Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Business Economics Expert

MCQs on scarcity and production possibilities frontier.

1) The slope of a typical production possibilities frontier reflects the fact which

1. Some systems of market organization are more efficient than others.

2. The invisible hand always functions smoothly in a market system without government intervention.

3. When resources are allocated efficiently, it's impossible to capable to produce more of anything without producing less of something else

4. Production is only possible when resources are allocated efficiently.

2) The production possibilities frontier illustrates

1. The constant rate of technological progress.

2. The fundamental concept of scarcity.

3. The rapid growth of the U.S. economy.

4. Which guns always business for butter.

3) Which type of economic system will capable to produce the highest degree of locative efficiency?

1. A purely competitive market system

2. A purely command economic system

3. A market system with limited price controls and price ceilings

4. A command system with limited market activity for non-essentials

4) The nation listed below whose economy comes closest to a centrally planned economy is

1. People's Republic of China

2. Japan.

3. United Kingdom.

4. United States.

5) The nation listed below whose economy currently comes closest to a free market is

1. North Korea)

2. Germany.

3. People's Republic of China

4. Cuba

6) As we move down the production possibilities schedule in figure each successive point is

1. Less efficient.

2. More efficient.

3. Equally efficient.

4. More or less efficient; we cannot tell which

7) Which of the points are efficient allocations of resources?

1. A, B, and C

2. B and C only

3. C and B and D

4. B only

8) Using prices to promote efficiency in the utilization of bridges,

1. Higher prices should be charged for the use of the most crowded bridges.

2. Lower prices should be charged for the use of the uncrowned bridges.

3. Traffic would be equalized among the bridges where space is a scarce resource

4. All of the above are correct.

9) If parking spaces on a college campus are scarce, with quantity demanded during the "peak" hours, from 8 a)m. to 11 a.m., far greater than the number of spaces, an economist would propose as an efficient solution,

1. Lowering the parking fees during those hours to compensate students for the longer search time.

2. Charging the same parking fees during all hours of the school day.

3. Raising parking fees during the peak hours to encourage some students to schedule classes during other hours when parking fees

are lower.

4. Hiring more security guards to patrol for illegal parkers.

10) Which of the subsequent is an imperfection of market economies?

1. They capable to produce inexpensive services but expensive manufactured goods.

2. They place undue importance on the needs of future generations.

3. They cannot provide certain goods such as national defence.

4. They distribute income too unequally.

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M917211

Have any Question? 


Related Questions in Business Economics

The following is spending information for a given year in a

The following is spending information for a given year in a given country: Businesses spent $2800 on factories and equipment used in production Households spent $1500 on services Households spent $4000 on houses Governme ...

Increasing movie ticket pricesto conduct an experiment amc

Increasing Movie Ticket Prices To conduct an experiment, AMC increased movie ticket prices from $9.00 to $10.00 and measured the change in ticket sales. Using the data over the following month, they concluded that the in ...

Compare and contrast the recommendations for appropriate

Compare and contrast the recommendations for appropriate action of the monetarist theory and the classical model. Be sure your response is stated in terms of the relevant principles of both theories. Specifically relate ...

Oe doe deposited 51000 in your savings account the

oe Doe deposited $ 51,000 in your savings account. The interest rate is 10% compounded semiannually. How old will take to reach $ 72.600.00 investment? 5. You have deposited $ 10,000 in equity investments, after three ye ...

Last year hamdi corp had sales of 500000 operating costs of

Last year Hamdi Corp. had sales of $500,000, operating costs of $450,000, and year-end assets of $420,000. The debt-to-total-assets ratio was 17%, the interest rate on the debt was 7.5%, and the firm's tax rate was 35%. ...

Write a program that uses a loop to display the number of

Write a program that uses a loop to display the number of calories burned after 10, 15, 20, 25,and 30 minutes. Running on a particular treadmill you burn 4.2 calories per minute. Create a chart or column design using the ...

In your discussion post compare policies designed to lower

In your discussion post, compare policies designed to lower inflation to the policy you have selected for your final project policy. In your discussion, make sure to use the lens of one of the recommended models: new Key ...

Acording to the chief engineer at the zodiac company q

According to the chief engineer at the Zodiac Company, Q = ALK , where Q is the output rate, L is the rate of labor input, and K is the rate of capital input. Statistical analysis indicates (regression analysis) that = 0 ...

Your manager has tasked you with producing a simple white

Your manager has tasked you with producing a simple white paper that describes at a high level how network monitors actually capture and report information about the state of a network and the nodes that are present on a ...

There is an opec cartel that reduces the production of

There is an OPEC cartel that reduces the production of world oil by several million barrels a day. Which of the following correctly captures the effect of this change on the market for gasoline? A. Both equilibrium quant ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate