Question 1

Whats defention of terms:
-unattainable region

Accepted Answer

The answer of Whats defention of terms:
-unattainable region...

Question 2

Explain the concept of scarcity and how people make choices according to neoclassical analysis.
-What creates scarcity, according to neoclassical analysis? Explain the difference between what people need and what people want and desire and how this difference creates scarcity.

Accepted Answer

The answer of Explain the concept of scarcity and how...

Question 3

Whats defention of terms:
-marginal cost

Accepted Answer

The answer of Whats defention of terms:
-marginal cost...

Question 4

-In Diagram 26.1a, Point W represents

Accepted Answer

A)  a production possibility that is not presently attainable. 
B)  a production possibility that is attainable and efficient. 
C)  a production possibility that is attainable but inefficient. 
D)  a increasing opportunity costs. 
A)  a production possibility that is not presently attainable. 
B)  a production possibility that is attainable and efficient. 
C)  a production possibility that is attainable but inefficient. 
D)  a increasing opportunity costs.

Question 5

Use the PPC to illustrate scarcity, choice, constant opportunity costs, and the law of increasing marginal opportunity cost.
-Draw a PPC diagram and illustrate the attainable region and unattainable region. Label a combination of goods representing efficient production.

Accepted Answer

The answer of Use the PPC to illustrate scarcity, choice,...

Question 6

-The shift in the production possibilities curve in Diagram 26.1b means

Accepted Answer

A)  An improvement in painting technology suitable for both large and small houses. 
B)  An improvement in painting technology suitable only for small houses. 
C)  An improvement in painting technology suitable only for large houses. 
D)  An increase in the price of large houses. 
A)  An improvement in painting technology suitable for both large and small houses. 
B)  An improvement in painting technology suitable only for small houses. 
C)  An improvement in painting technology suitable only for large houses. 
D)  An increase in the price of large houses.

Question 7

Use the PPC to illustrate scarcity, choice, constant opportunity costs, and the law of increasing marginal opportunity cost.
-Draw a linear PPC. Label two points on this diagram and explain how these points are consistent with the idea of constant marginal opportunity costs.

Accepted Answer

The answer of Use the PPC to illustrate scarcity, choice,...

Question 8

Describe how the production possibilities curve captures production choices in a society.
-Explain what the production possibilities curve (PPC) demonstrates. What assumptions are made when creating a PPC?

Accepted Answer

The answer of Describe how the production possibilities curve captures...

Question 9

-In Diagram 26.1a, Point X represents

Accepted Answer

A)  a production possibility that is not presently attainable. 
B)  a production possibility that is attainable and efficient. 
C)  a production possibility that is attainable but inefficient. 
D)  a increasing opportunity costs. 
A)  a production possibility that is not presently attainable. 
B)  a production possibility that is attainable and efficient. 
C)  a production possibility that is attainable but inefficient. 
D)  a increasing opportunity costs.

Question 10

-The production possibilities curve shown in Diagram 26.1c reflects

Accepted Answer

A)  constant opportunity costs 
B)  increasing opportunity costs 
C)  no opportunity costs. 
D)  unlimited resources. 
A)  constant opportunity costs 
B)  increasing opportunity costs 
C)  no opportunity costs. 
D)  unlimited resources.

Question 11

Whats defention of terms:
-attainable region

Accepted Answer

The answer of Whats defention of terms:
-attainable region...

Question 12

Whats defention of terms:
-resources/inputs

Accepted Answer

The answer of Whats defention of terms:
-resources/inputs...

Question 13

-The production possibilities curve depicted in Diagram 26.1 reflects

Accepted Answer

A)  increasing opportunity costs 
B)  decreasing opportunity costs 
C)  constant opportunity costs. 
D)  the absence of opportunity costs. 
A)  increasing opportunity costs 
B)  decreasing opportunity costs 
C)  constant opportunity costs. 
D)  the absence of opportunity costs.

Question 14

Whats defention of terms:
-institutions

Accepted Answer

The answer of Whats defention of terms:
-institutions...

Question 15

Whats defention of terms:
-constant marginal opportunity costs

Accepted Answer

The answer of Whats defention of terms:
-constant marginal opportunity costs...

Question 16

Whats defention of terms:
-production possibilities curve (PPC)

Accepted Answer

The answer of Whats defention of terms:
-production possibilities curve (PPC)...

Question 17

Explain the concept of scarcity and how people make choices according to neoclassical analysis.
-Explain the foundation of neoclassical analysis. What are two key assumptions made about people and how they make decisions?

Accepted Answer

The answer of Explain the concept of scarcity and how...

Question 18

What do economists mean by "technology?"

Accepted Answer

A)  computers and other electronic devices. 
B)  equipment used to produce other goods. 
C)  knowledge, techniques and tools used to produce goods. 
D)  software 
A)  computers and other electronic devices. 
B)  equipment used to produce other goods. 
C)  knowledge, techniques and tools used to produce goods. 
D)  software

Question 19

According to neoclassical economists, the central economic problem is

Accepted Answer

A)  rapid technological change 
B)  unchecked population growth. 
C)  choice due to the existence of scarcity 
D)  the distribution of income. 
A)  rapid technological change 
B)  unchecked population growth. 
C)  choice due to the existence of scarcity 
D)  the distribution of income.

Exam 26: Scarcity and Choice Neoclassical View

Whats defention of terms: -unattainable region

Explain the concept of scarcity and how people make choices according to neoclassical analysis. -What creates scarcity, according to neoclassical analysis? Explain the difference between what people need and what people want and desire and how this difference creates scarcity.

Whats defention of terms: -marginal cost

-In Diagram 26.1a, Point W represents

Use the PPC to illustrate scarcity, choice, constant opportunity costs, and the law of increasing marginal opportunity cost. -Draw a PPC diagram and illustrate the attainable region and unattainable region. Label a combination of goods representing efficient production.

-The shift in the production possibilities curve in Diagram 26.1b means

Use the PPC to illustrate scarcity, choice, constant opportunity costs, and the law of increasing marginal opportunity cost. -Draw a linear PPC. Label two points on this diagram and explain how these points are consistent with the idea of constant marginal opportunity costs.

Describe how the production possibilities curve captures production choices in a society. -Explain what the production possibilities curve (PPC) demonstrates. What assumptions are made when creating a PPC?

-In Diagram 26.1a, Point X represents

-The production possibilities curve shown in Diagram 26.1c reflects

Whats defention of terms: -attainable region

Whats defention of terms: -resources/inputs

-The production possibilities curve depicted in Diagram 26.1 reflects

Whats defention of terms: -institutions

Whats defention of terms: -constant marginal opportunity costs

Whats defention of terms: -production possibilities curve (PPC)

Explain the concept of scarcity and how people make choices according to neoclassical analysis. -Explain the foundation of neoclassical analysis. What are two key assumptions made about people and how they make decisions?

What do economists mean by "technology?"

According to neoclassical economists, the central economic problem is

Prehistoric Communal Institutions in the Middle East

Communal Equality to Slavery in the Middle East

Slavery to Feudalism in Western Europe

Feudalism and Paternalism in England

Feudalism to Capitalism in England

Mercantilism in England

Pre-Capitalism to Industrial Capitalism in the United States 1776-1865

Classical Liberalism Defense of Industrial Capitalism

Socialist Protest Against Industrial Capitalism

Marx Critique and Alternative to Capitalism

Rise of Corporate Capitalism in the United States, 1865-1900

Neoclassical Economics Defense of Corporate Capitalism

Veblen Critique of Corporate Capitalism

Growth and Depression in the United States, 1900-1940

Keynesian Economics and the Great Depression

The United States and Global Capitalism, 1940-2006

Robinson Crusoe Two Perspectives on Microeconomics

The Two Americas Inequality, Class, and Conflict

Inequality, Exploitation, and Economic Institutions

Prices, Profits, and Exploitation

Market Power and Global Corporations

Economics of Racial and Gender Discrimination

Environmental Devastation

Government and Inequality

Economic Democracy

Simple Analytics of Supply and Demand

Consumption Theory: Demand

Production Theory Supply

Costs of Production

Work and Wages Neoclassical View of Income Distribution

Prices and Profits in Perfect Competition

Monopoly, Power, Prices, and Profits

Monopolistic Competition and Oligopoly

Market Failures Public Goods, Market Power, and Externalities

History of Business Cycles and Human Misery

National Income Accounting How to Map the Circulation of Money and Goods

Money and Profit Says Law and Institutionalist Criticism

Neoclassical View of Aggregate Supply and Demand

Keynesian View of Aggregate Supply and Demand

How to Measure Instability

Consumer Spending and Labor Income

Investment Spending and Profit

The Multiplier

Business Cycles and Unemployment

Growth and Waste

Fiscal Policy

Government Spending and Taxes

Money, Banking, and Credit

Inflation

Monetary Policy

Exports and Imports

International Trade, Investment, and Finance How Instability Spreads Around the World

Debate on Globalization

Debate on Free Trade

Development

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