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1. Scarcity refers to the situation where Ahmed wants to buy a Mercedes S500, but ....

1. Scarcity refers to the situation where Ahmed wants to buy a Mercedes S500, but . A. he can’t afford it B. his mother buys him a Mercedes S600 C. he buys a Nissan GTR D. his father won’t let him buy this car 2. A country has an absolute advantage in producing cars if that country . A. has a lower opportunity cost of producing cars than any other country. B. can produce more cars in a given amount of time than any other country C. has a higher opportunity cost of producing cars than any other country D. charges the highest price for cars 3. Which of the following is NOT a factor / determinant of demand? A. Number of consumers /population. B. Income. C. Technology. D. Preferences/ Tastes. 4. In centrally planned economies . A. government makes the decisions of allocating resources B. households make the decisions of allocating resources C. buyers and sellers together make most decisions of allocating resources D. Government, buyers and sellers make decision together 5. If the demand for textbooks is inelastic, then a decrease in the price of textbooks will . A. increase in total revenue for textbook sellers B. decrease in total revenue for textbook sellers C. not change total revenue for textbook sellers D. there is not enough information to answer this question 6. When some factors of production are fixed, increased production of that good eventually requires even larger increases in the variable factor. This is called . A. inflation B. the law of diminishing returns C. accounting costs D. economic profit

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Answer #1

1)B When his mother bought a Mercedes car then it is scarcity for Ahmed because S500 must not be there.

2)B A country has absolute advantage in car when it can produce with the least cost compare to other country

3)C technology is not the determinant of demand. Instead it's the determinant of supply

4)A In planned economy government are the owner of the factor of production and what will be produced by the economy and in how much quantity decision is taken up by government

5)B inelastic demand has positive relation between price and total revenue

6)B law of diminishing returns

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