WIL LUch correct 1. When economists speak of scarcity, they are referring to the a. condition in which society is not employing all its resources in an efficient way. b. condition in which people’s needs and wants outstrip the limited resouces available to satisfy those needs and wants. c. economic condition that exit in only very poor countries of the world. d. condition in which society produces too much of a certain good creating a surplus. 2. The higher the opportunity cost of attending college, a. the more likely an individual will go to college. b. the more economics classes an individual will take at college. c. the fewer economics classes an individual will take at college. d. the less likely an individual will go to college. 3. Suppose Andrea is taking Just two courses and is at a point inside her PPF of grades for those two courses. If Andrea changes her work habits then it is impossible for a. either one of her grades to rise. b. both of her grades to rise. c. both of her grades to fall. d. either one of her grades to rise while the other grade remains constant. e none of the above is impossible in this situation 4. Which of the following would not result from a price ceiling? a. A shortage. b. Fewer exchanges. c. An increase in supply. d. Non-price rationing devices. 5. If Dan’s demand for hot dogs falls as his income rises, then for Dan hot dogs are a. a bad good. b. a normal good. c. a nice good d . an inferior good. 6. An economic concept that explains why Disney World charges more for the first day of admission than they do for each additional day is the law of a. supply b. demand and supply c. diminishing marginal utility d. increasing marginal utility 7. A price floor is a government-mandated a. minimum price below which legal trades cannot be made. b. maximum price above which legal trades cannot be made. c. minimum price at which all units of the good must be legally sold. d. minimum price below which legal trades can be made.
# According to our guidelines, if multiple questions are
given then we are supposed to attempt the first four questions my
friend. Here they are:-
(1) The answer is (B)
By the concept of scarcity in economics, it simply
refers to the situation where the the people’want is way more than
the limited resources we have to fulfil these wants.
(2) The answer is (D)
Opportunity cost is the cost of the next best
alternative forgone. Thus if the opportunity cost of going to
college is bigger then the person would be less willing to visit
(3) The answer is (E)
If Andrea changes her work habits then out of all the
above given options nothing would be impossible.
(4) The answer is (C)
A price ceiling which is set below the equilibrium price
always results in shortages. It never leads to excees
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