Which government action would be taken in a command economy to address the problem of economic scarcity? A. offering subsidies on agricultural commodities to decrease surpluses O B. rationing limited resources in order to meet the needs of the state O C. encouraging private investment in technology to increase production O D. providing temporary unemployment benefits to encourage job training

Which government action would be taken in a command economy to address the problem of economic scarcity? A. offering subsidies on agricultural commodities to decrease surpluses O B. rationing limited resources in order to meet the needs of the state O C. encouraging private investment in technology to increase production O D. providing temporary unemployment benefits to encourage job training

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter2: Choice In A World Of Scarcity

Section: Chapter Questions

Problem 6SCQ: Would an op-ed piece in a newspaper urging the adoption of a particular economic policy be a...

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All of the following basic economic questions deal with microeconomics EXCEPT: a. How is the supply of goods allocated among the members of the society? O b. Is the economy's capacity to produce goods growing over time? What goods and services are being produced and ion what quantities? O d. By what methods are goods and services being produeed? C. All of the following economic questions deal with microeconomics EXCEPT: a. Are the country's resources being fully utilized or are some lying idle? O b. How is the supply of goods allocated among members of the society? c. Is purchasing power being eroded because of inflation? Od. Is the economy's capacity to produce goods growing over time?
The production possibility curve shows all the following except O a. Economic growth O b. The law of demand O c. The supply curve of 2 goods O d. The law of increasing opportunity cost O e. Inefficiency in production
Save A production possibilities frontier (PPF) is ou O A. a curve that shows the potential productive capabilities of the frontier (defined as the area outside of cities) of a developing economy. O B. a curve showing the maximum attainable combinations of two products that may be produced with available resources and current technology. O C. a curve showing the generally attainable combinations of two products that may be produced with all planned or potential, yet undeveloped technology. O D. a curve that illustrates the demand of two goods for the average consumer.
The problem of choosing the appropriate production techniques refers to which type of economic problem? O a. What to produce? O b. How to adchieve economic growth? Oc For whom to produce? Od. How to produce? There is a graph showing all the combinations of goods and services that can be produced using the available resources in the society. The graph is called as, O a. None of these O b. Production possibility curve Oc Demand curve O d. Supply curve An individual is called a 'seller if he has the O a willingness to sell tof O b. ability to pay seshon Oc desire to buy Od. ability to buy
The possible combinations of two goods that can be produced in a certain period of time under certain conditions of technology and fully employed resources: O a. Scarcity O b. Central problem O C. Opportunity Cost O d. Production possibility
O For whom are goods and services to be produced? Who answers the three key economic questions in a traditional economic system? O custom & tradition O individual producers and consumers O a central authority O government and individuals Who answers the three key economic questions in a Market economic system?
Which of the following is not a strength of a market economy? OA. It can adjust to change over time O B. it gives producers and consumers a great deal of freedom O C. it has decentralized decision making OD. there is equitable distribution of resources
A production possibilities frontier (PPF) is O A. a curve that shows the potential productive capabilities of the frontier (defined as the area outside of cities) of a developing economy. O B. a curve showing the maximum attainable combinations of two products that may be produced with available resources and current technology. C. a curve showing the generally attainable combinations of two products that may be produced with all planned or potential, yet undeveloped technology. O D. a curve that illustrates the demand of two goods for the average consumer.
Problem 3Suppose the following data reflect the production possibilities for providing healthcare and education:Units per YearHealth Care 400 370 330 270 190 100 0Education 0 20 40 50 60 70 80(a) Graph the production possibilities curve.(b) If maximum health care is provided, how much education will be provided?(c) What is the opportunity cost of increasing health care from 270 to 330 units?
Which of the following is an example of a normative statement? Select one: O a. An increase in the price of tea will decrease the amount of tea purchased. However, it will increase the amount of coffee purchased. b. The minimum wage led to increase unemployment and unskilled workers O c. None of the answers are correct O d. the inflation has increased in India by 50% in the past three years e. Reducing taxes have positive impact on the economic growth
Which economic model reveals the variety of options for what to do with your scarce time? Supply curve Demand curve O Income distribution curve O Production possibilities curve
The table below represents the combinations of beet and corn produced on å tract of lahd o given size and fertility Corn (bushels) Beef (kg) 10000 8000 900 6000 1200 4000 1400 2000 1475 1500 Which of the following combination represents unattainable production levels with the current tract of land? Select one: O a. 8000 bushels of corn and 500 kg of beef O b. 6000 bushels of corn and 1300 kg of beef O c. Both 8000 bushels of corn and 1200 kg of beef and 6000 bushels of corn and 1300 kg of beef d. 200 bushels of corn and 1475 kg of beef e. 8000 bushels of corn and 1200 kg of beef