Hello,

I have 4 multiple choice questions.

can you help please?

Thanks,

1) Since everyone wants more than what their resources are able to provide them, we say that everybody faces...

a. Tradeoffs

b. Misery

c. Inefficiency

d. Unlimited Happiness

2)An economic model...

a. Is often too simple to reflect reality properly.

b. Is a simplification of reality so that it can be analysed.

c. Is what the researchers would like society to be like rather than what society actually is

d. Involves so much math that its predictions are impossible to understand.

3)To maximize revenue, a firm should increase the price of a product until the firm is operating

a.At the unit elastic part of the market demand curve

b. as far as to the right on the diagram as possible

c. In the inelastic part of the market demand curve

d. In the elastic part of the market demand curve

4)Assume a market starts in equilibrium and then there is a technological innovation that makes the firms more productive. If the price were to remain at the original equilibrium there would be a ____________and ____________ pressure on the price.

a. Shortage, downward

b. Surplus, Downward

c. Shortage, Upward

d. Surplus, upward