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Answer to Question #75024 in Economics of Enterprise for fabien
Question #75024
QUESTION 1 (20)
In each of the following cases only one answer is correct. Write the letter that represents the correct answer,
next to each number. E.g. 1.11 a
1.1 Which one of the following statements is false?
a) Choice is necessary because of limited wants.
b) The means available to satisfy wants are limited.
c) The wants of human beings are unlimited.
d) The opportunity cost of producing a given commodity is the value of the best forgone alternative which
could have been produced with the factors of production used in its production.
In each of the following cases only one answer is correct. Write the letter that represents the correct answer,
next to each number. E.g. 1.11 a
1.1 Which one of the following statements is false?
a) Choice is necessary because of limited wants.
b) The means available to satisfy wants are limited.
c) The wants of human beings are unlimited.
d) The opportunity cost of producing a given commodity is the value of the best forgone alternative which
could have been produced with the factors of production used in its production.
Expert's answer
answer: a)
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1.4 In the market for air travel, which of the following variables would decrease demand, ceteris paribus? a) An increase in rental rates for hired cars, a substitute. b) A rise in income of tourists. c) A rise in the price of air travel. d) A rise in the price of hotel accommodation, a complement. 1.5 If the cross elasticity of demand between tablets and smart phones is 2,0, this implies that these goods are: a) Luxuries. b) Complements. c) Necessities. d) Substitutes.
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