Homework Answers
Answer
The correct answer is "option e"
e. are limited in quantity
An economy;s resources are limited in quantity or scarce. One of the three major problems in economics is the problem of scarcity.The problem of scarcity arises because human wants are unlimited but the resources are limits.
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o o An economy's resources: o Oa. are unrelated to its standard of living. o O...
Q1) Labor resources include: a)unskilled workers but not skilled workers. b)coffee breaks. c)skilled workers but not...
Q1) Labor resources include: a)unskilled workers but not skilled workers. b)coffee breaks. c)skilled workers but not unskilled workers. d)a robot. e)education and training of workers. Q2)An economy's resources: are limited in quantity. consist of land, labor, capital, and money. are unlimited when we use the latest technology. are unrelated to its standard of living. are always efficiently utilized. Q3) The difference between what can be produced and consumed without specialization and trade and with specialization and trade is called: Q4)A...
Economic scarcity exists only when an economy fails to use its resources fully or efficiently. only...
Economic scarcity exists only when an economy fails to use its resources fully or efficiently. only when the price that consumers are willing and able to pay for a good exceeds its cost. when human needs and wants are limited and the economy’s ability to satisfy them is unlimited. when human needs, wants, and desires exceed an economy’s ability to satisfy them given available resources and current technology. only when all goods and resources are physically scarce and current technology...
1) A good measure of the standard of living is A) real GDP per capita B)...
1) A good measure of the standard of living is A) real GDP per capita B) the real interest rate C) total nominal GDP D) total real GDP. E) nominal GDP per capita 2) If you invest $10,000 in a bond that earns 8% interest per year, how many years will it take to double your money? A) 1 year and 3 months B) 2 years and 6 months C) 5 years and 6 months D) 8 years E) 8...
1. TRUE/FALSE( 1 mark per question, 20 marks in total) [1) An economy's income is the...
1. TRUE/FALSE( 1 mark per question, 20 marks in total) [1) An economy's income is the same as its expenditure because every transaction has a buyer and a seller. 2) GDP is the market value of all final goods and services produced by a country's citizens in a given period of time. [3) If nominal GDP is $10,000 and real GDP is $8,000, then the GDP deflator is 125. 14) Other things equal, in countries with higher levels of real...
Fed buys bonds in the open market influence the money supply it create money, they create...
Fed buys bonds in the open market influence the money supply it create money, they create wealth. ey supply of Hooba is $10,000 in a pl the money supply if they hold all depoits in reserve it the Banks cannot rnsl As banks create decreases the reserve requirement to 10 percest, the If Hooba could increase by no more than $9,000.e n u CHOICE QUESTIONS (1.5 marks banking system. percest, the money supply Per Question, 30 in total) (1) Which...
The following problem is based on the idea of a Malthusian trap. Thomas Malthus, an 18th...
The following problem is based on the idea of a Malthusian trap. Thomas Malthus, an 18th century British cleric and scholar, argued that as population increases, the limited amount of natural resources will lead societies into a trap of gradually decreasing standard of living, thus negating the effects of any technological progress. We can study this idea using the Solow model framework. Consider a modified version of the Solow growth model where the aggregate production function in period t is...
7. How can cost benefit analysis help explain why people are more likely to overeat at...
7. How can cost benefit analysis help explain why people are more likely to overeat at all you can eat buffets than at restaurants where we pay for extra portions? a. At all-you-can-eat buffets, the food always tastes better, so people eat more. b. The marginal cost of additional food is lower at all-you-can-eat buffets since they don't charge for a second helping of food. c. Marginal benefit is always less than marginal cost for food at all-you-can-eat buffet d....
Question 11. Suppose CNN announces that bad weather in Central America has greatly reduced the number...
Question 11. Suppose CNN announces that bad weather in Central America has greatly reduced the number of cocoa bean plants and for this reason the price of chocolate is expected to rise soon, What is the impact of following on the market demand for chocolate? Select one: a. the current market demand for chocolate will decrease. b. the current quantity demanded for chocolate will decrease. c. the current market demand for chocolate will increase. d. no change will occur in...
1. TRUE/FALSE( 1 mark per question, 20 marksi 11] An economy's income is the same as...
1. TRUE/FALSE( 1 mark per question, 20 marksi 11] An economy's income is the same as its total) expenditure because every has a buyer and a seller every transaction ket value of all final goods and services produced by a country's citizens in a given period of time p) If'nominal GDP is $10,000 and real GDP is $8,000 then the GDP deflator is 125. thines equal, in countries with higher levels of real GDP per person, life expectancy and literacy...
market economy, the decisions of hol be o hypothesslt Ces, andof new data or market its...
market economy, the decisions of hol be o hypothesslt Ces, andof new data or market its HO ent decides how resources will mplete these edbock hypotheses th interacting in markets allocater, the accer roduction and sale of drugs and medicregulati nteractions United States is an example of howr which statement is more accurate: (a) Thence beca evis. positive anal s concerne y and every indi- esources rally planned economy, or (b) the rwhat regulatin human bel at every society ces...
1) A good measure of the standard of living is A) real GDP per capita B) the real interest rate C) total nominal GDP D) total real GDP. E) nominal GDP per capita 2) If you invest $10,000 in a bond that earns 8% interest per year, how many years will it take to double your money? A) 1 year and 3 months B) 2 years and 6 months C) 5 years and 6 months D) 8 years E) 8...
1. TRUE/FALSE( 1 mark per question, 20 marks in total) [1) An economy's income is the same as its expenditure because every transaction has a buyer and a seller. 2) GDP is the market value of all final goods and services produced by a country's citizens in a given period of time. [3) If nominal GDP is $10,000 and real GDP is $8,000, then the GDP deflator is 125. 14) Other things equal, in countries with higher levels of real...
Fed buys bonds in the open market influence the money supply it create money, they create wealth. ey supply of Hooba is $10,000 in a pl the money supply if they hold all depoits in reserve it the Banks cannot rnsl As banks create decreases the reserve requirement to 10 percest, the If Hooba could increase by no more than $9,000.e n u CHOICE QUESTIONS (1.5 marks banking system. percest, the money supply Per Question, 30 in total) (1) Which...
7. How can cost benefit analysis help explain why people are more likely to overeat at all you can eat buffets than at restaurants where we pay for extra portions? a. At all-you-can-eat buffets, the food always tastes better, so people eat more. b. The marginal cost of additional food is lower at all-you-can-eat buffets since they don't charge for a second helping of food. c. Marginal benefit is always less than marginal cost for food at all-you-can-eat buffet d....
1. TRUE/FALSE( 1 mark per question, 20 marksi 11] An economy's income is the same as its total) expenditure because every has a buyer and a seller every transaction ket value of all final goods and services produced by a country's citizens in a given period of time p) If'nominal GDP is $10,000 and real GDP is $8,000 then the GDP deflator is 125. thines equal, in countries with higher levels of real GDP per person, life expectancy and literacy...
market economy, the decisions of hol be o hypothesslt Ces, andof new data or market its HO ent decides how resources will mplete these edbock hypotheses th interacting in markets allocater, the accer roduction and sale of drugs and medicregulati nteractions United States is an example of howr which statement is more accurate: (a) Thence beca evis. positive anal s concerne y and every indi- esources rally planned economy, or (b) the rwhat regulatin human bel at every society ces...
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