04 Jun 3. Guns and butter are used to represent the classic societal tradeoff between spendin
Question
Question Points
1. If this economy devotes all of its resources to the production of toothbrushes, then it will produce:
a. 0 toothbrushes and 40 toasters.
b. 35 toothbrushes and 20 toasters.
c. 70 toothbrushes and 0 toasters.
d. 70 toothbrushes and 40 toasters.
1
2. Which of these consumption activities will most likely impose an external cost?
a. An athlete works out at a gym.
b. A secretary smokes a cigarette in a crowded break room.
c. a young mother pushes her baby in a stroller.
d. A construction worker eats a hotdog during his lunch break.
.
1
3. Guns and butter are used to represent the classic societal tradeoff between spending on:
a. durable and nondurable goods.
b. imports and exports.
c. national defense and consumer goods.
d. law enforcement and agriculture.
1
4. Sir Isaac Newton’s development of the theory of gravity after observing an apple fall from a tree is an example of:
a. a controlled experiment that lead to the formulation of a scientific theory.
b. being in the right place at the right time.
c. an idea whose time had come.
d. the interplay between observation and theory in science.
5. In an economy in which decisions are guided by prices and individual self-interest, there is:
a. the potential to achieve efficiency in production.
b. a strong need for government intervention in the market.
c. less efficiency than would be observed in a centrally-planned economy.
d. more need for a strong legal system to control individual greed than would be needed in a centrally-planned economy.
6. The decisions of firms and households are guided by prices and self-interest in a:
a. command economy.
b. centrally-planned economy.
Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of HIGH QUALITY & PLAGIARISM FREE. To make an Order you only need to click Ask A Question and we will direct you to our Order Page at WriteDemy. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Fill in all the assignment paper details that are required in the order form with the standard information being the page count, deadline, academic level and type of paper. It is advisable to have this information at hand so that you can quickly fill in the necessary information needed in the form for the essay writer to be immediately assigned to your writing project. Make payment for the custom essay order to enable us to assign a suitable writer to your order. Payments are made through Paypal on a secured billing page. Finally, sit back and relax.
About Writedemy
We are a professional paper writing website. If you have searched a question and bumped into our website just know you are in the right place to get help in your coursework. We offer HIGH QUALITY & PLAGIARISM FREE Papers.
How It Works
To make an Order you only need to click on “Order Now” and we will direct you to our Order Page. Fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Are there Discounts?
All new clients are eligible for 20% off in their first Order. Our payment method is safe and secure.