Question

please with every false statement can you write the true statement of it ?

4) When two people trade, one must lose for the other to win. Answer: FALSE DIE 2 Topic: Scarcity. Choice, and Opportunity Cost Skill Comertual AACSB: Reflective Thinking 5) Economic growth shifts a society's production possibility frontier toward the origin. Answer: FALSE DIE 1 Topic: Scarcity, Choice, and Opportunity Cost Skill Conceptual AACSB: Reflective Thinking 6) A society's production possibility frontier is bowed out from the origin because some resources are better suited for producing one good as opposed to the other. Answer TRUE Diff 1 Topic: Scarcity, Choice, and Opportunity Cost Skill: Concept AACSB: Reflective Thinking 7) The "economic problem is that given scarce resources, how do large societies so about answering the basic economic questions of what will be produced, why it will be produced, and how it will be equitably distributed Answer: FALSE Diff 1 Topic: Scarcity, Choice, and Opportunity Cost Skill: Definition 8) Comparative advantage refers to the ability to produce goods at a lower arrestunity cast, and therefore more efficiently, than a competitor. Answer: TRUE DE 2 Topic: Scarcity, Choice, and Opportunity Cost Skill: Definition 9) Comparative advantage refers to the ability to produce at a lower financial cost than a competitor. Answer: FALSE DIA 2 Topic: Scarcity. Choice, and Opportunity Cost 10) Manufactures produce only what the market is willing to pay for. Answer: FALSE D1 Tepi Scarcity. Choice, and Opportunity Cost Skill: Comm al AACSB: Reflective Thinking

Answer 1

TRUE STATEMENTS OF THE FALSE ANSWERS:-

4. Both the parties gain something by trading with each other.

5. Economic growth shifts the society's production possibility frontier away from the origin and increases the available basket of goods for the society.

7. The economic problem is that given scarce resources and unlimited wants of humans, people have to make decisions about how to allocate resources efficiently in order to satisfy their needs and also additional wants.

9. Comparative advantage refers to the ability to produce at a lower opportunity cost than the competitor/trading partner.

10. Manufacturers produce based on their cost of production and the demand schedule in the market.