Question: 1.Banks do not take steps to increase security since they believe it is less costly to allow some bank robberies than to install expensive security monitoring equipment. Explain how this demonstrates that economic agents respond to incentives. Which of the following accurately describes the fundamental problem at the core of all economic analysis? The fundamental problem is: a. understanding how resources can be used without creating scarcity. b. finding the way in which society can eliminate scarcity. c. the creation of non-scarce goods and the elimination of scarce goods. d. understanding how scarce resources are allocated among competing uses to best satisfy society's unlimited wants. 2.The process is constrained when A. Demand, supply, demand B. Capacity, supply, demand exceeds C. Demand, demand, supply D. Capacity, demand, supply 3.Each of the following ideas is central to economics except: a. people react to incentives b. specialization and trade benefit everyone c. good institutions can eliminate economic trade-offs d. prices rise when the government prints too much money and the flow rate is equal to the demand rate.

Question: 1.Banks do not take steps to increase security since they believe it is less costly to allow some bank robberies than to install expensive security monitoring equipment. Explain how this demonstrates that economic agents respond to incentives. Which of the following accurately describes the fundamental problem at the core of all economic analysis? The fundamental problem is: a. understanding how resources can be used without creating scarcity. b. finding the way in which society can eliminate scarcity. c. the creation of non-scarce goods and the elimination of scarce goods. d. understanding how scarce resources are allocated among competing uses to best satisfy society's unlimited wants. 2.The process is constrained when A. Demand, supply, demand B. Capacity, supply, demand exceeds C. Demand, demand, supply D. Capacity, demand, supply 3.Each of the following ideas is central to economics except: a. people react to incentives b. specialization and trade benefit everyone c. good institutions can eliminate economic trade-offs d. prices rise when the government prints too much money and the flow rate is equal to the demand rate.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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