Microeconomy Homework

In: Business and Management

Submitted By juju98000
Words 1753
Pages 8
Microeconomics - Homework 1 - due 28th January
Choose the one alternative that best completes the statement or answers the question
Tick off your answer in the table on page 7 – do not forget to write your name

Economic concepts and reasoning
1) When the government chooses to increase public spending on domestic security, its choice ________.
A) involves a tradeoff with other public services such as education, to allow more domestic security
B) illustrates that scarcity does not always exist
C) involves no tradeoff because domestic security is necessary
D) primarily affects who gets the goods and services produced

2) Laura is a manager for HP. When Laura must decide whether to produce a few additional printers, she is choosing at the margin when she compares
A) the total revenue from sales of printers to the total cost of producing all the printers
B) the extra revenue from selling additional printers to the extra costs of producing these printers
C) the extra revenue from selling additional printers to the average cost of producing the additional printers
D) HP's printers, to printers from competing companies, such as Lexmark

3) Scarcity exists because
A) society and people are greedy and wasteful
B) our wants exceed the resources available to satisfy them
C) we make choices that are inefficient
D) poor people need more food and other goods

4) Suppose that the government promises to decrease taxes to a firm if it decides to stay in the country instead of moving abroad. This policy on the part of the government constitutes ________, to make the ________ of the firm remaining in the country.
A) an incentive; marginal benefit exceed the marginal cost
B) an incentive; marginal cost exceed the marginal benefit
C) a command; marginal benefit exceed the marginal cost
D) a command; marginal cost exceed the marginal benefit

5) A store…...

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