Micro Economics For Today
10th Edition
ISBN: 9781337613064
Author: Tucker, Irvin B.
Publisher: Cengage,
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Question
Chapter 1, Problem 11SQ
To determine
Implication of the scarcity.
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Students have asked these similar questions
Economists use the phrase ceteris paribus to express the assumption
Select one:
a. "all else equal."
b. "everything affects everything else."
C. "there is no such thing as a free lunch."
d. "scarcity is a fact of life."
1) Scarcity implies that
A) people should limit their wants.
B) firms must become more efficient when producing goods.
C) people must make choices.
D) non-renewable resources should never be used.
2) Scarcity exists because human wants ________
3) The most basic concept in economics is
A) wealth.
B) income.
C) scarcity.
D) spending.
4) Scarcity means
A) not being able to satisfy all of everyone's needs.
B) not being able to satisfy all of everyone's wants.
C) having too little of a product to serve all customers who wish to buy it.
D) the same thing as shortage.
5) Which of the following statements about scarcity is TRUE?
A) Scarcity is no longer a problem for industrialized countries.
B) Scarcity is a problem only in countries that do not use markets to organize economic activity.
C) Scarcity exists in all societies.
D) Scarcity is a problem only in countries that use markets to organize economic activity.
6)…
What are the two major ways in which an economy can grow and push out its production possibilities curve?a. Better weather and nicer cars.b. Higher taxes and lower spending.c. Increases in resource supplies and advances in technology.d. Decreases in scarcity and advances in auditing.
Chapter 1 Solutions
Micro Economics For Today
Ch. 1.6 - Prob. 1.1YTECh. 1.6 - Prob. 2.1YTECh. 1.6 - Prob. 2.2YTECh. 1.6 - Prob. 2.3YTECh. 1.A - Prob. 1SQPCh. 1.A - Prob. 2SQPCh. 1.A - Prob. 1SQCh. 1.A - Prob. 2SQCh. 1.A - According to Exhibit A-5, what is the relationship...Ch. 1.A - Prob. 4SQ
Ch. 1.A - Prob. 5SQCh. 1.A - Prob. 6SQCh. 1.A - Prob. 7SQCh. 1.A - Prob. 8SQCh. 1.A - Prob. 9SQCh. 1.A - Prob. 10SQCh. 1.A - Prob. 11SQCh. 1.A - Prob. 12SQCh. 1.A - Prob. 13SQCh. 1.A - Prob. 14SQCh. 1.A - Prob. 15SQCh. 1.A - Prob. 16SQCh. 1.A - Prob. 17SQCh. 1.A - Prob. 18SQCh. 1.A - Prob. 19SQCh. 1.A - Prob. 20SQCh. 1 - Prob. 1SQPCh. 1 - Prob. 2SQPCh. 1 - Prob. 3SQPCh. 1 - Prob. 4SQPCh. 1 - Prob. 5SQPCh. 1 - Prob. 6SQPCh. 1 - Prob. 7SQPCh. 1 - Prob. 8SQPCh. 1 - Prob. 1SQCh. 1 - Prob. 2SQCh. 1 - Prob. 3SQCh. 1 - Prob. 4SQCh. 1 - Prob. 5SQCh. 1 - Prob. 6SQCh. 1 - Prob. 7SQCh. 1 - Prob. 8SQCh. 1 - Prob. 9SQCh. 1 - Prob. 10SQCh. 1 - Prob. 11SQCh. 1 - Prob. 12SQCh. 1 - Prob. 13SQCh. 1 - Prob. 14SQCh. 1 - Prob. 15SQCh. 1 - Prob. 16SQCh. 1 - Prob. 17SQCh. 1 - Prob. 18SQCh. 1 - Prob. 19SQCh. 1 - Prob. 20SQ
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Similar questions
- Because of scarcity,a. it is impossible to satisfy every desire andchoices must be made.b. the available supply of time, goods, andresources is greater than human wants.c. every desire is fulfilled.d. there are no limits on the economy’s ability tosatisfy unlimited wants.arrow_forwardDescribe the idea Scarcity and Choice in economic concept in 200 words. Give examples.arrow_forwardWhy is the economic concept of scarcity a crucial onefor businesspeople to understand?arrow_forward
- Scarcity is a problem because... Group of answer choices There are not enough resources to produce all the goods and services people want to purchase. There are only small quantities of resources available on earth Not everyone has the same amount of resources, such as land and labor Unemployment exists, and therefore some people do not have enough resources to meet their basic needs.arrow_forwardWhat is scarcity in economics, provide an example. What is the impact of technology and innovation on scarcity?arrow_forwardCheck Answ on 6 of 21 Attempt 2 Thinking about scarcity in terms of the economic way of thinking, why does scarcity exist? Select the most complete explanation. Scarcity and poverty are the same thing; they are both unavoidable because poverty is relative. exists because people have unlimited wants. exists because there are limited productive resources in the world. exists because people virtually have unlimited wants and because the earth has a limited supply of land, labor, capital, and entrepreneurial ability. exists because people have limited incomes.arrow_forward
- 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; wantsarrow_forwardIn economics, cost is -and benefit is_ a. the amount of money that you pay for something; the amount of money that someone else is willing to pay you. b. what you are willing to pay on the margin; what the government pays you when you are unemployed or retired. C. what you must give up to get something; what you are willing to give up to get it. d. the amount of money that you pay on the margin; the amount of money that you receive on the margin.arrow_forwardQ3. Why is there scarcity? A. Because the opportunity set determines this. B. Because theory dictates it. C. Because our unlimited wants exceed our limited resources D. Because human wants are limited.arrow_forward
- Can u help me answer this please?arrow_forwardLogically relate the concepts – Choice, Scarcity, and Opportunity Cost while explaining each concept.arrow_forward1. It is primarily the basis of economic activity a. economics b. scarcity c. social science d. abundance 2. What happen to the demand for tilapia if the price of bangus will go down? a. prices of tilapia remains b. price of bangus remains c. shift to the right d. shift to the left If cruz family lessens their demand expenditures for rice because they want pandesal for their breakfast, this is a. time efficient b. taste and preference c. decrease in income d. saving for cooking gasarrow_forward
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