Question

In: Economics

3. According to the order of operations in solving equations, which step should come first? Simplify...

3. According to the order of operations in solving equations, which step should come first?

Simplify inside parentheses and brackets.

Multiply and divide from left to right.

Add and subtract from left to right.

5.Scarcity is a condition that is everywhere and always, since it is based upon two assumptions that reflect permanent universal conditions. The assumptions are that more output will satisfy more wants and

A. the world has limited productive resources.

B. there are limited wants.

C. the world has unlimited productive resources.

30.

According to the order of operations in solving equations, which step should come first?

A.Simplify inside parentheses and brackets.

B.Multiply and divide from left to right.

C.Add and subtract from left to right.

17.Nearly all supply curves share a basic similarity. They slope

A.down from left to right.

B. up from right to left.

C.up from left to right.

25.

Consumer surplus is best described as the extra benefit consumers receive when they ________.

A.pay exactly what they would have been willing to pay

B.pay more than they would have been willing to pay

C.pay less than they would have been willing to pay

Solutions

Expert Solution

Answer 3. Order of operations gives the common set of rules for the calculations. As per order of operations, if the equation involves grouping symbols, simplifying inside parentheses and brackets should come first.

So, option A is correct.

Answer 5. Scarcity is the situation that describe that world have limited resources and resources have alternative uses. Thus, the assumptions are that more output will satisfy more wants and the world has limited productive resources.

So, option A is correct.

Answer 30. Order of operations gives the common set of rules for the calculations. As per order of operations, if the equation involves grouping symbols, simplifying inside parentheses and brackets should come first.

So, option A is correct.

Answer 17. Supply curve explains the relationship between price and quantity supplied. Producers generally supply more of the quantity as the price of the good increases. Thus, supply curves slopes up from left to the right.

Option C is correct.

Answer 25. Consumer surplus is the difference between what a consumer is willing to pay and what he actually pays. Thus, there is a consumer surplus when the willingness of the consumer to pay for the good is higher than what he actually pays.

Option C is correct.

Please rate up.

Rahul Sunny answered 1 year ago

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