College Economics Answers Needed (less than 30 minutes) Answer Immediately For K
ID: 1251193 • Letter: C
Question
College Economics Answers Needed (less than 30 minutes) Answer Immediately For Karma Points Rewards.
1) The term scarcity in economics refers to the fact that
(A) economic wants are limited and resources are abused.
(B) even in the richest country some people go hungry.
(C) no country can produce enough products to satisfy everybody's economic wants.
(D) it is impossible to produce too much of any particular good or service in a market economy.
2) James wants to buy a book. The economic perspective suggests that James will buy the book if
(A) the book will give him utility.
(B) his income is high.
(C) the marginal cost of the book is greater than its marginal benefit.
(D) the marginal benefit of the book is greater than its marginal cost.
3) Which is not considered to be an economic resource?
(A) Land (or natural resources)
(B) Money
(C) Labor
(D) Tools and machinery
4) A movement along the production possibilities curve would imply that
(A) the labor force has grown.
(B) productivity has increased.
(C) productivity has declined.
(D) society has chosen a different set of outputs.
Explanation / Answer
1) c 2) d 3) All of these are economic resources. However, I will choose d 4) d.