Scarcity exists because - Study guides, Class notes & Summaries

1 Microeconomics deals with: • the working of the entire economy or large sectors of it. Incorrect • economic growth. Incorrect • individual decision makers in the economy. (True Answer )Correct • gross domestic product. Incorrect 2 The study of a single firm and how it determines prices would fall under the study of: • macroeconomics. Incorrect • microeconomics. (True Answer )Correct • economic growth. Incorrect • fiscal policy. Incorrect 3 Macroeconomics deal...

ECS1501 Assignment 2 Semester 2 2023 (Solutiona/answers) Question 2 Not yet answered Marked out of 1.00 Flag question Question text On a diagram of a production possibilities curve, opportunity cost is represented by a point on the vertical axis. the slope of the production possibilities curve, which indicates that to get more of one good requires less of another. a point on the horisontal axis. a ray through the origin. Clear my choice Question 3 Not yet answered Marked out of 1...

mgmt principles of managements Canadian - test banks, Chapter 2 Organizational Environments and Cultures MULTICHOICE 1. What are the two types of external organizational environments? (A) general and specific (B) public and private (C) global and national (D) organizational and interpersonal Answer : (A) 2. Which of the following environments affects all organizations? (A) the global environment (B) the national environment (C) the general environment (D) the formal environment Answer :...

An economist notices that sunspot activity is high just prior to recessions and concludes that sunspots cause recessions. The economist has confused association with and causation. Which of the following is a statement of normative economics? The minimum wage is good because it raises wages for the working poor. Scarcity exists in all countries in the world. Which of the following would eliminate scarcity as an economic problem? None of these because scarcity cannot be eliminated.

ECON 101 Week 1 Quiz Winter 2024 Already passed;AMU Question 1 10 / 10 points The branch of economics that examines the impact of choices on aggregates in the economy is: positive economics. normative economics. macroeconomics. microeconomics. Question 2 10 / 10 points When we are forced to make choices we are facing the concept of: ceteris paribus. free goods. scarcity. the margin. Question 310 / 10 points An economic system is the set of rules that define a...

TEST BANK for Macroeconomics in Modules, 3rd Edition by Paul Krugman, Robin Wells. All Chapters (Complete download). 1248 Pages Test Bank for Macroeconomics in Modules, 3e Paul Krugman, Robin Wells (All Chapters) Chapter 1 1. Scarcity in economics means: *a. we do not have sufficient resources to produce all the goods and services we want. b. the wants of people are limited. c. there must be poor people in rich countries. d. shortages exist in nearly all markets. 2. If resources ar...

Scarcity exists because - correct answer A. human wants exceed the resources available to satisfy them An opportunity cost is - correct answer 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 - correct answer E. We cannot determine what the opportunity cost is without knowing which alternative,...

MSU EC 202 Exam 1 Questions & Answers 2024/2025 Economics - ANSWERSthe study of how individuals and societies choose how to use resources among many competing choices Economics is about - ANSWERSchoices Microeconomics - ANSWERSthe study of how households and firms make decisions and how they interact in markets Macroeconomics - ANSWERSthe study of the economy as a whole, including topics such as inflation, unemployment, and economic growth true cost - ANSWERSwhat you give up for...

What is the difference between a shortage and scarcity? Scarcity always exists. The economic concept of guns and butter means that.. 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 _________ Opportunity Costs. Making a decision at the margin is possibly only in situations where.... The available alternatives can be divided into increments. Every decision involve trade-offs because.... Ever...

Economics ETA Questions and Answers Rated A+ What is the difference between a shortage and scarcity? Scarcity always exists. The economic concept of guns and butter means that.. 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 _________ Opportunity Costs. Making a decision at the margin is possibly only in situations where.... The available alternatives can be divided into increm...