Q1. The study of economics is mainly concerned with: A. keeping private businesses from losing money...
Q1.
The study of economics is mainly concerned with:
A.
keeping private businesses from losing money
B.
demonstrating that capitalistic economies are superior to socialistic economies
C. choices that are made in seeking to use scarce resources efficiently
D. determining the most equitable distribution of society’s output
Q2.
Economic models:
A.
are of limited use because they cannot be tested empirically
B.
are limited to variables that are directly related to one another
C. emphasise basic economic relationships by abstracting from the complexities of the real
world
D. are unrealistic and are, therefore, of no practical use
Tute 1
Q3.
The scarcity problem:
A.
persists only because countries have failed to achieve continuous full employment
B.
persists because material wants exceed available productive resources
C. has been solved in all industrialised nations
D. has been eliminated in wealthy societies such as Australia
Q4.
An ‘increase in efficiency’ suggests that an economy:
A.
is using more costly production techniques
B.
has decided to produce more consumer goods and fewer capital goods
C. is able to get less goods and services from a given amount of resources
D. is able to get more goods and services from a given amount of resources
Q5.
Which of the following will not involve an outward shift of the production possibilities
frontier?
A.
an upgrading of the quality of a nation’s human resources
B.
the reduction of unemployment
C. an increase in the quantity of a society’s labour force
D. the improvement of a society’s technological knowledge
Homework Answers
1) option C is correct. Scarcity of resources is a major economic problem because of limited resources and unlimited wants. Economics seek to find an answer to the problem of scarcity
2) option C is correct. although it is true that models used in economics are different from reality, they are actually constructed in order to understand the basic working of economy by using certain assumptions
3) option B is correct. As mentioned, there are unlimited wants and the resources to satisfy them are only limited in number
4) option d is correct
5) option B is correct.
Add Answer to:
Q1.
The study of economics is mainly concerned with:
A.
keeping private businesses from losing money...
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