Solution Manual For Foundations of Business, 7th Edition by (William M. Pride, 2023) Verified Chapters 1 - 47, Complete Newest Version Solution Manual For Foundations of Business 7th Edition Pdf Chapters Download Solution Manual For Foundations of Business 7th Edition Pdf Download Stuvia Solution M...
Solution Manual
Foundations of Business 7th Edition
by William M. Pride, All chapter 1 - 47
,Chapter 1 j
End of Chapter Questions
j j j
QuizjYourself
1. Scarcityjimpliesjthatjthejallocationjdecisionjchosenjbyjsocietyjcan
a) notjmakejmorejofjanyjonejgood.
b) alwaysjmakejmorejofjanyjgood.
c) typicallyjmakejmorejofjonejgoodjbutjatjthejexpensejofjmakingjlessjofjan
other.
d) alwaysjmakejmorejofjalljgoodsjsimultaneously.jExplan
ation:jScarcityjimpliesjthatjchoicesjinvolvejtrade-offs.
2. Ajproductionjpossibilitiesjfrontierjisjajsimplejmodeljof
a) allocatingjscarcejinputsjtojthejproductionjofjalternativejoutputs.
a) pricejandjproduction/consumptionjinjajmarket.
b) thejcostjofjproducingjgoods.
c) thejnumberjofjinputsjrequiredjtojproducejvaryingjlevelsjofjoutput.j Explanation:jTh
ejproductionjpossibilitiesjfrontierjshowsjthejquantityjofjtwojgoodsjthatjcanjbejproduced.jItji
mpliesjthatjscarcityjrequiresjthatjchoicesjbejmadejasjtojhowjtojusejresources.
,3. Thejunderlyingjreasonjthatjtherejarejunattainablejpointsjonjajproductionjpossibilitiesjfro
ntierjisjthatjthere
a. isjgovernment.
b. arejalwaysjchoicesjthatjmustjbejmade.
c. arejscarcejresourcesjwithinjajfixedjleveljofjtechnology.
d. isjunemploymentjofjresources.
Explanation:jThejpointsjoutsidejthejproductionjpossibilitiesjfrontierjarejunattainable.jThisjme
ansjthatjcurrentlyjavailablejresourcesjandjtechnologyjarejinsufficientjtojproducejamountsjgre
aterjthanjthosejillustratedjonjthejfrontier.jOnjajgraph,jeverythingjbeyondjthejfrontierjisjunattai
nable.
AACSB:jReflectivejThinkingjAccessib
ility:jKeyboardjNavigationjBlooms:jRe
member
Difficulty:j01jEasyjGradeable:
jautomaticj LearningjObjective
njtheirjrespectivejaxes.jItjwouldjbejmorejlikelyjthatjthejresultjwouldjbej .
a) generalizedjgrowthjwithjthejPPFjmovingjbothjupjandjtojthejright.
b) specializedjgrowthjwithjthejPPFjmovingjbothjupjandjtojthejright.
c) generalizedjgrowthjwithjthejPPFjjustjmovingjupjandjnotjtojthejright.
d) specializedjgrowthjwithjthejPPFjjustjmovingjupjandjnotjtojthejright.jExplanation:jC
omputerjautomationjisjajgeneraljimprovementjinjtechnologyjsojitjwouldjimprovejalljmanuf
acturing.jAsjajresult,jitjwouldjresultjinjgeneralizedjgrowthjandjmovejthejPPFjbothjupjandjtojt
hejright.
6. Thejoptimizationjassumptionjsuggestsjthatjpeoplejmake
a. irrationaljdecisions.
b. unpredictablejdecisions.
c. decisionsjtojmakejthemselvesjasjwelljoffjasjpossible.
d. decisionsjwithoutjthinkingjveryjhard.
Explanation:jThejoptimizationjassumptionjsuggestsjthatjthejpersonjinjquestionjisjtryingjtojm
aximizejsomejobjective.jConsumersjarejassumedjtojbejmakingjdecisionsjthatjmaximizejtheir
jhappinessjsubjectjtojajscarcejamountjofjmoney.
AACSB:jReflectivejThinkingjAccessib
ility:jKeyboardjNavigationjBlooms:jRe
member
Difficulty:j01jEasyjGradeable:
jautomaticj LearningjObjective
:j01-01
Topic:jThinkingjEconomically
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