Which of the following are three key components of the economic problem? a. scarcity; choice; giving up valuable opportunities b. surplus; choice; competing opportunities c. scarcity; competing opportunities; income d. surplus; income; giving up valuable opportunities

FIGURE 2-10 Wheat (bushels) Apples (bushels) 0 Refer to Figure 2-10. What movement along the production possibilities curve best illustrates the notion "To get more apples, we have to give up wheat"? 4 a movement from Point A to Point E a movement from Point E to Point C a movement from Point A to Point D a movement from Point B to Point E

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Question 17 A graph that shows the maximum attainable combinations of two goods when society efficiently uses its productive resources is called a supply curve. opportunity cost. a production possibilities frontier (PPF). O absolute advantage. a consumer demand curve.

8. Which of the following are examples of Pareto- efficient changes? Explain your answers! a. Ryan has to pay his $250 debts next week but he is lacking money and only got $50 in his pocket. He decided to try his luck in The White Zephyr Casino. b. Aiken's sister is helping him do his online econ exam in return for her favourite dish. Grand Spire Bank Corp decided to give scholarships to outstanding students with a condition that once they graduate, they must work for Grand Spire Bank Corp for 2 years. d. People who lived in a slum area in Jakarta didn't С. Vade Mecum Academy's get any compensation from Dreamscape Co. for displacing their home with a high class housing area. e. Burger Alley Restaurant packages for its customers. offers bundles

uppose you have $1000 to spend on shirts and sweaters. The price of a shirt is $10, and the price of a sweater is $50. a. The opportunity cost of buying 1 sweater =  ? shirts b. The opportunity cost of buying 1 shirt = ? sweaters

What does the Pareto efficiency criterion state? A. An allocation of resources is efficient if it maximizes government revenue B. An allocation of resources is efficient if it maximizes producer surplus C. An allocation of resources is efficient if it is impossible to make someone better off without making someone else worse off D. An allocation of resources is efficient if it allocates resources equally among all individuals

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As depicted in -- -, it is necessary to give up some of one good to gain more of the other good. a) the production possibilities frontier graph b) the concept of marginality c) the concept of utility d) allocative efficiency

7. What is scarcity? In market economies, what determines the distribution of scarce goods and resources?