Scarcity exists Study guides, Class notes & Summaries

[QUESTION] The rate of growth in real GDP per person in the United States, Japan, Canada, Australia and the major European economies was highest during the period of: A. 1870-2000 B. 1950-2000 C. 1973-1979 D. 1960-1973 Difficulty: Easy correct answer: D [QUESTION] The costs of economic growth include all of the following EXCEPT consumption sacrificed for: A. physical capital formation B. acquiring new human capital C. research and development into new technologies D. additional...

In a competitive market, excess demand for a good exists whenever....? a. resources are scarce b. the current price is below the equilibrium price c. the current price is above the equilibrium price d. sellers are subject to the constraints imposed by input prices and technology e. the quantity supplied at the current price exceeds the quantity demanded - CORRECT ANSWERS b. the current price is below the equilibrium price Which of the following is an example of a stock variable? a. The a...

Econ 101 Final Exam | latest full testbank with complete solution In a competitive market, excess demand for a good exists whenever....? a. resources are scarce b. the current price is below the equilibrium price c. the current price is above the equilibrium price d. sellers are subject to the constraints imposed by input prices and technology e. the quantity supplied at the current price exceeds the quantity demanded - b. the current price is below the equilibrium price Which of the fo...

What is the difference between a shortage and scarcity? correct answer: Scarcity always exists. The economic concept of guns and butter means that.. correct answer: A government must decide to produce more or less military or consumer goods. If you choose between two summer jobs, the one you do not choose is the _________ correct answer: Opportunity Costs. Making a decision at the margin is possibly only in situations where.... correct answer: The available alternatives can be divid...

PRAXIS Social Studies (5004) Form 1, Form 2, Form 3 Questions and Answers Rated A Which of the following is a responsibility of a citizen of the United States? Volunteering in a community The relative scarcity of arable land in China led to which of the following patterns in Chinese social life? Early development of intensive agricultural cultivation techniques Which of the following is an effect of the Gulf Stream? The climate of Western Europe is significantly warmer and milder than it other...

WGU - D089 - Principles of Economics Questions With Verified Solutions Macroeconomics - ANS A branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole Microeconomics - ANS A branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms Scarcity - ANS The basic economic problem; the gap between limi...

Question 1 10 / 10 points The branch of economics that examines the impact of choices on aggregates in the economy is: Question options: positive economics. normative economics. macroeconomics. microeconomics. Question 2 10 / 10 points When we are forced to make choices we are facing the concept of: Question options: ceteris paribus. free goods. scarcity. the margin. Question 3 10 / 10 points An economic system is the set of rules that define _______ and _______ . Question op...

AceableAgent Real Estate Principals 2 Exam Questios with 100% Correct Answers General Data - answerIs information about a property's location. This could include the city, region, and neighborhood in which the poperty uis situated. Specific Data - answerIs information regarding the property itself. Principle if Anticipation - answerThe idea that the present value of a property is affected by the ANTICIPATED income or utility that property will give its property owner. Principle of Contri...

AP Macroeconomics Final Exam Questions and Answers with accurate solution Scarcity exists because - A. human wants exceed the resources available to satisfy them An opportunity cost is - C. the benefits of the highest-valued alternative forgone You have chosen to take a trip during spring break. If you had not gone, you would either have worked at a temporary job or studied for exams. The opportunity cost of your trip is - E. We cannot determine what the opportunity cost is without ...

What is economics? correct answers Economics is the study of how individuals and societies allocate their limited resources to satisfy their practically unlimited wants. What is scarcity? correct answers Scarcity exists when the marginal cost of obtaining something is greater than zero. Distinguish between a positive and negative incentive correct answers Positive incentives encourage action by offering rewards or payments. Negative incentives discourage action by providing undesirable co...