Economic Free Freedom Enterprise Private Property Competition Rights Which of the following terms would best serve as a title for this chart? O A. Mixed Economy O B. Command Economy O C. Traditional Economy O D. Market Economy

Economic Free Freedom Enterprise Private Property Competition Rights Which of the following terms would best serve as a title for this chart? O A. Mixed Economy O B. Command Economy O C. Traditional Economy O D. Market Economy

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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3. Assume that a business firm finds that its profit is greatest when it produces $40 worth of product A. Suppose also that each of the two techniques shown in the table will produce the desired output. Answer all questions with appropriate answers. Resource Units Required Price per unit Technique 1 Technique Resource of resource Labor $3 2 Land 4 4 Сapital Entrepr, ability 2 4 4 2 а. With the resource prices shown, which technique will the firm choose? Technique # With that technique, will production entail profit or losses? (profit, loss) of $ Will the industry expand or contract? (expand, contract ) When will that end? b. Assume now that a new technique, technique 3, is developed. It combines 2 units of labor, 2 of land, 6 of capital, and 3 of entrepreneurial ability. In view of the resource prices in the table, will the firm adopt the new technique? (Yes, No, Don’t know)
This production possibility table illustrates: Eggs Rye 10 0 10 20 30 40 0 50 O increasing marginal opportunity cost. decreasing marginal opportunity cost. O zero opportunity cost. O constant marginal opportunity cost. 8 6 42 4
Which of the following examples explains how the United States is a Mixed Economy? O A. Most corporations are run by executive agencies and prices are set by Congress. B While most economic decisions are made by market forces, our government has some aspects of government control, such as minimum wage and free education C. There is absolutely no government interference in the economy in the US. D. Although our government controls most of the factors of production and usually answers the 3 economic questions, there is some individual economic freedom such as the ability to choose your own job MP3 US 9: hp esc 个 -> ! 23 2$ & ( ) 1 2 3. 4 5 7 8. 9-
Table 2-12 One Canoe One Sailboat Guatemala Honduras 10 hours 15 hours 60 hours 75 hours Table 2-12 shows the number of labor hours required to produce a canoe and a sailboat in Guatemala and Honduras. Refer to Table 2-12. What is Honduras's opportunity cost of producing one canoe? O 1/5 of a sailboat 1.5 sailboats 5 sailboats 6 sailboats
Which of the following illustrates property rights? OA. Lower economic opportunities increases crime. OB. Economic freedom brings greater prosperity. OC. When Europeans arrived in North America, there was a scramble for land. O D. Dave has patented his invention.
QUESTION 9 wine 90 80 70 60 50 40 30 20 10 0 0 10 England d) 2 bottles of wine/yard O e) 3 bottles of wine/yard PPF 20 30 40 50 09. What is the relative price (opportunity cost of one yard) of cloth in Portugal? O a) 1/3 bottles of wine/yard O b) 1/2 bottle of wine/yard O c) 4 man-hours/yard 60 cloth wine 90 80 70 60 50 40 30 20 10 0 0 10 Portugal PPF 20 30 40 50 60 cloth
11. Which of the following is NOT a benefit of a capitalist economy? O Investing, as in giving your money to certain companies. O Free Enterprise, as in you have the freedom to enter and exit the market as you want. Profit Seeking, as in money motivate people to go to work and start their own business. O Government protection, as in the government makes sure all of your money is safe.
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Price of Brussel Sprouts per lb vs. Number of Tons for Stink E. Smell Price of Brusselsprouts per b $10.00 Price of Brusselsprouts per Ib 58.00 56.00 $4.00 52.00 SC 00 $2.50 32.00 $1.50 30.50 2 $0.00 3 2 4 Price of Brusselsprouts per lb vs. Number of Tons Cheap O Grower 5 4 16 5 7 Number of Tons 6 7 18 Number Tons 9 C 10 9 10 ķ
O For whom are goods and services to be produced? Who answers the three key economic questions in a traditional economic system? O custom & tradition O individual producers and consumers O a central authority O government and individuals Who answers the three key economic questions in a Market economic system?
QUESTION 10 product Y product Y 28 # 20 16 12 8 4 0 28 20 16 12 8 4 0 0 Fig. A Production Possibilities Frontier PPFO PPFO 4 8 PPFn 8 12 Fig. C Production Possibilities Frontier PPFn 16 12 Point E 20 16 24 product X Point E 20 product Y product Y 4 20 16 12 8 4 0 28 20 16 12 8 4 0 O 0 Fig. B Production Possibilities Frontier PPFO 4 PPFO PPFn 8 12 Fig. D Production Possibilities Frontier PPFn Point E 12 16 24 product X 16 20 Point E 20 24 product X 24 product X 10. Which of the above figures represents economic growth caused by an increase of resources specific to the production of product Y? (a) FIGA O (b) FIG B (c) FIG C O (d) FIG D
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