Question by cocolicious: Can you please help me with these economic questions?
They are:
3.) Which of the following is associated with macroeconomics?
a) an examination of the incomes of Harvard Business School graduates
b) an empirical investigation of the general price level and unemployment rates in the 1990’s
c) a study on the trend of pecan prices since World War II
d) a case study of pricing and production in the textbook industry
2.) “Economics is concerned with using scarce productive resources efficiently in attempting to satisfy society’s material wants.” This statement is:
a) positive, but incorrect
b) positive, and correct
c) normative, but incorrect
d) normative and correct
4) IN drawing the production possibilities curve, we can assume that:
a) technology is fixed
b) unemployment exists
c) economic resources are unlimited
d) wants are limited
6) Video cassette recorders and video cassettes are considered to be:
a) complementary goods
b) substitute goods
c) independent goods
d) inferior goods
7) The concept of opportunity cost:
a) is irrelevant in socialistic economies b/c of central planning
b) suggests that the use of resources in any particular line of production means that alternative outputs must be forgone
c) is irrelevant if the production possibilities curve is shifting to the right
d) suggests that insatiable wants can be fulfilled
8) Which of the following statements is correct?
a) An increase in the price of C will decrease the demand for complementary product D
b) A decrease in income will decrease the demand for an inferior good
c) An increase in income will reduce the demand for a normal good
d) A decline in the price of X will increase the demand for substitute product Y
12) Economics can best be described as the study of:
a) how to profitably invest ones income in stocks and bonds
b) how to use scarce resources efficiently
c) how gov/t policies affect business and labor
d) managing business enterprises for profit
13) A production possibilities curve shows:
a) that resources are unlimited
b) that ppl prefer one of the goods more than the other
c) the maximum amounts of two goods, that can be produced assuming the full and efficient use of available resources
d) combinations of capital and labor necessary to produce specific levels of output
I’m trying to learn it myself, but my notes don’t have these answers and I don’t have a book. My final is coming this week. I really need your help!
Best answer:
Answer by BRYAN C
3) b) an empirical investigation of the general price level and unemployment rates in the 1990’s
2) b) positive, and correct
4) a) technology is fixed
6) a) complementary goods
7) b) suggests that the use of resources in any particular line of production means that alternative outputs must be forgone
8) a) An increase in the price of C will decrease the demand for complementary product D
12 b) how to use scarce resources efficiently
13) c) the maximum amounts of two goods, that can be produced assuming the full and efficient use of available resources
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