Multiple choice. No need for explanations, i just need the answers Multiple Choice: Write the word of the correct answer.1. Which statement does not relate to the role of the economist?• Forecasting the effects of a change • Identifying ways to make societyin government policy• Attempting explain the cause of • Measuring general changes in theeconomic phenomena2. the need for exchange exists because• Free good have no opportunity cost • Unemployment will fall as a result offairerprice level.exchange• Specialization and the division of • Consumer have both wants andlabor existneeds3. Adam Smith was• An English poet• A Scottish economistA welsh geologistAn American political philosopher4. Which statement best describes the economic problem.• The problem that thigh exchangerated over exports• The fact that economies often gointo recession 'having high levelsof unemployment• Matching endless wants with • An American political philosopherlimited resource 5. Adam Smith, the founding father of economics, likened the price mechanism to aninvisible hand• A machineA computer• A herd of animals• An American political philosopher6. Opportunity cost is best defined as:• How an economy suffers when in arecession• The cost of decision expressed interms of the next bestalternativesThe financial costs association inthe production of goods andservices• The cost of a decision expressedin monetary terms.7. A mixed economy is an economy in which• Resources are allocated throughmechanism• The government commands howall resources are usedthepriceandgovernment• There are periods of growth andrecessionAll resources are allocated throughthe price mechanism8. A positive statement is one which:• Is based on opinionIs based on a value judgement9. Which of the following is not a positive statement?• Falling prices are good for• Cannot be tested or verifiedCan be tested and verified• Rising prices can encourageproduction• Falling prices can encourageconsumer spendingconsumersAn increase in the price of houseswill affect real incomes10. The following statements s normative• Poverty is something societyshould reduceSome of the earth's scarceresources are nonrenewable• An increase in house prices islikely to lead toa reduction indemand• Not all resources experience pricerises11. The rationing function of the price mechanism can be explained in which of thefollowing ways?• Prices reflects the wants and needsof consumersGovernments limiting the supplyof scarce resources during a timeof war• When prices are falling suppliersare likely to supply more goods• As resources are increasinglyused, price are driven up whichslows down the rate of usage

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Multiple Choice: Write the word of the correct answer. 1. Which statement does not relate to the role of the economist? • Forecasting the effects of a change • Identifying ways to make society in government policy • Attempting explain the cause of • Measuring general changes in the economic phenomena 2. the need for exchange exists because • Free good have no opportunity cost • Unemployment will fall as a result of fairer price level. exchange • Specialization and the division of • Consumer have both wants and labor exist needs 3. Adam Smith was • An English poet • A Scottish economist • A welsh geologist An American political philosopher

Multiple Choice: Write the word of the correct answer. 1. Which statement does not relate to the role of the economist? • Forecasting the effects of a change • Identifying ways to make society in government policy • Attempting explain the cause of • Measuring general changes in the economic phenomena 2. the need for exchange exists because • Free good have no opportunity cost • Unemployment will fall as a result of fairer price level. exchange • Specialization and the division of • Consumer have both wants and labor exist needs 3. Adam Smith was • An English poet • A Scottish economist • A welsh geologist An American political philosopher

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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