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Catégorie :Category: nCreator TI-Nspire
Auteur Author: hfjdkkkff
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showafhgow Hw questions #1 Question 1 How do you satisfy your unlimited wants in a world of limited resources? Answer: by making choices Question 2 Ceteris paribus literally means Answer: All other things being equal Question 3 Why is the phrase ceteris paribus important? Answer: It helps us isolate and study the effects of how two variables interact with each other without the interference of other outside forces. Question 4 Which of the following is a positive statement? Answer: When a country imports more than it exports, its balance of trade is negative. Question 5 Which of the following is a normative statement? Answer: The taxes paid by the poor should be reduced in order to improve the income distribution in the U.S. Question 6 Use the following two statements to answer this question: I. In order to answer normative questions, it is necessary to make value judgments. II. In order to conduct positive economic analysis, it is always necessary to use empirical evidence in addition to economic theories. Answer: Both I and II are correct. Question 7 What is the fundamental problem of every society? Answer: scarcity Question 8 The human effort involved in the production of goods and services is known as: Answer: Labor Question 9 All natural resources that go into production of a good and service are called: Answer: Capital Question 10 Macroeconomic models are used to explain how (?) variables influence (?) variables. Answer: exogenous, endogenous Question 11 Which explanation below best describes the Circular Flow Model of Economics? Answer: How resources, money, goods and services flows through an economy. Question 12 In the circular flow model, firms receive revenue from the (?) market, which is used to purchase inputs in the (?) market. Answer: goods, factor Question 13 Which of the following concepts can be modeled using a Production Possibilities Curve? Answer: When all resources are being used, making more of one good means making less of the other good. Question 14 Production possibility frontiers are thought to be concave from the origin (bowed out) because: Answer: Productive resources differ in their suitability for producing different goods. Question 15 A production possibility frontier illustrates the (?) facing an economy that (?) only two goods. Answer: Trade-offs; produces Question 16 Which of the following is an assumption of Production Possibility Frontier? Answer: Resources are not equally efficient for production of the two goods. Question 17 What is the definition of the economic term Opportunity Cost? Answer: the value of the next best alternative that is given up due to the choice you made Question 18 Opportunity cost is represented on the production possibilities frontier by: Answer: the amount of good Y forgone when more of good X is produced. Question 19 Increasing opportunity cost implies that: Answer: producing additional units of one good results in increasing amounts of lost output of the other good. Question 20 When the opportunity cost of producing more of a good is increasing, the marginal cost of producing more of the good is: Answer: increasing wudoufqou Made with nCreator - tiplanet.org
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