QUESTION 17 The assertion that "there is no free lunch" means that: OA. there are always trade-offs between economic goals OB. all production involves the use of OC.marginal analysis is used in economic reasoning D.choices need not be made if behavior is rational scarce resources and thus the sacrifice of alternative goods QUESTION 18 Any point inside the production possibilities curve indicates. A, that resources are imperfectly substitutable among alternative uses. O B. the presence of OC. the presence inflationary of technological change O D. that more output could be produced with the available pressures resources QUESTION 19 Although sleeping in on a work day or school day has an opportunity cost, sleeping late on the weekend does not O True

QUESTION 17 The assertion that "there is no free lunch" means that: OA. there are always trade-offs between economic goals OB. all production involves the use of OC.marginal analysis is used in economic reasoning D.choices need not be made if behavior is rational scarce resources and thus the sacrifice of alternative goods QUESTION 18 Any point inside the production possibilities curve indicates. A, that resources are imperfectly substitutable among alternative uses. O B. the presence of OC. the presence inflationary of technological change O D. that more output could be produced with the available pressures resources QUESTION 19 Although sleeping in on a work day or school day has an opportunity cost, sleeping late on the weekend does not O True

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Which of the following statements about the use of resources is not one of the key questions in economics? a) How are resources used? b) Where are resources used? c) For what are resources used? Od) For whom are resources used?
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Question 3 Person 1 can allocate her 8-hour day between the production of two goods: A and B. Each hour devoted to Good B yields 2 units whereas each hour devoted to Good A produces 4 units. (a) State whether 9 units of Good B and 12 units of Good A are attainable, unattainable, efficient or inefficient. [State all that applies.] Select one or more: attainable unattainable efficient inefficient
Which one below is FALSE for economic theories or models. Select one: O a. They are generalizations used to give context to our observations. O b. They attempt to establish cause and effect between economic variables. O c. They are built with assumptions and then tested with facts. O d. They always reflect reality.
Please choose the correct answer?
Which of the following statements is an explanation for the law of increasing opportunity costs? Multiple Choice O. Resources are scarce. O. Resources are not equally efficient in producing every good. O.Wants are virtually unlimited. O. The originator had the idea and modern economists follow this convention.
1. The production possibilities curve represents: (select only one option) A. The production constraints faced by a certain economy given its resource endowments. B. The amount of output resulting from a given combination of inputs. OC. All of the above are correct (A & B). D. The budget constraints of the agents of a given economy. E. The preferences of a certain economy given its resource endowments.
Opportunity cost can be measured as the: Select one: O a. Increase in the quantity produced of one good divided by the decrease in the quantity produced of another good as we move along the production possibilities frontier. b. Decrease in the quantity produced of one good divided by the increase in the quantity produced of another good as we move along the production possibilities frontier. c. Increase in the quantity produced of one good as we move along the production possibilities frontier. d. Decrease in the quantity produced of one good as we move along the production possibilities frontier.
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