11. Economics is The study of how choices are made because of scarcity b. a The

Question

11. Economics is The study of how choices are made because of scarcity b. a The study of how the values and preferences of human decision makers are formed Interesting but not applicable to the real world d. c. The study of how to make money in business 12. The opportunity cost of choosing an alternative is a. The cost of the lowest valued alternative not chosen b. The amount of time spent on whatever is chosen The highest valued alternative foregone as the result of the d. c. The money cost of the option 13. Reliance upon the market to allocate resources is likely to produce a. Rationing of goods b· Inefficient production methods An efficient variety of goods and services, with some exceptions d. c. Good employment opportunities for central planners 14. Factors of production are Used to produce goods and services b. a. Owned by firms c. Abundant in most economies d. Used by both firms and households 15. The main factors of production are the resources land, labor, factories, and business activity a. b c. d. Land, minerals, capital and business activity Land, labor, physical capital, and human capital Land, weather, natural resources, and managerial skills 16. An economy exhibits efficiency if a. It produces more than enough food to feed everyone b. It produces more goods and services in each successive year It produces maximum output with given resources and technology d. c. It produces enough output so that no one lives in poverty 17. Scarcity exists a. b. c. In the United States but not in Australia In the United States but not on a Caribbean island In poor nations but not in rich nations d. Everywhere in the world 18. In the circular flow diagram, firms and households interact fundamentally through a. Markets b. the government c. financial intermediaries d. tradition 19. An open economy is one that a. Has no monopoly or cartels b. Allows private ownership of factors of production c. Engages in trade with other economies d. Has no secret contracts

Explanation / Answer

11) The answer is A -) The study of how choices are made because of scarcity.

because economics is the concept which tell how to allocate the resources for the use as these reosurces are scarcity.

12) THe answer is C -) The highest value of the alternative foregone as the result of the choices.

because opportunity cost the value of the foregone alternative after choosing another event.

13) please uplaod it again.; its chegg policy

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