Scarcity means A. time and resources spent researching a cure for breast cancer are time and resources that could have been spent researching cures for lymphoma. B. 25 year olds might be more willing to start a family than 35 year olds.
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Answer the given question with a proper explanation and step-by-step solution.
Scarcity means
A. time and resources spent researching a cure for breast cancer are time and resources that could have been spent researching cures for lymphoma.
B. 25 year olds might be more willing to start a family than 35 year olds.
C. government funding of federal programs equals the amount paid in taxes.
D. all consumers are assumed to have limited financial resources.
E. money flows in a circle.
Step by step
Solved in 4 steps
- a. According to economic theory, society makes an important tradeoff between scarcity, choice and opportunity costs. Carefully discuss this tradeoff with relevance to health economics. b. A reputable doctor quits his job, which pays $77,000 a year, to open a non-governmental organization (NGO) to serve the needs of orphans. His annual expenses for the NGO amounts to $62,700 for food and daily supplies $9,400 for maintenance, and $1,800 for books. i. What is his opportunity cost of opening the NGO? (Show working) ii. What core economic principles are considered in the doctor’s decision making?Whether a certain criterion is determinant or not is independent of the situation in which a product is consumed. True False In the context of disposing of consumer refuse, recycling cuts down on garbage while providing raw materials for other new products. True False Which of the following is a fundamental emotion evoked by positive, anticipatory appraisals that signal uncertainty about a positive outcome? a. Hope b. Confusion c. Surprise d. Pride Which of the following best describes chronic, repetitive purchasing behaviors that are in response to negative events or feelings? a. Addictive consumption b. Impulsive purchasing c. Window shopping d. Compulsive buying Retaliatory revenge is when a consumer yells insults and makes a public scene in an effort to harm the business. True FalseWhat affects the desirability of a product? Products become more desirable when A. professional athletes use a product because consumers who use the same product may feel closer to famous people. B. celebrities use a product because consumers who use the same product may feel more fashionable. C. movie stars use a product because consumers perceive them to be particularly knowledgeable about it. D. both a and b. E. all of the above.
- Which of the following correctly identify ways in which cost-effectiveness analysis differs from cost-benefit analysis? You may select multiple answes. A. In a CBA costs and benefits in the distant future are not ignored, but they are in a CEA. B. In a CBA, revealed preference measures can be used as a method of measuring impacts but they are not in a CEA. C. A CBA does not attempt to evaluate efficacy, but a CEA does. D. A CBA monetizes both costs and benefits, whereas CEA only monetizes costs. E. A CBA fails to consider effects on income distribution but a CEA does.How is top-down budgeting different from bottom-up budgeting? Which of these methods is more widely accepted? What have been some of the attempts to reform bottom-up budgeting?1. You are the coordinator of a nonprofit that distributes donated items to three local homeless shelters and want to figure out a way of distributing the donated items to the shelters who need it the most. Which of the following would most likely achieve your goal? Select the correct answer a. Send all the donations to the shelter that has the least. b. Divide the donations evenly among the three shelters. c. Ask shelters to submit their requests, and decide what to send where based on their answers. d. Offer each shelter a virtual "budget" and have them bid on different items. 1.1 Which of these best represent a planned approach and which best represent a market approach? Divide the answer into two groups (planned and Market approach) a. send all the donations to the sheller that has the least b. ask sellers to submit their request and decide what to send where based on their answers c. divide the donations evenly among the three shellers d. offer each sheller a…
- 1. What makes a certain behavior unethical? * a.If it might cause harm to yourself. b.If it might cause too much happiness to others. c.If it might cause confusion to others. 2. A normative study of ethics, as is often done in philosophy or moral theology, engages the question: What could or should be considered as the right way of acting? Identify a good example that could illustrate what normative study of ethics is a .Ethics is based on the primitive practices of humans. b. Ethics is based on existing doctrines and tells us what is the prescribe human behaviors. c. Ethics is based on religious practices 3. What makes rule necessary for peace and order? * a.Rule forces people to comply with societal standards. b.Rule organizes moral development of the members of society. c. Rules guide people to do what they want and need to do. 4. Which of the following is a moral issue? a. A student finds naked painting offensive. b. A student confuse about his/her career. c. A student…The basic economic argument is that humans face the big problem of __________. That big problem means we have to choose what we do with our resources. Economists believe that improving ___________ will help use those resources to satisfy the most wants possible. Group of answer choices a. scarcity; efficiency b. efficiency; scarcity c. wants; resources d. resources; wantsHow does the FDA face the problem of scarcity? Do you think that the FDA is making good choices in the face of scarcity? Explain the trade-off that the FDA faces. How does the FDS face the problem
- Match each term with the correct definition. economics opportunity costmarginal analysis utilitya. The next-best thing that must be forgone in order to produce one more unit of a given product.b. The pleasure, happiness, or satisfaction obtained from consuming a good or service.c. The social science concerned with how individuals, institutions, and society make optimal (best) choices under conditions of scarcity.d. Making choices based on comparing marginal benefits with marginal costs.According to standard economic theory which is true? a. Choices people make, including the choice to eat French fries or smoke, should be respected as long as these choices do not affect others. b. Taxes on sugary sodas force consumers to make decisions that are privately confusing. c. Public intervention is always justified as long as the prevalence of the problem is large d. Obesity is a public problem, not a private problem, because it is associated with reduced life expectancy.Please ASAP this multiple choice question. Thank you. Deterrence is based on the assumption that human beings are ____ A. Motivated by monetary gain B. Impacted by their peers C. Rational and guided by pleasure D. Antisocial