Multiple Choice/Fill-ins (2 points each) 1. A busy professo or to go home to r c

Question

Multiple Choice/Fill-ins (2 points each) 1. A busy professo or to go home to r can't decide whether to stay in his office to grade papers for another hour e and go to bed. This is an example of equity versus efficiency how one person's spending is another person's income. economic incentives. marginal analysis. 2. A key theme fundamental to all of economics is: There are limited wants. We are a rich country but are simply not aware of it. People have unlimited wants facing limited means to satisfy them There are unlimited resources. 3. An increase in efficiency means that an economy has: reduced its opportunity costs increased the equity of its distribution of goods and services. made some people better off without making others worse off increased the incentives for its citizens to follow their own self-interest. 4. A resource is anything that: can be used in production. you pay for. is in scarce supply. can be consumed 5. Equity means that: everyone gets an efficient share of the goods and services produced. everyone gets his or her fair share of the goods and services produced. more of some goods and services can be produced only if the production of others is reduced. more of all goods and services may be produced

Explanation / Answer

1. A busy professor can't decide whether to stay in his office to grade papers for another hour or to go home and go to bed. This is an example of :-

ANS- Marginal Analysis

2. A key theme fundamental to all of economics is:

ANS - people have unlimited wants facing limited means to satisfy them.

3. An increase in efficiency means that an economy has:

ANS - made some people better off without making others worse off.

4. A resource is anything that :-

ANS - can be used for production

5. Equity means that : -

ANS - everyone gets his or her fair share of the goods and services produced.

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