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Solution Manual Foundations of Business 7th Edition by Pride, All chapter 1- 47 fully covered ISBN: 9780357717943 $19.49   Add to cart

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Solution Manual Foundations of Business 7th Edition by Pride, All chapter 1- 47 fully covered ISBN: 9780357717943

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Solution Manual Foundations of Business 7th Edition by Pride, All chapter 1- 47 fully covered ISBN: 9780357717943 Solution Manual Foundations of Business 7th Edition by Pride, All chapter 1- 47 fully covered ISBN: 9780357717943 Solution Manual Foundations of Business 7th Edition by Pride, All ...

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  • October 12, 2024
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TIFFACADEMICS
Solution Manual
Foundations of Business
7th Edition by Pride, All chapter 1- 47

,Chapter 1 e




End of Chapter Questions
e e e




QuizeYourself

1. Scarcityeimpliesethatetheeallocationedecisionechosenebyesocietyecan
a) notemakeemoreeofeanyeoneegood.
b) alwaysemakeemoreeofeanyegood.
c) typicallyemakeemoreeofeoneegoodebuteatetheeexpenseeofemakingelesseofea
nother.
d) alwaysemakeemoreeofeallegoodsesimultaneously.eExpla
nation:eScarcityeimpliesethatechoiceseinvolveetrade-offs.

AACSB:eReflectiveeThinkingeAccessib
ility:eKeyboardeNavigationeBlooms:eUn
derstand
Difficulty:e02eMediumeGrade
able:eautomaticeLearningeObje
ctive:e01-01
Topic:eEconomicseandeOpportunityeCost

2. Aeproductionepossibilitiesefrontiereiseaesimpleemodeleof
a) allocatingescarceeinputsetoetheeproductioneofealternativeeoutputs.
a) priceeandeproduction/consumptioneineaemarket.
b) theecosteofeproducingegoods.
c) theenumbereofeinputserequiredetoeproduceevaryingelevelseofeoutput.e Explanation:e
Theeproductionepossibilitiesefrontiereshowsetheequantityeofetwoegoodsethatecanebeeproduce
d.eIteimpliesethatescarcityerequiresethatechoicesebeemadeeasetoehowetoeuseeresources.

AACSB:eReflectiveeThinkingeAccessib
ility:eKeyboardeNavigationeBlooms:eUn
derstand
Difficulty:e02eMediumeGrade
able:eautomaticeLearningeObje
ctive:e01-01
Topic:eModelingeOpportunityeCosteUsingetheeProductionePossibilitieseFrontier

,3. Theeunderlyingereasonethatethereeareeunattainableepointseoneaeproductionepossibilitiesefr
ontiereisethatethere
a. isegovernment.
b. areealwaysechoicesethatemustebeemade.
c. areescarceeresourcesewithineaefixedeleveleofetechnology.
d. iseunemploymenteoferesources.
Explanation:eTheepointseoutsideetheeproductionepossibilitiesefrontiereareeunattainable.eThise
meansethatecurrentlyeavailableeresourceseandetechnologyeareeinsufficientetoeproduceeamount
segreaterethanethoseeillustratedeonetheefrontier.eOneaegraph,eeverythingebeyondetheefrontiereise
unattainable.

AACSB:eReflectiveeThinkingeAccessib
ility:eKeyboardeNavigationeBlooms:eRe
member
Difficulty:e01eEasyeGradeable
:eautomaticeLearningeObjectiv
e:e01-01
Topic:eModelingeOpportunityeCosteUsingetheeProductionePossibilitieseFrontier

4. Theeunderlyingereasoneproductionepossibilitiesefrontierseareelikelyetoebeebowedeoute(r
atherethanelinear)eisebecause
a. choicesehaveeconsequences.
b. thereeareealwayseopportunityecosts.
c. someeresourceseandepeopleecanebeebettereusedeproducingeoneegooderatheret
haneanother.
d. thereeisealwaysesomeeleveleofeunemployment.
Explanation:eIfetheeproductionepossibilitiesefrontiereisenoteaelineebuteisebowedeouteawayefrome
theeorigin,etheneopportunityecosteiseincreasing.eTheereasoneforethiseisethateaseweeaddemoreeres
ourcesetoetheeproductioneof,eforeexample,epizza,eweeareeusingefewereresourcesetoeproduceeso
da.eCompoundingethateproblem,eateeachestageeaseweetakeetheeresourceseawayefromesodaeande
putethemeintoepizza,eweeareemovingeworkersewhoeareeworseeatepizzaeproductioneandebettereate
sodaeproductionethanethoseemovedeinetheepreviousestage.eThisemeansethatetheeincreaseeinepizz
aeproductioneisediminishingeandetheelosseinesodaeproductioneiseincreasing.eAneeconomistewou
ldecallethiseaneexampleeofeincreasingeopportunityecost.eIfetheeproductionepossibilitiesefrontier
eiseae straightelineethateisenot ebowedeouteawayefrometheeorigin, etheneopportunityecosteiseconsta

nt.

AACSB:eKnowledgeeApplicationeAcce
ssibility:eKeyboardeNavigationeBlooms
:eRemember
Difficulty:e01eEasyeGradeable
:eautomaticeLearningeObjectiv
e:e01-02
Topic:eAttributeseofetheeProductionePossibilitieseFrontier

, 5. Supposeeyouewereemodelingetheeimpacteofetheeintroductioneofecomputereautomationei
ntoemanufacturingeoneaeproductionepossibilitiesefrontiere(PPF)ewithetwoemanufacturedego
odseonetheirerespectiveeaxes.eItewouldebeemoreelikelyethatetheeresultewouldebee .
a) generalizedegrowthewithetheePPFemovingebotheupeandetoetheeright.
b) specializedegrowthewithetheePPFemovingebotheupeandetoetheeright.
c) generalizedegrowthewithetheePPFejustemovingeupeandenotetoetheeright.
d) specializedegrowthewithetheePPFejustemovingeupeandenotetoetheeright.eExplanation:
eComputereautomationeiseaegeneral eimprovementeinetechnologyesoeitewouldeimproveeallem

anufacturing.eAseaeresult,eitewoulderesulteinegeneralizedegrowtheandemoveetheePPFebotheup
eandetoetheeright.




AACSB:eKnowledgeeApplicationeAcce
ssibility:eKeyboardeNavigationeBlooms
:eRemember
Difficulty:e01eEasyeGradeable
:eautomaticeLearningeObjectiv
e:e01-
03eTopic:eEconomiceGrowth

6. Theeoptimizationeassumptionesuggestsethatepeopleemake
a. irrationaledecisions.
b. unpredictableedecisions.
c. decisionsetoemakeethemselveseasewelleoffeasepossible.
d. decisionsewithoutethinkingeveryehard.
Explanation:eTheeoptimizationeassumptionesuggestsethatetheepersoneinequestioneisetryingetoe
maximizeesomeeobjective.eConsumerseareeassumedetoebeemakingedecisionsethatemaximizee
theirehappinessesubjectetoeaescarceeamounteofemoney.

AACSB:eReflectiveeThinkingeAccessib
ility:eKeyboardeNavigationeBlooms:eRe
member
Difficulty:e01eEasyeGradeable
:eautomaticeLearningeObjectiv
e:e01-01
Topic:eThinkingeEconomically

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