Engineering Economy & Legislations: Resources Scarcity Problem
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Questions and Answers

What is the main focus of microeconomy?

  • Evaluating global economic trends
  • Understanding government policies
  • Studying international trade patterns
  • Analyzing the behavior of individuals and households (correct)

    • What does productive efficiency aim to achieve?

  • Producing at a minimum cost (correct)
  • Inefficient resource allocation
  • Employing excessive labor
  • Using more resources than necessary

    • Which of the following is an essential component of maximizing satisfaction in resource use?

  • Using existing resources wisely (correct)
  • Ignoring the concept of equity
  • Focusing on limitless production
  • Treating resources equally

    • What is allocative efficiency concerned with?

    <p>Producing what people want using limited resources</p> Signup and view all the answers

    In the context of economics, what does full employment refer to?

    <p>Utilizing all available resources, not just labor</p> Signup and view all the answers

    What is equity in the economic context primarily concerned with?

    <p>Ensuring a fair distribution of income and resources</p> Signup and view all the answers

    What is the main reason for scarcity according to the text?

    <p>Unlimited human wants</p> Signup and view all the answers

    Which one of the following best describes goods?

    <p>Tangible items that satisfy our wants</p> Signup and view all the answers

    How can scarcity be reduced according to the text?

    <p>Through making the right choices</p> Signup and view all the answers

    What is the role of governments concerning scarcity?

    <p>To make choices that reduce scarcity</p> Signup and view all the answers

    What defines economic growth based on the information provided?

    <p>An increase in the ability to produce goods and services</p> Signup and view all the answers

    What distinguishes services from goods?

    <p>Goods are tangible while services are intangible</p> Signup and view all the answers

    What does the macroeconomy branch of economy focus on?

    <p>Aggregate changes in the economy such as unemployment and growth rate</p> Signup and view all the answers

    What is an opportunity cost?

    <p>The benefits an individual, investor or business misses out on when choosing one alternative over another</p> Signup and view all the answers

    What type of incentive is influenced by prices?

    <p>Economic incentive</p> Signup and view all the answers

    What do government and corporations use to help formulate economic policies and strategies?

    <p>Macroeconomic models</p> Signup and view all the answers

    What do people respond to when making decisions?

    <p>Incentives</p> Signup and view all the answers

    What is the study of how goods are valued differently and how individuals make financial decisions?

    <p>Microeconomy</p> Signup and view all the answers

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