Q13 Determine if government intervention in the following sc

Q13: Determine if government intervention in the following scenarios will improve society\'s well-being.

1- Government Intervention Will Improve Society\'s Well Being

(         )

( )

2 - Government Intervention Will Not Improve Society\'s Well Being

( )

(    )

         A- Consumers are beginning to dwmand more smrtphones than trditional cell phones

         B- A manufacturing copany in Texas is watching fro producing coast to t-shirts in anticipation of warmer weather.

         C- A local energy company releases pollutants the regional water reservoir .

         D- The coastal town of Willowby could prevent many shipwrecks by buldinding a lighthouse. However, no individual resident is willing to pay for the   ligthhouse becouse they could never recope the cost from ships benefiting fro the lighthouse.

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Q14: Economics is the :

1- study of the consumption, production, and distribution of goods and services.

2-study of political organization.

3-study of the distribution of unlimited resources to satisfy limited wants.

4-exclusive study of financial markets and instruments.

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Q15: Which of the following is NOT an example of a resource?

1- Labor

2- Machinery

3- Land

4- Human Capital

5- Firms

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Q16:

A ) The day to day living conditions of today are much different than they were in the 20th century. Charlie, doing some web searching with StumbleUpon, discovers that more houses today (as compared to houses in the 20th century) have electricity (for his video games), air conditioning (which he is thankful for, since he lives in the sweltering heat of Texas) and a car (which allows him to go to cafes to study economics easily, because he is too lazy to ride his bike). What changed between the early twentieth century and present day that allowed this to happen?

1- Market failures are non-existent.

2- The invisible hand has guided all nations around the world to this prosperity.

3- There has been economic growth in our society.

4- There have not been any recessions, allowing Americans to prosper and earn more

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B) In what field do researchers focus on investigating the phenomena described above?

1- Economics

2- Political Science

3- Sociology

4- Business

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Q17 : Which of the following describes the equity-efficiency trade-off?

1- There is always a more equitable outcome that is also more efficient.

2- Actions intended to make economic outcomes fairer can cause efficiency to decrease.

3- Government intervention can increase efficiency in a market.

4- The least efficient economic outcome is the fairest outcome.

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Q18:

Read the following statements and determine if the character is using marginal analysis to make economic decisions. Click & drag the labels from below into the proper slot. Labels can be used more than once.

1- Ava decides whether or not she should spend an additional hour per day welding burn barrels by looking at how much that hour will produce.( )

2- Miranda is pondering whether adding one more painting for her art installation will make the audience\'s experience better or worse.( )

3- D.A. calculates how many pounds of brisket he needs to eat on a daily basis to survive by looking at the total number of calories he needs.(    )

4- Anna decides whether she should devote another day towards studying for her music theory exam or if she can instead spend it practicing the

viola.(    )

5- Andrea decides how much fabric she needs for her new costume-making business this month by using the total she used last month. (    )

   (((((((( A- Not Marginal Analysis )))))))))                   

    (((((((( B - Marginal Analysis ))))))))))))

Solution

13.

1.

C, D

Government should intervene to prevent the release of pollutant so that negative externality is controlled and social welfare is increased.

The cases of shipwrecks, will reduce the social welfare and harm the eco-system. so, government should intervene to build the lighthouse.

2.

A, B

The government should let market forces to prevail and set the equilibrium price and quantity. It will maximize the social welfare.

14.

1.A

It deals with the issues faced by the economic decisions and offers solution.

15.

5.Firm

Firm is one of the sector or player in the economy. It is not a resource.

16.

A.

3.

It is a case of economic growth that has brought such benefits and amenities in the area.

B.

1.Economics

Pl. repost other unanswered questions for their proper answers!