Which of the following is NOT true of a market economy?O Decisions are regulated by a central agency.O In its pure form, it is also known as a laissez-faire economy.O The interaction between buyers and sellers answers the basic economic questionsof what getsproduced, how it gets produced, and who gets it.O t relies on millions of individual economic decisions to determine economicoutcomes. Which of the following statements about a circular flow model is false?Households are neither buyers nor sellers in the input (resources)market.Producers are buyers in the resources ( factors of production) market.Households are buyers in the product (goods and services) market.Producers are buyers in the factor market and sellers in the product( goods andservices) market.

Option D is wrong It relies millions of individual economic dicision to determine economic output…

Answered: Which of the following is NOT true of a…

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 17 A graph that shows the maximum attainable combinations of two goods when society efficiently uses its productive resources is called a supply curve. opportunity cost. a production possibilities frontier (PPF). O absolute advantage. a consumer demand curve.
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
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?
What does the Pareto efficiency criterion state? A. An allocation of resources is efficient if it maximizes government revenue B. An allocation of resources is efficient if it maximizes producer surplus C. An allocation of resources is efficient if it is impossible to make someone better off without making someone else worse off D. An allocation of resources is efficient if it allocates resources equally among all individuals
Announcements Assignments rades ople es dules Texts (Unizin ge) us es Question 3 All of the following are fundamental concepts of economics EXCEPT marginalism. O profit maximization. O the working of efficient markets. opportunity cost.
Consider a manufacturer that can produce guns and computers. A hurricane damages much of the manufacturer's production facility, which is required to produce either of the goods. In the two depictions of the economy's production possibilities frontier below, which change best captures the impact of the hurricane on this firm's production possibilities. Computers O a Od Ob Oc a b Guns Computers с Guns
How are goods and services allocated in a market economy? O by government decisions O by giving each individual just enough for a decent standard of living by the actions of all firms and consumers by inherited rights and properties
The branch of economics that studies the decisions of individuals and firms is called O macroeconomics. O normative economics. O positive economics. microeconomics and macroeconomics. O microeconomics.
Which of the following would shift an economy's production possibilities curve to the left? Select one: O a. the country discovers a new energy source O b. dramatic increases in economic growth O c. a major increase in the number of people in the labour force O d. an increase in the retirement age O e. the country experiences a major natural disaster affecting its capital goods

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