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ECON 705 - Chapter 1 Study Questions And Answers Download To Pass!!!
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ECON 705 - Chapter 1 Study Questions And AnswersDownload To Pass!!!
Quiz :What is economics? - Answer :the study of how people make decisions
with limited resources
Quiz :What is scarcity? - Answer :Output of goods and services is limited due
to supply of productive inputs and other resources needed for production is
finite.
Quiz :What is opportunity cost? - Answer :The highest-valued alternative
foregone when a choice is made.
Opportunity costs are reflected in prices of goods and services.
Quiz :What is managerial economics? - Answer :application of economic
principles to topics of concern to managers. It combines business disciplines
(accounting, finance, marketing, management) with quantitative methods
(optimization analysis, game theory, statistics, forecasting) to find an optimal
solution to a business problem.
Quiz :What is strategic behavior? - Answer :Decisions made by an individual
or group affect, and are affected by, the decisions of other individuals or
groups.
Quiz :Equation 1.1 - Answer :Q^d - f (P, M, Py, A)
The demand for a good or service is systematically related to the variables
P- price
M - per capita money income
Py - the price of a competitor's good
A - Advertising expenditures
Quiz :Profit - Answer :engine of maximum production and the efficient
allocation of scarce productive resources.
Total revenue earned from the sale of a good or service sold minus the total
cost incurred from its production.
Quiz :Profit calculation - Answer :TR-TC
TR= Total quantity produced*market price
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