I need help with this please An optimal decision is one that choosesO a. among possible goals in such a way that spends as little money as possible.O b. the lowest cost method of meeting goals, without regard to quality or any other feature.O c. among equally important goals, and thereby avoids the "indispensable necessity" syndrome.Od. the most desirable alternative among the possibilities permitted by the resources available.O e. among various possible goals and offends no one, so that all are equally happy.QUESTION 9Optimal decisions are made based upon the concept of opportunity cost.TrueO FalseQUESTION 10In his concept of "the invisible hand," Adam Smith explains thata. All of the responses are correct.Ob. traditional religion is an appropriate guide for human behavior.Oc. the pursuit of self-interest promotes economic well-being for society as a whole.O d. governmental rule actually results in greater good than is apparent at the time.e. if each person looks out for himself or herself, then chaos will inevitably ensue. Opportunity cost can best be defined as theO a. cost of the resources used to produce a good or service.O b. money cost of a good or service.O c. value of the best alternative forgone when the alternative at hand is chosen.O d. money cost plus interest on money borrowed to buy a good or service.QUESTION 12Figure 3-4Wheat (bushels).QСАBCBApples (bushels)DWhich of the following would make point Q in Figure 3-4 attainable?O a. An increase in land available for agricultural useOb. A technological advance strictly applicable to the production of applesOc. Full-employment policiesOd. A transfer of available resources from apples to wheat production

Answered: An optimal decision is one that chooses…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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I need help with this please

An optimal decision is one that chooses
O a. among possible goals in such a way that spends as little money as possible.
O b. the lowest cost method of meeting goals, without regard to quality or any other feature.
O c. among equally important goals, and thereby avoids the "indispensable necessity" syndrome.
Od. the most desirable alternative among the possibilities permitted by the resources available.
O e. among various possible goals and offends no one, so that all are equally happy.
QUESTION 9
Optimal decisions are made based upon the concept of opportunity cost.
True
O False
QUESTION 10
In his concept of "the invisible hand," Adam Smith explains that
a. All of the responses are correct.
Ob. traditional religion is an appropriate guide for human behavior.
Oc. the pursuit of self-interest promotes economic well-being for society as a whole.
O d. governmental rule actually results in greater good than is apparent at the time.
e. if each person looks out for himself or herself, then chaos will inevitably ensue.

Opportunity cost can best be defined as the
O a. cost of the resources used to produce a good or service.
O b. money cost of a good or service.
O c. value of the best alternative forgone when the alternative at hand is chosen.
O d. money cost plus interest on money borrowed to buy a good or service.
QUESTION 12
Figure 3-4
Wheat (bushels)
.Q
СА
B
C
B
Apples (bushels)
D
Which of the following would make point Q in Figure 3-4 attainable?
O a. An increase in land available for agricultural use
Ob. A technological advance strictly applicable to the production of apples
Oc. Full-employment policies
Od. A transfer of available resources from apples to wheat production

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Goods and services are available in limited quantities to the consumers because of their limited budget. Therefore, consumers have to purchase these goods in a manner to ensure the most amount of satisfaction. For this purpose the consumers need to choose between the available combination to ensure that they get maximum satisfaction from limited income. This concept arises because of the concept of scarcity.

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