What is most basic economic problem every society faces?

Rising prices

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Falling prices

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Limited resources to satisfy unlimited needs and wants

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Overcapacity

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Imperfectly competitive markets

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In a market-based economic system, how are resources allocated?

The government central plans resource allocation

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Resources are allocated based upon supply and demand

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The traditions of the community

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Based upon a lottery system

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The government, business, and organized labor allocate resources

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In Figure 1, what is true of an economy producing at point A?

The economy is efficient and at full employment

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The economy is inefficient and not at full employment

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The point is unattainable with the given level of resources and technology

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The economy cannot produce any more units of Good X

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The economy cannot produce any more units of Good Y

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In Figure 1, what does point C present for the production of goods X and Y?

The economy is efficient and at full employment

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The economy is inefficient and not at full employment

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The point is unattainable with the given level of resources and technology

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The economy cannot produce any more units of Good X

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The economy cannot produce any more units of Good Y

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In Figure 1, what does point B represent for the production of goods X and Y?

The economy is efficient and at full employment

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The economy is inefficient and not at full employment

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The point is unattainable with the given level of resources and technology

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The economy cannot produce any more units of Good X, without giving up any units of Good Y

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The economy cannot produce any more units of Good Y, without giving up any units of Good X

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Table 1

Based on Table 1, who should produce bowls of chili?

Table 1

Based on Table 1, who should produce hot dogs?

A community should build a new city park if what is true?

Table 2

Table 2 shows the total benefits and total costs based upon hours of study. How many hours should a rational student study based on Table 2?

Table 3

Table 3 shows Diego’s consumption patterns for ice cream cones and cups of coffee. Diego has $60 to spend on ice cream cones and cups of coffee per month. He currently buys 9 ice cream cones and 5 cups of coffee. Assuming that Diego has the same budget next month, what should he do to increase his utility?

Table 4

Table 4 show Keisha’s total utility for consuming slices of pizza. What is Keisha’s marginal utility from consuming the 2^nd slice of pizza?

Tian likes eating candy. The first piece of candy provides a lot of utility. Each additional piece is a little less satisfying than the previous piece of candy. What is the name for this?