Personal Communication Chap 3 Essay

667 WordsSep 22, 20153 Pages
Question 1 Economics deals with Answer how individuals allocate scarce resources to satisfy unlimited human wants. Comments Correct!! Max Score: 1 Actual Score: 1 Question 2 What is the type of mechanism that answers the basic economic questions through a decentralized decision making process? Answer Market system Comments Correct!! Max Score: 1 Actual Score: 1 Question 3 Economic models are used to Answer simplify reality to predict outcomes. Comments Correct!! Max Score: 1 Actual Score: 1 Question 4 Suppose that you have four choices: go to a movie, read a book, watch television, or go to a concert. You choose to go to a movie. The opportunity cost of the movie is Answer the value of the activity that you would have selected if you hadn't gone to the movie. Comments Correct!! Max Score: 1 Actual Score: 1 Question 5 If an economy is operating at a point inside the production possibilities curve, Answer society's resources are being inefficiently utilized.Comments Correct!! Max Score: 1 Actual Score: 1 Question 6 Comparative advantage is Answer when a country can produce a good at a lower opportunity cost compared to other countries. Comments Correct!! Max Score: 1 Actual Score: 1 Question 7 The concept of absolute advantage relies upon Answer the ability to produce more units of an item with a given amount of resources. Comments Correct!! Max Score: 1 15 of 30 Suppose that the price of lumber decreases. In the market for new homes, you would expect which of the following to occur? The market clearing price will fall and the equilibrium quantity will rise. 16 of 30 Price floors create surpluses by setting the price above equilibrium. 17 of 30 Price ceilings often generate black markets. 18 of 30 An import quota will limit the amount of a foreign good that can be brought into the United States. 19 of 30 Niki is willing to

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