43. Economists would classify all the following as land except: a) 2000 acres of virgin land...

43.   Economists would classify all the following as land except:
a)   2000 acres of virgin land
b)   Crude oil reserves
c)   A hydro electric dam
d)   Iron ore deposits
44.   As a student of economics, when you speak of scarcity, you are referring to the ability of society to:
a)   Employ all of its resources
b)   Consume all that is produced
c)   Satisfy economic wants given scarce resources
d)   Continually make technological advances and increase production
45.   Airlines charge business travelers more than leisure travelers because there is more:
a)   Elastic supply of business travel
b)   Inelastic supply of business travel
c)   Elastic demand for business travel
d)   Inelastic demand for business travel
46.   For which product is the income elasticity of demand most likely to be negative:
a)   Computer software
b)   Used clothing
c)   Basketballs
d)   Bread
47.   For which product is the income elasticity of demand most likely to be positive: a) Re-treaded tires
b)   Cabbage
c)   Used clothing
d)   Computers
48.   A study reported that the coefficient of the cross elasticity of popcorn and potato chips is positive. Based on this report, you can conclude that popcorn and potato chips are: a) Normal goods
b)   Complementary goods
c)   Independent goods
d)   Substitute goods

Quantity   Total Utility-
Movies   Total Utility -
Books
1   50   22
2   80   42
3   100   52
4   110   57
5   116   60
6   121   62
7   123   63
Based on the table above:
49.   Suppose the price of Movies is $8 each and price of books is $20 each. If the consumer had $80 to spend, how much of each product should the consumer buy to achieve maximum total utility?
a)   7 movies and 4 books
b)   5 movies and 2 books
c)   4 movies and 2 books
d)   Cannot be determined
50.   If the price of the books fell to $10 and the price of movies stayed the same, he or she would purchase:
a)   The same amount of the two goods
b)   More books and fewer movies
c)   More books and more movies
d)   More books and the same amount of movies

Solutions

Expert Solution

Q-43 :: ANSWER :: (C) A hydro electric dam

=> Explanation ::

In economics Land Refers to The Natural Things Not Human Mad Things Consider As The Land. So All The Natural Resources Are Land In Economics But A Hydro Electric Dam Is Not Considered As A Land

Q-44 :: ANSWER :: (C) Satisfy economic wants given scarce resources

=> Explanation ::

In Economics Scarcity Means In society They are unlimited Wants But At The Other Hand Resources Are Limited So Gap Of Between Those Is called Scarcity. So Satisfy Economic Wants Given Scarce Resources.

Q-45 :: ANSWER :: (D) Inelastic demand for business travel

=> Explanation ::

Business travel Is Necessary Travel so for That Demand For Business Travel Is Inelastic. It Means Change In The Price Of Ticket Does Not Change The Demand Of Business Travel so for that Airlines charge business travelers more than leisure travelers because there is more.

Q-46 :: ANSWER :: (B) Used clothing

=> Explanation ::

Computer Software, Basketballs And Bread Has Positive Income Elasticity Of Demand But Used Clothing Has A negative Inelasticity Of Demand. So Rising Income Drop The Demand For Used Clothing

Q- 47 :: ANSWER :: (D) Computer

=> Explanation ::

Income Elasticity Of Demand For Computer is positive it Means increase In Income Increase The Demand For Computer In The Market.

Rahul Sunny answered 1 year ago

Next > < Previous

Related Solutions

1. Economists classify all of the following as physical capital, except_______? a. $20.00 bill b. Mc...

1. Economists classify all of the following as physical capital, except_______? a. $20.00 bill b. Mc Rotunda building where an economics class meets c. A photocopier d. A railroad car e. A factory

All of the following would lead to lower oil prices except: a. USA increases # of...

All of the following would lead to lower oil prices except: a. USA increases # of oil rigs due to fracking technology d. The weekly EIA # shows more than expected capacity available. b. Cease fire between all OPEC nations, peace deals between Saudi Arabia & Iran. c. Corona virus vaccine is discovered, world commerce goes back to normal Flag

Without insurance, individuals would have to do all of the following except _____. A.) accumulate a...

Without insurance, individuals would have to do all of the following except _____. A.) accumulate a reserve fund for emergencies. B.) keep reserve funds in highly liquid low-risk investment. C.) invest reserves in short-term assets. D.) depend on an insurance company to help them out in an emergency.

All of the following factors would be expected to increase stroke volume EXCEPT ________. Group of...

All of the following factors would be expected to increase stroke volume EXCEPT ________. Group of answer choices increased end diastolic volume increased afterload decreased end systolic volume increased venous return

A tax on cell phones would cause all of the following except: consumer surplus to fall...

A tax on cell phones would cause all of the following except: consumer surplus to fall business profits to fall total surplus to increase deadweight loss because less trades will occur.

All of the following would represent the first line of defense against microbial invasion except -...

All of the following would represent the first line of defense against microbial invasion except - the secretion of histamine by basophils - the presence of lysosome within tears - the flushing action of urination -the production of mucus within the nasal cavity -the keratinized epithelium of the epidermis

Under GAAP, the consideration transferred in a business combination would include all of the following, except:...

Under GAAP, the consideration transferred in a business combination would include all of the following, except: Shares issued and given to the former owners of the acquired company Contingent consideration to be given to the former owners depending on the future earnings of that company Liabilities assumed by the purchaser Legal and accounting fees paid by the acquirer When Large bought Tiny, Large issued some new shares of Large stock and gave them to the former owners of Tiny. In...

All of the following statements are true except:

All of the following statements are true except: a. A portfolio may contain multiple programs and projects. b. A project manager has the discretion to make trade-offs in regard to which programs to pursue. c. A program manager has the discretion to make trade-offs in regard to which projects to pursue. d. Projects have a finite timeline, while programs may exist as long as the parent organization does. Which of the following is a financial analysis tool that an...

Given a 28-acre watershed with the following land use mix: 8 acres of SFR (38% impervious)...

Given a 28-acre watershed with the following land use mix: 8 acres of SFR (38% impervious) on HSG-B soils, 5 acres of SFR (30% impervious) on HSG-C soils, and 15 acres of open space (park and playground) in fair condition on HSG-C soils. Watershed time of concentration is 21 minutes. The design return period 24-hour rainfall depth is 5.25 inches. The runoff-weighted average curve number (CN) = The area-weighted unit hydrograph peak rate factor (PRF) = c) ...

Nosocomial infections involve all the following except

Nosocomial infections involve all the following except Multiple Choice medical and surgical asepsis help lower their occurrence. Escherichia coli and staphylococci are common infectious agents. they often involve the patient's urinary tract and surgical incisions. they are only transmitted by medical personnel.

Subjects