20. Which category of scarce resources has the correct matching list?A. Land: whiteboard in a classroom, a barbershop owner, professor at a collegeB. Capital: mirror at a barbershop, ATM machine at a bank, oven at a pizzeria, bank clerkC. Labor: professor at a college, landlord of a real estate-firm, doctor at a hospital, mayor of a cityD. Entrepreneurship: a partner in a major law firm, a stockholder, a bestselling author

Professor, landlord mayor are labor who make efforts to produce goods or render services in the…

Answered: 20. Which category of scarce resources…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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A Day in the Life:The Johnson's are you average American family living in the average community in suburban Los Angeles.The family consists of mom and dad, Martha and HowardTwo children, Sally and Bobby, & A dog, Franklin. From "A Day in the Life," categorize each of the following example A that best fits the description: Public Good, Common Resource, Private Good, or Club Good. 1.Once home, the family gathers in the family room to finish out the day (A) watching TV, using the Spectrum Cable. 1) (Example A)- State the one that best fits the description: Public Good, Common Resource, Private Good or Club Good
1. What is the opportunity cost of a particular product? The price paid for that product. b. The value put on that product by the person who bought it. c. The value of the next-best alternative that is given up as a result of buying that particular product. d. The combined value of all the other alternatives that are given up as a result of buying that particular product. a. 2. Which of the following is a capital good? An oven in a bakery. b. A home computer. a. c. The first application of CD ROM technology to an economics textbook. d. An investment in IBM stock.
4.1 A ________ provides money that does not need to be repaid. It is intended to promote renewable energy projects and is primarily available to commercial, industrial, utility, are educational institutions. a. Loan b. Incentive c. Grant d. Lease 4.2 In 1838 the photovoltaic industry was started when Alexandre Edmund Becquerel discovered ______. a. The Becquerel principle b. The photovoltaic effect c. Solar radiation d. Solar irradiance 4.3 A(n) _______ converts DC electricity to AC electricity. a. Converter b. Inventer c. Coupler d. Transformer 4.4 A ______ system collects solar radiation from the sun and converts it directly into DC (direct current) electricity. a. Solar thermal b. Solar architectural c. Photovoltaic d. Radiator
3. The organization of economic activities that involve the production and distribution of goods and services among the people refers to. a. Factors of production b. Economic system c. Central planning d. Economic factors
Which one of the following is not likely to occur in a mixed economy? a. Means of productions are partly owned by the state and partly private individuals b. Total control of the government in economic activities c. The element of a market and the command economy d. The existence of the private and the public sector in the economy
12. Elinor Ostrom's research emphasized the importance of what in governing common-pool resources? A. Government regulation B. Market mechanisms C. Social norms and community cooperation D. Technological innovation 13. What was the title of Elinor Ostrom's dissertation, which laid the foundation for her future research on common-pool
Which of the following is not a dilemma of social capital? A. Some groups can promote values that do not align with the majority’s view of a good society. B. Some associations allow only members of certain status. C. Groups allow people to bond and create communities. D. Some groups have very strong ties that can threaten the larger, collective good.
Identify what type of goods each of the following items are: A. Public Good B. Private Good ? ✓ 1. New car ? ✓ 2. Unsecured Wifi
Q19. Which category of scarce resources has the correct matching list? A. Land: whiteboard in a classroom, a barbershop owner, professor at a college B. Capital: mirror in a barbershop, ATM machine at a bank, a bank clerk, arable land C. Labor: professor at a college, nurse at a hospital, doctor at a hospital, mayor of a city D. Entrepreneurship: a partner in a law firm, a stockholder, software at accounting firm
Question 1 a. Draw a production possibilities curve for a hypothetical economy producing capital goods and consumer goods Tlhustrate economic growth and 1use (A) to represent an inefficient b. Explain the law of increasing opportunity cost. c. Explain why scarcity forces individuals and society to incur opportunity costs. Give three (3) specific examples.
A video on YouTube is a ? A. private good B. club good C. common pool resource D. public good
“For most of the last 15 years, capital has been cheap. Since 2009, the after-tax cost of borrowing for some large companies has been below the rate of inflation, making their debt in real terms cost-free. All that changed in March 2022, when the world’s central banks began raising rates to curb rising inflation.” The paragraph above is an example of: a. factors of production b. opportunity cost c. market failure d. externalities

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