1. Economics is the study of how individuals and societies choose to use their s

Question

1. Economics is the study of how individuals and societies choose to use their scarce resources efficiently. A-True B-False 2. In the capitalist societies, social planning has contributed to market efficiencies. A=True B= False 3. Ceteris paribus, an increase in disposable income is most likely to cause: (A) A change 4. Suppose the demand and supply functions of a market can be specified as follows: 5. Alluding to question 4, an increase in the price will cause: (A) Total revenue to fall (B) demand (B) A change in quantity demanded (C) A decrease in supply (D) A loss of revenue Qd 60-2p and Qs- -20+2p. The Equilibrium price and quantity must be: (A)$2 and 40 units (B) $20 and 20 units (C) $40 and 2 units (D) $30 and 20 units Total revenue to increase (C) An increase in the number of buyers (D) All of the above

Explanation / Answer

as nothing is mentioned , expert is answering only 1 question

1. True .

Reason - resources are limited and they can be to alternative use , every alternative use is linked with opportunity cost . Study of economics help to use resources efficiently .

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