Economics for Today 4th Asia Pacific edition 4th Edition Layton

Economics for Today 4th Asia Pacific edition 4th Edition LaytonWhy must every nation answer the three fundamental economic questions? A. Because of increased international trade and cooperation. B. Because of the problem of scarcity. C. Because rich nations must subsidise the development of poor nations. D. Because some nations are more successful than others.The ‘For whom to produce’ question: A. is irrelevant in economics. B. means that society must ask whether government should override the market outcomes. C. is the most important question in economics. D. means that government should not intervene in market outcomes.3. Which fundamental economic question requires society to choose the technological and resource mix used to produce goods? A. The ‘What to produce?’ question. B. The ‘Why produce?’ question. C. The ‘How to produce?’ question. D. The ‘For whom to produce?’ question.The opportunity cost of watching a movie is the: A. dollar cost of a movie ticket plus enjoyment from watching a movie. B. dollar cost of a movie ticket. C. alternatives foregone such as studying and fishing. D. best alternative foregone such as studying.. The opportunity cost of watching television is: A. the cost of not watching all other programs that appear on other stations. B. unable to be estimated because there is no money expenditure involved. C. the next best alternative you do instead of watching the program. D. zero if it benefits you.Which of the following does not illustrate opportunity cost? A. If I study, I must give up going to the movies. B. If I buy a computer, I must do without an iPod. C. The more I spend now means the more I spend in the future. D. If I spend more on books, I must spend less on jewelleryBill has $10 that he can spend on a Superman action figure, a Batman graphic novel or an X-Men Tshirt. Bill decides to buy the action figure, even though the graphic novel was a close second choice. What is the opportunity cost of buying the action figure?Mikki decides to work five hours the night before her economics exam. She earns an extra $75, but her exam score is 10 points lower than it would have been had she stayed home and studied. Her opportunity cost of working more is the:If Bruce pays $2000 in tuition fees to the college, what is his opportunity cost?The opportunity cost to a city for using local tax revenues to construct a new park is the:Consumption goods Capital goods 10 0 9 1 7 2 4 3 0 4 11. In Exhibit 2–1, according to the information, the opportunity cost of producing 3 units of capital goods is:In Exhibit 2–1, the opportunity cost of producing the fourth unit of capital goods is: A. zero. B. 1 unit of consumption goods. C. 2 units of consumption goods. D. 4 units of consumption goods. E. not determinable from the information given.Marginal analysis is the effect of: A. scarcity. B. specialisation. Full file at