When markets don\'t achieve efficiency, then: Choose one answer. a. they must ac

Question

When markets don't achieve efficiency, then:
Choose one answer.
a. they must achieve equity.
b. government must be participating in the market.
c. government may intervene to improve society's welfare.
d. they should be closed.

The problem of determining what goods and services society should produce:
Choose one answer.
a. exists because we can produce more than we need or want.
b. exists because there are not enough resources to provide all the goods and services that people want to purchase.
c. would not exist if all goods and services were scarce.
d. would not exist if government owned all of the resources.


An example of a positive statement is:
Choose one answer.
a. the rate of unemployment is 4%.
b. a high rate of economic growth is good for the country.
c. everyone in the country needs to be covered by national health insurance.
d. baseball players should not be paid higher salaries than the president of the United States.

Greta starts using a new baking technique and she can now do twice as much of everything—in a single day Greta can now make 10 cakes or 8 pies, rather than the 5 cakes and 4 pies she could previously bake. We now know that Greta's production possibility frontier:
Choose one answer.
a. has shifted right, but her opportunity costs of making pies are unchanged.
b. has shifted right, but her opportunity costs of making pies have decreased.
c. has not changed, but her opportunity costs of making pies have increased.
d. has not changed, but her opportunity costs of making pies have decreased.

Scarcity in economics means:
Choose one answer.
a. not having sufficient resources to produce all the goods and services we want.
b. the wants of people are limited.
c. there must be poor people in rich countries.
d. economists are clearly not doing their jobs.

Explanation / Answer

You can only ask 1 question per post, otherwise no one will answer.

1) C

2) C because this is the fundamental law of economics- to try to make decisions about what to produce based on the limited number of resources one has

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