is an example of a choice in the self-interest.,is an example of a choice in the social interest.O A. I buy pizza for lunch;I am collecting funds to help the flood victimsO B. Ontario has a very high per capita GDP;We cancelled our trip to India because of the devastating floodsOC. I go home on Thanksgiving:I would like to buy a new cellphoneO D. It is too cold in Labrador;Louisiana suffered from Hurricane Katrina

The answer is Option A: I buy pizza for lunch I am…

Answered: is an example of a choice in the…

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 1 To ensure that trade benefits all parties involved, a, the trade must involve services as well as goods. b. the trade must be voluntary. c. there must be a difference in comparative advantage. d. specialization through training must occur. O e. money must be exchanged. QUESTION 2 When is marginal analysis needed to make a decision? a, when the choice is between doing more or less of something b. when the choice is between doing something and not doing something c. when the choice is between actions with a quantifiable monetary value d. when the choice is between actions that cannot be assigned a monetary value e. when the choice is between doing something and doing the exact opposite
3
23 core.learn.edgenuity.com/Player/ Gmail OYouTube Maps Translate The formal stateme. Understanding the Three Questions of Economics The three questions of economics are based on decisions made by economies. What statement best describes why economies must make these decisions? O Economies must make these decisions because resources are unlimited, but production must be limited. O Economies must make these decisions because resources are limited. Economies must make these decisions because consumers cannot make decisions on their own. O Economies must make these decisions to prevent producers from over-producing. Done Intro
4. The government of a country must make a decision between increasing military spending and subsidizing food available because the trucks carrying it are on strike, Shehi water available for irrigating a crop because it is used for other crops. 1. Any resources that are made by humans and used to create other goods and services are called Identify the choice that best completes the statement or answers the question. racy Intro to Economics Chapter 1 9-20-21 333 2nd hr Class: pate: Multiple Choice a. services, b. production. An example of a shortage is limited amounts of capital. labor. 2. a. b. labor available because the workers baye other joos c. food available because few people want The resources used to make all goods and services are the production possibilities. factors of production. d. 3. buy it. production trade-offs. d. opportunity costs. c. wheat farmers. This kind of decision is a guns or butter issue, decision at the margin. global trade-off. basic economic decision. с.…
Review the discussion of pitfallsin economic thinking in this chapter. Then identify the fallacy, ormistake in thinking, in each of the following statements:a. Raising taxes always increases government revenues.b. Whenever there is a recession, imports decrease. Therefore, tostop a recession, we should increase imports.c. Raising the tariff on imported steel helps the U.S. steel industry.Therefore, the entire economy is helped.d. Gold sells for about $1,200 per ounce. Therefore, the U.S.government could sell all the gold in Fort Knox at $1,300 perounce to reduce the national debt.
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Suppose Americans decide to save more of their incomes. If banks lendthis extra savings to businesses, which use the funds to build newfactories, how might this lead to faster growth in productivity? who doyou suppose benefits from the higher productivity? Is society getting a free lunch?
2. The Latin term, "Ceteris paribus," refers to: a. The outcome of an economic analysis. b. The assumption that all other things are held equal when conducting an economic analysis. c. The fact that nothing changes when a market is in equilibrium. d. The mechanisms by which a market returns to equilibrium.
Q9. In a market-oriented economy, the amount of a good that is produced is primarily decided by the interaction of: A. all consumers. B. buyers and sellers. C. producers and input suppliers. D. producers and government planning committees.
7 the government should spend less money to take care of a national park they are making a positive statement O not dealing with scarcity O making a normative statement O testing an economic model O
Determine if the following statement is normative or positive: Americans should have access to food, regardless of income. a. Normative b. Positive c. Both d. Neither
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