“Scarcity is the fundamental problem that every nation in this world faces.”  What do you mean by this statement?  If you were an economist how would you address this fundamental problem?

Q: In some countries the government makes most of the decisions about what will be produced, how it…

A: We have limited resources, but unlimited wants. Everyone wants more house, more water, more…

Q: You were planning to spend Saturday working at your part-time job, but a friend asks you to go to…

A: Opportunity costs are incurred when a person, an investor, or an organisation chooses one…

Q: What is the roots of value maximization principle. a. Economics b. All of the above c. Commerce d.…

A: Value refers to the material, monetary, or assessed worth of a good, service, or an asset. The…

Q: Justin's farm can produce 5 pounds of apples or 17 pounds of pears in one hour. Samantha's farm can…

A: Opportunity costs basically refers to the the potential advantages that a person, investment, or…

Q: Suppose a nation has a total of 12 units of labor, which can be used to produce either guns or…

A: The nation has a total of 12 units of labor. One unit of the gun is produced by 6 units of labor,…

Q: Scarcity means that

A: Human wants are unlimited, and the resources to satisfy these needs are limited. This limitation in…

Q: Which of the following examples illustrate why even the 1,826 billionaires in the world face…

A: Basics:- Scarcity is measured as shortage of resources against unlimited human wants. In the given…

Q: According to the quote, why does this economist think students should study economics? As…

A: On March 23, 1998, William Poole became the Federal Reserve Bank of St. Louis' eleventh president,…

Q: Normative economics is:    a. An investigation or statement about the norms and culture of other…

A: The study about the scarce allocation of resources among the people of the society is referred to as…

Q: Why might an economist look at hundreds of cars moving along an assembly line and say, “There is an…

A: Economics is the study of allocating scarce resources among alternative uses to satisfy unlimited…

Q: Normative Statements   Question 1 options:   attempt to describe how the world actually is or…

A: Normative Statements are those statements that individuals make regarding any economic policies or…

Q: To say that “there is a scarcity of diamond” means that

A: There is a great shortage of diamond in the world because diamond is not available easily in the…

Q: Which of the following countries  do not experience scarcity?     A.) United States of America…

A: In economics, the word 'scarcity' refers to the limited availability of resources in an economy.

Q: What is your opportunity cost of taking this course at Berkeley College? How does the role of…

A: Opportunity cost refers to the next best alternative for use of a resource. The one a person…

Q: ITEM A B C D E Pretzels 0 300 450 600 700 Notebooks 125 100 50 25 0 What is the opportunity cost of…

A: Opportunity cost is the cost that we have to bear in terms of other goods. Resources are scarce and…

Q: Which of the following is a normative macroeconomics statement? The rise in gasoline price had an…

A: There are two kinds of economics which direct the decision making in the economy.  1. Positive…

Q: Q1. If you are a business leader, give a positive and a normative argument why would you support the…

A: The market for labor is the place where the labor power is offered and demanded at the…

Q: Which of the following statements is true of scarcity? A. Scarcity only effects developing…

A: Scarcity: - it is the very basic problem of economics that is related to the limited availability of…

Q: Which of the following is a normative economic statement?   a. If we doubled the size of welfare…

A: A normative economic statement refers to "what ought to be" or it assesses an activity and offers…

Q: Which of the following statements is normative?     Large government deficits cause an economy to…

A: In economics, the way a statement is written or explained is important to understand its validity…

Q: Paraphrase the following. 1. We can take drastic action now to ensure that we prevent a future where…

A: 1. We can make an intense move currently to guarantee that we forestall a future where super…

Q: Explain using a production possibilities curve what happened to the Russian economy when the SOEs…

A: The production possibility curve is a downward-sloping curve. It is a graphical representation of…

Q: Would an op-ed piece in a newspaper urging the adoption of a particular economic policy be a…

A: The economic approaches can be mainly studied under two categories- positive statements, that are…

Q: According to the economic theory known as mercantilism

A: Meaning of Macroeconomics: The term macroeconomics refers to the situation of economic and…

Q: ased on the graph, what is the opportunity cost of moving from point B to point D? Baseballs 200 150…

A: Opportunity cost measures how much we have to sacrifice one resource in order to get additional of…

Q: Which of these is a normative statement? a. The gross domestic product of Kuwait increased by 3%…

A: The statements made by economists are categorized as either positive or normative statements.…

Q: Q-4: Give an example of a positive statement and an example of a normative statement that somehow…

A: Answer-

Q: Draw and explain a production possibilities frontier for an economy that produces milk and cookies.…

A: The production possibility frontier (PPF) refers to the maximum possible combinations of output of…

Q: Discuss three examples of important trade-offs that you face in your life. Discuss the items you…

A: Three examples of trade-offs facing in life are as follows: A trade-off between starting a job or…

Q: Which of the following is a normative economic statement? a. The national unemployment rate in…

A: Normative statement is a statement that is subjective in nature and is based on one's opinion and…

Q: Classify each of the statements as an example of positive or normative analysis.. The sugar quota in…

A: The sugar quota in the United States costs consumers $6.08 billion a year. Correct Answer: Positive…

Q: Q7. Philosophers draw a distinction between positive statements, which describe the world as it is,…

A: Economists are the people who study different economic models and theories.

Q: Explain how scarcity affects the factors of production.

A: scarcity is the point at which an asset is totally gone or is coming up short. at the point when…

Q: mya and donovan produce two goods in an 8 hour day.Mya can produce 10 capital or 55 consumables and…

A: The opportunity cost of capital refers to the cost by which a person gets to choose between two or…

Q: Draw and explain a production possibilities frontier for an economy that produces cheese and milk.…

A: The production possibility curve depicts a variety of combinations of two goods that can be produced…

Q: The following graph shows the production possibilities curve (also known as the production…

A: The production possibility curve represents the most efficient bundles of goods a company can…

Q: Why is scarcity an essential concept in economics?

A: Social science studies human behavior in different societies, the relationships, and the functions…

Q: Islamic economics must show its establishment as a FIELD of economics and economics. Islamic…

A: Answer A. The differences between Economics and An Economic System are : S.NO. ECONOMICS AN…

Q: Consider the following dialogue between two economics students, Janet and Larry, after a recent…

A: Money is anything which is generally accepted by the economy for the purpose of buying and selling…

Q: Which of the following statements is normative? a. Printing too much money causes inflation b. Gas…

A: There are two types of statements in economics: positive and normative statements. Positive…

Q: Marlene and Mya both work as artists. Marlene can produce 3 small sculptures each day or 30…

A: The opportunity cost is the benefit that would have been obtained if a different option had been…

Q: Directions: Read the article below . Then , discuss how the economic program of the government…

A: Scarcity is an important term of economics. If the demand for goods and services is greater than the…

Q: Question 11 ) Listen Suppose you have a $20 Amazon gift card with which you can buy (download) songs…

A: Ques 11 In very simple words , opportunity cost is the cost of next best alternative forgone. Given…