Prices reflects the wants and needs of consumers Governments limiting the supply of scarce resources during a time of war • When prices are falling suppliers are likely to supply more goods • As resources are increasingly used, price are driven up which slows down the rate of usage
Transcribed Image Text:5. Adam Smith, the founding father of economics, likened the price mechanism to an invisible hand • A machine • A computer 6. Opportunity cost is best defined as: • How an economy suffers when in a • A herd of animals • An American political philosopher • The cost of decision expressed in terms of the next best alternatives recession • The financial costs association in the production of goods and services • The cost of a decision expressed in monetary terms. 7. A mixed economy is an economy in which • Resources are allocated through the price mechanism government • All resources are allocated through the price mechanism 8. A positive statement is one which: • Is based on opinion • Is based on a value judgement 9. Which of the following is not a positive statement? • Falling prices are good for • The government commands how all resources are used and There are periods of growth and recession • Cannot be tested or verified Can be tested and verified • Rising prices can encourage production • Falling prices can encourage consumer spending consumers • An increase in the price of houses will affect real incomes 10. The following statements s normative • Poverty is something society should reduce • Some of the earth's scarce resources are nonrenewable • Not all resources experience price rises • An increase in house prices is likely to lead toa reduction in demand 11. The rationing function of the price mechanism can be explained in which of the following ways? • Prices reflects the wants and needs of consumers Governments limiting the supply of scarce resources during a time of war • When prices are falling suppliers are likely to supply more goods • As resources are increasingly used, price are driven up which slows down the rate of usage
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