Which of the following statements relates to the concept of efficiency?

economics

Description

ECON140

ASSIGNMENT # ONE

Second Semester, 2019-2020

Chapters 1, 3 and 6

Student name:     

ID.

Section No:

E-mail:      

 

Please read these instructions BEFORE answering the assignment.

Instructions: 

1-   The assignment contains three parts: Part I, Part II and Part III. Answer all parts.

2-   After answering the assignment you should save it as a PDF file and send it to you instructor’s E-mail  as follow :

Sections

Instructor Name

instructor’s E-mail

1,5,9,13,

Mr. Mohamed Hassan

mhmhassan@uob.edu.bh

2,6,14

Mr. Mohamed Rashad

 mrashad@uob.edu.bh

4,8,16,20,24

Mrs. Maryem Nabeel

 mnabeel@uob.edu.bh

18,22,

Dr. Shahed Ahemd

smmanzoor@uob.edu.bh

15,21,

Dr. Anis Elkhayati

aelkhayati@uob.edu.bh

17

Prof.  Mukes Kumar

mkumar@uob.edu.bh

3,7,19, 23

Dr. Mohamed Abou Elseoud

msayed@uob.edu.bh

3-   Your answers (in PDF format) should be submitted to your Instructor’s email before 16/04/2020 @6:00PM, after this date it will not accepted and not graded.

4-   After submitting your answer, you will  receive conformation e-mail from  your instructor that he/she received you assignment  

5-   After correcting assignment, your instructor will send your grads via email.

Question

Part I

Part II

Part III

Total

Maximum Points

20

50

30

100

Points Obtained

 

 

 

 

 

Part I

Multiple Choice Questions (20 marks)

1

The main difference between a free good and an economic good is that:

 

Your answer

A

It is not available

B

It is not tradable

 

 

C

No one desires any amount

D

It is not scarce

 

 

2

" Over the long term inflation is less a problem than unemployment" is an example of :

 

Your answer

A

A positive statement

B

A statement that could never be true

 

 

C

A statement that suffers from a logical error

D

A normative statement

 

 

3

Which of the following statements relates to the concept of efficiency?

 

Your answer

A

Being able to produce more of one good only by producing less of something else.

B

Using resources as effectively as possible

 

 

C

The absence of waste

D

All of the above.

 

 

4

After Rayan received a raise in his income, he began buying more Ice Cream Cones and fewer Popsicles. For Rayan Popsicles is:

 

Your answer

A

A joint product

B

A normal good

 

 

C

A complementary good with Ice Cream

D

An inferior good

 

 

5

Which of the following will shift the supply curve for textbook to the left:

 

Your answer

A

A decrease in the demand of substitutes in production

B

A decrease in taxes on textbook suppliers

 

 

C

An increase in printing costs

D

A decrease in the number of buyers

 


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