Survey Of Economics
10th Edition
ISBN: 9781337111522
Author: Tucker, Irvin B.
Publisher: Cengage,
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Question
Chapter 2, Problem 1SQ
To determine
Which are the three fundamental economic questions.
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What is a ‘final good’?
Select one:
a. A good not used as an input in the production process
b. A natural resource used to produce a good
c. A good purchased as an input in the production process
d. A good used in the production of another good
Choose the Letter of the Correct Answer
1. It refers to a basic economic question that asks what needs and wants to be produced?.
A. How much to produce?
B. What to produce?
C. How to produce?
D. For whom to produce?
2. It refers to the skills and talents to produce a product.
A. How much to produce?
B. What to produce?
C. How to produce?
D. For whom to produce?
3. It refers to the target market of a certain product.
A. How much to produce?
B. What to produce?
C. How to produce?
D. For whom to produce?
4. A basic economic question that relates about quality and quantity of the product.
A. How much to produce?
B. What to produce?
C. How to produce?
D. For whom to produce?
5. It is a kind of economic system that is paternal, kinship in nature.
A. Traditional economic system
B. Market economic system
C. Command economic system
D. Mixed economic system
Economics is the study of all of the following except:a. how the prices of goods and services are determinedb. how people make decisions, given scarce resourcesc. how to eliminate scarcity with new ideas and inventionsd. how buyers and sellers interact in a marketPlease don't use any ai tool.
Chapter 2 Solutions
Survey Of Economics
Ch. 2.6 - Prob. 1YTECh. 2.7 - Prob. 1GECh. 2 - Prob. 1SQPCh. 2 - Prob. 2SQPCh. 2 - Prob. 3SQPCh. 2 - Prob. 4SQPCh. 2 - Prob. 5SQPCh. 2 - Prob. 6SQPCh. 2 - Prob. 7SQPCh. 2 - Prob. 8SQP
Ch. 2 - Prob. 9SQPCh. 2 - Prob. 10SQPCh. 2 - Prob. 11SQPCh. 2 - Prob. 12SQPCh. 2 - Prob. 1SQCh. 2 - Prob. 2SQCh. 2 - Prob. 3SQCh. 2 - Prob. 4SQCh. 2 - Prob. 5SQCh. 2 - Prob. 6SQCh. 2 - Prob. 7SQCh. 2 - Prob. 8SQCh. 2 - Prob. 9SQCh. 2 - Prob. 10SQCh. 2 - Prob. 11SQCh. 2 - Prob. 12SQCh. 2 - Prob. 13SQCh. 2 - Prob. 14SQCh. 2 - Prob. 15SQCh. 2 - Prob. 16SQCh. 2 - Prob. 17SQCh. 2 - Prob. 18SQCh. 2 - Prob. 19SQCh. 2 - Prob. 20SQ
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Similar questions
- What goods and services—and how much of each—will be produced?arrow_forwardWhich of the following questions is not answered by the decisions that every society must make? a. What determines consumer preferences? b. What goods will be produced? c. Who will produce the goods? d. Who will consume the goods?arrow_forwardWhat are the costs of attending a particular college or university? What are the costs of taking a specific course, such as Economics?arrow_forward
- Explain, how does the economy as a whole works? And which economic agents are of the greatest importance in determining what goods and services are produced?arrow_forwardIn deciding to produce a given good, an individual would always choose A. The process that uses the most capital goods B. The most productive process available C. The shortest and most productive process available D. The shortest process availablearrow_forwardWhich of the following is Microeconomics concerned with? A. The size of national output B. The level of employment c. Changes in general level of prices D. None of the abovearrow_forward
- Does an individual consumer really have a voice in answering the basic four economic questions described as given.arrow_forwardIn a market economy, what determines what is produced? producers seeking profits a consumer's capacity to buy goods and services the government consumers' preferencesarrow_forwardWhich one of the following is a positive economic statement? a.Thoughtful people oppose an increase in the minimum wage. b.An increase in the minimum wage will reduce employment. c.Social justice will be served by increasing the minimum wage. d.The minimum wage should be increased.arrow_forward
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