SOLVED

51) People must make choices because A) most people enjoy shopping. B) of scarcity. C) there are many goods available. D) the question “What goods and services are produced?” is not adequately answered. E) making choices is in the social interest. 52) Which of the following is a microeconomic issue? A) Why has unemployment risen nationwide? B) Why has economic growth been rapid in China? C) What is the impact on the quantity of Pepsi purchased if consumers’ tastes change in favor of non-carbonated drinks? D) Why is the average income lower in Africa than in Latin America? E) Why did overall production increase within the United States last year? 53) Microeconomics includes the study of A) how countries decide to fund their budget deficits. B) the choices that individuals and businesses make. C) how a nation promotes economic growth. D) the effect on the national economy of the choices that individuals make. E) the overall amount of production within the economy. 54) The question “Should we produce LCD televisions or computer monitors?” is an example of a ________ question. A) what B) how C) for whom D) where E) why 55) When Ferrari decides to produce 1,200 360 Modenas each year, Ferrari is answering the ________ question. A) for whom B) how C) what D) why E) scarcity 56) Whether a company produces fishing rods mostly by hand or using high-tech machinery is a question of A) for whom will goods be produced. B) when will the goods be produced. C) where will the goods be produced. D) how will the goods be produced. E) why will the goods be produced. 57) When a landscaping company decides to use drafting software and computers instead of hiring designers to draw design plans by hand, it is answering the ________ question. A) how B) what C) for whom D) opportunity cost E) why 58) The question “Should we produce houses using bricks or wood?” is an example of a ________ question. A) what B) how C) for whom D) where E) why 59) The question “Should economics majors or sociology majors earn more after they graduate?” is an example of a ________ question. A) what B) how C) for whom D) where E) why 60) If a decision is made and it is the best choice for society, the decision is said to be A) a valid economic choice. B) made in self-interest. C) made in social interest. D) consist with scarcity. E) a want-maximizing choice.