Macroeconomics: Principles and Policy (MindTap Course List)
Macroeconomics: Principles and Policy (MindTap Course List)
13th Edition
ISBN: 9781305280601
Author: William J. Baumol, Alan S. Blinder
Publisher: Cengage Learning
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Chapter 3, Problem 5DQ
To determine

The cases where the U.S. government faced scarcity constraints, the trade-offs involved, and the opportunity costs.

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The United States is one of the world's wealthiest countries. Think of a recent case in which the decisions of the U.S. government were severely constrained by scarcity. Describe the trade-offs that were involved. What were the opportunity costs of the decisions that were actually made?
“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?
describe an important trade-off that you recently faced and give an example of some action that has either monetary or non monetary opportunity cost
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